Earnings Report /
Thailand

CP All: 2Q22 result miss!

  • Profit missed our estimate by 18% and the street by 10%

  • CPALL reported core earnings of Bt3,063m for 2Q22

  • Consolidated revenue was Bt208,210m

Bualuang Securities
11 August 2022

Our BUY call is premised on an earnings recovery through 2022 (driven by heavier traffic to 7-Eleven), prompting a valuation re-rating.

Profit missed our estimate by 18% and the street by 10%

CPALL reported core earnings of Bt3,063m for 2Q22, up 22% YoY but down 13% QoQ. Although sales were very strong, core profit missed our estimate by 18% (and the consensus by 11%), mainly due to heavy SG&A expenses. CPALL marked 2Q22 SSSG of 14.2%, driven by heavier traffic to 7-Eleven stores.