CP All

CP All Plc

CPALL’s 7-Eleven is a great growth business to own, particularly in a global economic downturn, given its defensive nature. Its ready-to-eat food segment should also snatch further market share from street food vendors. CPALL’s share price outperformed the SET by 40% during the five months of 2008’s bear market. We believe that this could be repeated in the current market environment and hence maintain our OUTPERFORM rating (target price based on DCF valuation with 10% WACC and 2.5% LTG).