Maybank Kim Eng Securities upgraded its rating on CP All Pcl
, Thailand's largest convenience store chain, to 'buy'
from 'hold' and raised the stock's target price to 53 baht from
44 baht to reflect earnings upgrades boosted by strong sales.
CP All shares were up 2.1 percent at 48.25 baht, taking its
year-to-date gain to 4.4 percent. That compared with a 9.8
percent rise of the commerce subindex and around 7
percent gain of the broader SET index.
"We have reviewed our 2012-13F earnings and raised them by 2
percent and 6 percent, respectively, to price in the strong
sales growth driven by a successful promotion campaign," the
broker said in a report.
It forecast 2012 profit of 10.46 billion baht ($350.71
million), up 33 percent from the previous year. The company is
due to announce 2012 earnings this month.
"CPALL has seen ongoing resilient growth fuelled by high
same store sales growth and the ongoing expansion with more room
to grow based on high population levels per store," the broker
1021 (0321 GMT)
(Reporting by Viparat Jantraprap in Bangkok; Editing by Jijo