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President Chain Store Corp 2912

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Stock XTAI Rating as of
TWD 273.50 +2.00 (0.74%)
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Company Report

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President Chain Store to Focus on Convenience Store Businesses for Top-Line and Profit Growth

Jacky Tsang

7-Eleven is the market leader in convenience stores in Taiwan, with roughly half of the market share by store count. The second-largest player, Taiwan Family Mart, trails by roughly 20 percentage points in share. As the second largest merchandise sales channel in Taiwan, and the largest in 2020 due to covid-19-related restrictions, 7-Eleven remains a crucial retail outlet for packaged food and beverage. We think President Chain Store Corporation has utilized its competitive advantages well to combat rising threats from peers and competing channels.

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Price vs Fair Value

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2912 is trading at a 185% premium.
Price
TWD 273.50
Fair Value
TWD 571.00
Uncertainty
Low
1-Star Price
TWD 641.00
5-Star Price
TWD 822.20
Economic Moat
Rhgtbq
Capital Allocation
Dmhpqrsv

Bulls Say, Bears Say

Bulls

Convenience stores remain a crucial retail channel in Taiwan, and 7-Eleven is poised to benefit through its market leadership.

Bears

Taiwan Family Mart is increasingly more competitive in store count and private-label offerings and could hurt 7-Eleven’s sales and margin if it continues to expand.

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Trading Information

Previous Close Price
TWD 271.50
Day Range
TWD 271.00–274.50
52-Week Range
TWD 256.00–293.00
Bid/Ask
TWD 273.50 / TWD 274.00
Market Cap
TWD 284.34 Bil
Volume/Avg
1.2 Mil / 990,287

Key Statistics

Price/Earnings (Normalized)
26.64
Price/Sales
0.88
Dividend Yield (Trailing)
3.29%
Dividend Yield (Forward)
3.29%
Total Yield
3.29%

Company Profile

President Chain Store Corporation, or PCSC, was established in 1978 and is 45% held by its parent, Uni-President Enterprises. The company operates 7-Eleven alongside other retail businesses such as drug stores (Cosmed), department stores, bakery, restaurants, and Starbucks in Taiwan. The company also runs 7-Eleven in Shanghai, Zhejiang, and the Philippines.
Sector
Consumer Defensive
Industry
Grocery Stores
Stock Style Box
Large Core
Total Number of Employees
43,950
Website
https://www.7-11.com.tw

Competitors

Valuation

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Metric
2912
COST
TGT
Price/Earnings (Normalized)
 26.6454.8316.27
Price/Book Value
 6.7617.674.85
Price/Sales
 0.881.520.63
Price/Cash Flow
 7.5036.548.83
Price/Earnings
2912
COST
TGT

Financial Strength

Metric
2912
COST
TGT
Quick Ratio
 0.670.400.18
Current Ratio
 0.910.940.86
Interest Coverage
 11.4151.7312.52
Quick Ratio
2912
COST
TGT

Profitability

Metric
2912
COST
TGT
Return on Assets (Normalized)
 5.20%11.34%7.99%
Return on Equity (Normalized)
 34.27%33.24%34.30%
Return on Invested Capital (Normalized)
 8.07%22.77%14.78%
Return on Assets
2912
COST
TGT
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