Big C Supercentre Plc&nbsp;&nbsp;&nbsp; 
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	Despite lower taxes, net profit fell short of our and market expectations. The acquisition of Carrefour drove topline growth but our expectation of significant margin improvement did not materialise in this quarter. Net profit came in 9% below consensus and 11% below our estimate. The 9M11 figure formed 63% of our FY11 forecast vs. 63-67% normally. We would revise our forecasts after the analysts meeting. Maintain DCF-based target price and NEUTRAL call.&nbsp; 
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Big C Supercentre

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Nongluck is a senior economic journalist covering the macroeconomics, real estate, and corporate investment strategies driving growth across Thailand and Southeast Asia.

Big C Supercentre

Not up to expectations Neutral - maintained Share price: Bt114.50; target price: Bt150.00

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