CP All
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Convenient recovery OUTPERFORM (maintained) Share price: Bt48.75; target price: Bt63.00 Retail
CP All Plc (CPALL)
If the rapid restoration of operations and demand following the Japan earthquake and tsunami are any indication, recovery from the floods could be just as brisk. This crisis could also accelerate the structural change from traditional to modern trades, thereby benefiting CPALL. Our CY11 earnings forecast is lower to account for the impact of the floods, while our numbers for CY12 and beyond are fine-tuned for government policies that are generally more favourable in the longer-term. We keep Outperform with a tad higher DCF target price.
