President Chain Store Corp

2912: XTAI (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 738.00	Qylzph	Kptbhfhw

PCSC: Convenience Stores in Taiwan and the Philippines Lift Third-Quarter Earnings

Jacky Tsang

Nov 2, 2023

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.

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