President Chain Store Corp
2912: XTAI (TWN)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
TWD 827.00 | Yxhsbx | Jyhlxrgrf |
PCSC: Convenience Stores in Taiwan and the Philippines Lift Third-Quarter Earnings
Narrow-moat President Chain Store Corporation delivered solid third-quarter results, with both topline and profits exceeding our estimates. Momentum in 7-Eleven across Taiwan and the Philippines as well as Starbucks in Taiwan drove the beat. We lift our 2023-25 net income estimates to account for the better third-quarter results as well as stronger growth expectations for the Philippines business in the next two years. As a result, we raise our fair value estimate to TWD 276 per share, from TWD 274 per share, and think shares are slightly undervalued.