First Read President Chain Store: Q2 in line; cost pressure offset by stable sales

研报英文原文证据摘录

First Read President Chain Store: Q2 in line; cost pressure offset by stable sales

Global Research

29 July 2026ab

First Read

EquitiesPresident Chain Store

Q2 in line; cost pressure offset by stable sales Taiwan

Retailers, Specialty

12-month rating Neutral

Q: How did the results compare vs expectations?

A: PCSC's Q226 net income rose 4% YoY, -2%/ +1% compared with the UBS/consensus 12m price target NT$222.00

estimates. Operating profit declined 1% YoY, 6%/4% below the UBS/consensus

estimates, due to higher opex from new logistic center depreciation costs and oil prices.

Price (29 Jul 2026) NT$241.00

Q: What were the most noteworthy areas in the results? RIC: 2912.TW BBG: 2912 TT

A: 7-Eleven Taiwan's Q226 sales increased 4% YoY, driven by a 3% store count increase Trading data and key metrics

to 7,334 and flattish growth in per-store daily (PSD) sales, as growth in beverages and 52-wk range NT$262.50-206.50

fresh food was partly offset by weakness in cigarettes. The gross margin improved Market cap. NT$251b/US$7.72b

slightly on an improved sales mix (less cigarette sales), while the operating margin

Shares o/s 1,040m (ORD)

remained flat YoY. Among subsidiaries, Cosmed’s earnings grew YoY on robust store

Free float 51%

expansion and gross margin improvement from a greater portion of high-margin

Avg. daily volume ('000) 4,971

cosmetics sales. 7-Eleven Philippines’ earnings growth slightly decelerated due to higher

electricity and freight costs amid elevated oil prices. That offset Q226 mid-teens Avg. daily value (m) NT$1,128.6

percentage sales growth (in peso terms), supported by higher per-ticket spending, due Common s/h equity (12/26E) NT$45.4b

to non-cash payment coverage reaching 98% of stores, and a 9% store count increase P/BV (12/26E) 5.5x

to 4,650.