President Chain Store Corp

2912: XTAI (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 882.00	Mytlygf	Zxcjghc

President Chain Store Earnings: Results In Line Thanks to Convenience Stores, Starbucks

Jacky Tsang

Aug 4, 2023

Narrow-moat President Chain Store reported second-quarter results that slightly exceeded our estimates on revenue but were in line for net profit. Convenience store businesses in Taiwan and the Philippines, as well as Starbucks in Taiwan, were the main drivers of sales growth in the quarter. Operating margin improved moderately year on year thanks to better mix in the convenience store operations.

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