President Chain Store (2912.TW): First take: 2Q26 NI in-line; 7-11 TW/China beat offset by weaker Takkyubin

First-page research excerpt

Equity Research

29 July 2026 | 10:21PM HKT

President Chain Store (2912.TW): First take: 2Q26 NI in-line; 7-11

TW/China beat offset by weaker Takyyubin

PCSC reported 2Q26 NI of NT$3,174mn, +4.3% yoy, or largely in line with GSe. GPM

in-line with GSe yet EBIT slightly missed by 0.3pp due to higher salary and rental

expenses, yet NP came at largely in line with GSe, thanks to higher non-operating

income, driven mainly by profit growth at Carrefour and increased other income

from economies of scale at 7-11 Taiwan and 7-11 Philippines.

Michelle Cheng

Positives: 1) 7-Eleven Taiwan earnings grew by c.5% yoy accounting for 43% of

2Q26 N and beat GSe, supported by a net addition of 86 stores YTD and stable

growth in per-store daily sales, and improved GPM driven by higher mix of high

margin products e.g. coffee and food services. 2) 7-Eleven China (Shanghai and

Zhejiang) saw reduced losses yoy and beat GSe, thanks to store quality

enhancement, while per-store daily sales remain challenged.

Goldman Sachs (Asia) L.L.C.

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Goldman Sachs (Asia) L.L.C.

Xinyu Ruan

Goldman Sachs (Asia) L.L.C.

Molly Dai

Keira Liu

Goldman Sachs (Asia) L.L.C.

Negatives: 1) Takkyubin earnings declined 28% yoy, missing GSe and contributing to

6% of 2Q26 NI, due to margin pressure from higher personnel, transportation, rental

and oil costs despite stable revenue growth. 2) Logistics earnings declined 9% yoy,

slightly miss GSe and represented 6% of 2Q26 NI, mainly reflecting strategic

investments in the new logistics park to enhance long-term capacity and efficiency.

3) Books.com recorded net loss of NT$7mn in 2Q26 on competition, miss GSe of

breakeven. 4) Starbucks Taiwan earnings declined 11% yoy, miss GSe mainly due to

lower non-operating income impacted by foreign exchange fluctuations.

Neutrals: 1) Carrefour Taiwan recorded +6% yoy increase in earnings, in line with

GSe. 2) Cosmed earnings grew by 13% yoy, in line with GSe and consisting of 5% of

2Q26 NI, driven by HSD% revenue growth, GPM expansion and operating leverage.

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