Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

<p>CP All, the world's third largest 7-Eleven chain, is one of our five top picks. While we agree there is controversy given its high valuations and the lackluster prospects of its subsidiary Siam Makro, we like its potential as an e-commerce logistics juggernaut and bank (similar to 7 Bank in Japan) and, of course, the core strengths implicit in its original business model (small format, multi-product platform, negative working capital cycle, etc).</p>

CP All, the world's third largest 7-Eleven chain, is one of our five top picks. While we agree there is controversy given its high valuations and the lackluster prospects of its subsidiary Siam Makro, we like its potential as an e-commerce logistics juggernaut and bank (similar to 7 Bank in Japan) and, of course, the core strengths implicit in its original business model (small format, multi-product platform, negative working capital cycle, etc).

Taiwan

Uni-President Enterprises Corp. manufactures, processes, and markets instant noodles, dairy products, frozen foods, soft drinks, soy sauces, canned pickles, meat products, animal feeds, aquatic feeds, edible oils, bread, cakes, and desserts.  The Company also operates vending machines and food distribution centers in Taiwan.

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Uni President Enterprises (1216 TT)

CP All: A Walk Down the Memory Lane

CP All, the world's third largest 7-Eleven chain, is one of our five top picks. While we agree there is controversy given its high valuations and...

Athaporn Arayasantiparb, CFA

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52-week Range

Market Cap (USDm)

P/E

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