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1. Company Snapshot

1.a. Company Description

CP ALL Public Company Limited, together with its subsidiaries, operates and franchises convenience stores under the 7-Eleven name to other retailers primarily in Thailand.It operates through three segments: Wholesale Business, Retail Business, and Management of Rental Spaces in Shopping Centers.The Wholesale Business segment engages in import, export, and distribution of frozen and chilled food with delivery services and focuses on selling consumer products, including fresh food, dry food, and consumer products under Makro brand.


Its Retail Business segment is involved in domestic supply chain, distribution system, logistics network, and brand equity businesses.This segment also sells its products under various domestic, international, and small and medium enterprises brands.The company's Management of Rental Spaces in Shopping Centers segment manages buildings and retail spaces in shopping malls.


In addition, the company is involved in sale and maintenance of retail equipment; cash and carry, catalog, and e-commerce businesses; marketing and advertising activities; provision of information technology and research and development services, as well as engaged in bill payment collection, life insurance, and non-life insurance broker business.Further, the company offers educational institution, training, business seminar services, as well as healthcare and medical specialist's consultation services.As of December 31, 2021, CP ALL Public Company Limited operated 13,134 stores.


The company was formerly known as C.P. Seven Eleven Public Company Limited.CP ALL Public Company Limited was founded in 1988 and is headquartered in Bangkok, Thailand.

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1.b. Last Insights on LVN

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.93%)

6. Segments

Convenience Stores

Expected Growth: 2.5%

CP ALL's convenience store growth of 2.5% is driven by increasing demand for convenience, strategic store expansion, and innovative services like food delivery and digital payments. Its strong logistics and supply chain management also enable efficient operations and attractive offerings, contributing to steady growth in a competitive retail landscape.

Wholesale

Expected Growth: 3.5%

CP ALL's wholesale segment growth of 3.5% is driven by increasing demand for bulk purchases, expansion of convenience store chains, and strategic partnerships with suppliers. Efficient logistics and competitive pricing also contribute to the growth, as the company leverages its extensive retail network to offer more value-added services to customers.

Retail and mall

Expected Growth: 2.0%

CP ALL's retail and mall segment growth of 2.0 is driven by increased consumer spending, expansion of convenience stores, and improving mall foot traffic. Strong economic growth, urbanization, and rising disposable incomes in Thailand also contribute to the growth, as well as effective marketing strategies and innovative services enhancing customer experience.

Other

Expected Growth: 4.0%

CP ALL Public Company Limited's growth of 4.0% is driven by increased consumer spending, expansion of convenience stores, and a strong presence in Thailand's retail market. The company's diversified portfolio, including food, beverage, and merchandise sales, contributes to its steady growth. A favorable economic environment and effective operational management also support this growth trajectory.

Elimination

Expected Growth: 0.0%

The elimination from CP ALL Public Company Limited is driven by stagnant growth (0.0%), likely due to market saturation, increased competition, and potentially, a decline in consumer spending. This may indicate a need for strategic restructuring or diversification to revitalize growth.

7. Detailed Products

Convenience Stores

7-Eleven stores offering a wide range of products including food, beverages, and daily essentials

Supermarkets

Makro and MaxValu stores offering a wide range of products including fresh produce, meat, dairy products, and household items

Cash and Carry

Makro Cash and Carry stores offering bulk purchasing options for businesses and individuals

E-commerce

Online shopping platform offering a wide range of products, including groceries, household items, and more

Food Services

Food and beverage outlets, including restaurants, cafes, and food courts

Logistics and Distribution

Logistics and distribution services, including transportation, warehousing, and inventory management

8. CP ALL Public Company Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

CP ALL Public Company Limited operates in the retail industry, specifically in convenience stores. While there are substitute products and services available, such as online shopping, traditional grocery stores, and street vendors, the company has a strong brand presence and a wide range of products that cater to diverse customer needs. However, the rise of e-commerce and changing consumer behavior pose a moderate threat.

Bargaining Power Of Customers

CP ALL has a large customer base and a strong brand presence in Thailand. While customers have some bargaining power due to the availability of substitute products and services, the company's convenience store format and loyalty programs tend to retain customers. Additionally, the company's scale and market share give it some pricing power.

Bargaining Power Of Suppliers

CP ALL sources products from a wide range of suppliers, including local and international companies. While some suppliers may have some bargaining power due to their brand recognition or product uniqueness, the company's scale and market share allow it to negotiate favorable terms with suppliers. However, the company may face some pressure from suppliers in terms of pricing and product quality.

Threat Of New Entrants

The convenience store market in Thailand is relatively saturated, and new entrants may face challenges in terms of establishing a strong brand presence and competing with existing players. Additionally, CP ALL's scale and market share make it difficult for new entrants to gain traction.

Intensity Of Rivalry

The convenience store market in Thailand is highly competitive, with several major players, including 7-Eleven, FamilyMart, and Lawson. The market is characterized by intense price competition, promotional campaigns, and a focus on convenience and customer experience. CP ALL, as a market leader, faces significant competition from its rivals.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 77.00%
Debt Cost 4.44%
Equity Weight 23.00%
Equity Cost 6.39%
WACC 4.89%
Leverage 334.69%

11. Quality Control: CP ALL Public Company Limited passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Altria

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Growth: 5.8

Quality: 7.5

Yield: 10.0

Momentum: 8.5

Volatility: 9.7

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Growth: 5.9

Quality: 7.9

Yield: 7.5

Momentum: 7.0

Volatility: 10.0

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Ahold Delhaize

A-Score: 6.9/10

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Growth: 5.8

Quality: 5.0

Yield: 6.2

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Village Super Market

A-Score: 6.7/10

Value: 7.4

Growth: 4.9

Quality: 4.7

Yield: 7.0

Momentum: 8.5

Volatility: 7.7

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Kroger

A-Score: 6.0/10

Value: 5.7

Growth: 5.6

Quality: 4.0

Yield: 4.0

Momentum: 8.0

Volatility: 9.0

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CP ALL

A-Score: 4.8/10

Value: 5.4

Growth: 7.3

Quality: 5.1

Yield: 4.2

Momentum: 2.0

Volatility: 5.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.1$

Current Price

1.1$

Potential

-0.00%

Expected Cash-Flows