CRC : Solid Earnings Recovery, but It Has Mostly in the Price

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

Central Retail Corp Ltd / Equity Bottom-Up

<ul>
<li>We remain positive on CRC’s food segment growth outlook in 2022 and ahead after the site visit at Tops CLUB store and Tops Food Hall store, backed</li>
<li>Positive toward Site visit at Tops CLUB  We have visited the first Tops CLUB store at behind Bangkok's Central Rama II. Tops CLUB is the first membership-based store of CRC. </li>
<li>Tops CLUB offers big pack size and target on middle to higher-income customers. Currently, Tops CLUB member reached 85,000 members after launched on 28 September 2022.</li>
</ul>


We remain positive on CRC’s food segment growth outlook in 2022 and ahead after the site visit at Tops CLUB store and Tops Food Hall store, backed
Positive toward Site visit at Tops CLUB  We have visited the first Tops CLUB store at behind Bangkok's Central Rama II. Tops CLUB is the first membership-based store of CRC. 
Tops CLUB offers big pack size and target on middle to higher-income customers. Currently, Tops CLUB member reached 85,000 members after launched on 28 September 2022.


Central Retail Corp Ltd

CRC : Rebranding for Growth