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President Chain Store Corp 2912

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Stock XTAI Rating as of
TWD 270.50 −0.50 (0.18%)
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Company Report

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President Chain Store Earnings: Convenience Store Segment Lifted Top-Line and Profit Growth

Jacky Tsang

Narrow-moat President Chain Store Corporation’s first-quarter results largely met our expectations, with convenience store businesses in Taiwan and the Philippines driving top-line and profit growth. We expect a product mix shift in Taiwan 7-Eleven and new store openings in the Philippines to continue driving top-line momentum for PCSC during 2024. We keep our 2024-28 forecasts unchanged and retain our fair value estimate of TWD 276 per share, which implies 27 times 2024 P/E, 6 times enterprise value/EBITDA, and 3.2% dividend yield. We think the shares are fairly valued currently.

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Price vs Fair Value

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2912 is trading at a 586% premium.
Price
TWD 271.00
Fair Value
TWD 737.00
Uncertainty
Low
1-Star Price
TWD 976.00
5-Star Price
TWD 438.50
Economic Moat
Nnsjnh
Capital Allocation
Mpjvdkjg

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 271.00
Day Range
TWD 270.50–272.00
52-Week Range
TWD 256.00–293.00
Bid/Ask
TWD 270.50 / TWD 271.00
Market Cap
TWD 281.22 Bil
Volume/Avg
748,127 / 966,028

Key Statistics

Price/Earnings (Normalized)
26.40
Price/Sales
0.87
Dividend Yield (Trailing)
3.32%
Dividend Yield (Forward)
3.32%
Total Yield
3.32%

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
KR
TGT
Price/Earnings (Normalized)
 26.4011.2516.26
Price/Book Value
 6.703.284.85
Price/Sales
 0.870.260.63
Price/Cash Flow
 7.436.428.85
Price/Earnings
2912
KR
TGT

Financial Strength

Metric
2912
KR
TGT
Quick Ratio
 0.670.330.27
Current Ratio
 0.910.810.91
Interest Coverage
 11.417.4311.55
Quick Ratio
2912
KR
TGT

Profitability

Metric
2912
KR
TGT
Return on Assets (Normalized)
 5.20%6.91%8.02%
Return on Equity (Normalized)
 34.27%32.00%35.66%
Return on Invested Capital (Normalized)
 8.07%12.44%15.13%
Return on Assets
2912
KR
TGT
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