Earnings Report /
Thailand

CP All: 1Q22 result beat; recovery in traffic leading 2022 profit growth

  • Profit beat our estimate and consensus

  • CPALL reported core earnings of Bt3.5bn for 1Q22

  • Consolidated revenue was Bt194,409m, up by 51% YoY and 9% QoQ

Chalinee Congmuang
Chalinee Congmuang

Equity Research Analyst

Bualuang Securities
12 May 2022

We have a BUY call on CPALL, premised on the firm proving an earnings recovery through 2022 (driven by heavier traffic to 7-Eleven), prompting the market to bid up the stock price.

Profit beat our estimate and consensus

CPALL reported core earnings of Bt3.5bn for 1Q22, up by 25% YoY and 38% QoQ. The number beat our estimate by 11% (and the consensus by 6%), mainly because CPALL marked SSSG of 13%, while we had assumed only 11%. The strong profit was driven by the core 7-Eleven operation.