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C.P. All (CPAL.BK/CPALL TB)*: 1Q12 earnings review: Beat consensus by 12.8%

CPALL announced 1Q12 net profit of Bt2.7bn, beating the Bloomberg consensus by 12.8%.
The better than expected earnings were driven by an improved gross profit margin (GPM)
from new product mixes in both food and non-food. With a plan to expand its network by
500 stores a year and with the good momentum in private consumption to continue and
help boost our same store sales growth (SSSG) assumption in 2012 from 6.0% to 6.25%
and 2013 from 5.25% to 6.0%, we revised up our 2012-13 net profit forecasts by
2.0-3.0%. We like CPALL’s strong 2011-14 net profit CAGR and clean balance sheet with
the highest ROAE compared to sector peers. We upgrade the counter to Outperform, from
Neutral, with a new target price of Bt46.00, from Bt35.00.

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