CPALL : Impressive 3Q22 Earnings Driven by Healthy Margin

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Pi Securities PCL, Thailand

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Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

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<li>Maintain BUY recommendation with a target price of Bt72. Key growth driver for CPALL in 4Q22 and 2023 should be 1) an increase in number of customers in stores following</li>
<li>Expect robust performance in 4Q22-2023 Same-stores-sales growth (SSSG) for convenience stores (CVS) in Oct 2022 remained positive around 17%-19% YoY compared to 22.1% YoY in 3Q22 due to base effect.</li>
<li>Store expansion still on track:There are 13,660 convenience stores at the end of September 2022.The company open 526 stores in 9M22 or 75% of full-year target of 700 stores (+5%YoY).  </li>
</ul>


Maintain BUY recommendation with a target price of Bt72. Key growth driver for CPALL in 4Q22 and 2023 should be 1) an increase in number of customers in stores following
Expect robust performance in 4Q22-2023 Same-stores-sales growth (SSSG) for convenience stores (CVS) in Oct 2022 remained positive around 17%-19% YoY compared to 22.1% YoY in 3Q22 due to base effect.
Store expansion still on track:There are 13,660 convenience stores at the end of September 2022.The company open 526 stores in 9M22 or 75% of full-year target of 700 stores (+5%YoY).  


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CP ALL PCL

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