CP All

CP All Plc (CPALL)

The stronger-than-expected Q4 2011 results, thanks partly to efficient cost control, were impressive in our view given the challenging operating environment during the floods. This once again proved the resilience of CPALL’s business. Also, stock dividends are a near-term catalyst. As the FY11 core net profit accounted for 105% of our number, we raise our estimates and lift our DCF-based target price (2.5% LTG, 10.5% WACC) from THB63 to THB64. We retain our Outperform call on CPALL.