Thai Retail Stocks Review - CPF vs BJC

Charoen Pokphand Foods (CPF) is a vertically integrated agro-industrial and food company

• 1. Production and distribution of animal feed
• 2. Animal breeding, meat processing
• 3. Semi-cooked and cooked meat products, ready to eat meals, restaurants and retail shops

Three year trend

Item	2019	2018	2017
Sales (MB)	544,875	555,503	515,197
Total Assets (MB)	634,051	628,091	593,497
Net Income (MB)	18,456	15,531	15,259
Year End Stock Price (B)	27.50	24.60	24.00

Berli Jucker (BJC) is a supply chain, distribution and retail company. Thai Charoen Corporation (TCC) is major shareholder of the company. TCC and Thaibev(SGX:Y92) are owned by the same Thai family.

1. Modern retail supply chain - Big C Supercenter, Pure Pharmacy

2. Packaging supply chain - Glass packaging products, aluminium can packaging, plastic packaging

3. Customer supply chain - food, personal care, household products

4. Healthcare supply chain - medical supplies

5. Others - AsiaBooks

Three year trend

Item	2019	2018	2017
Sales (MB)	174,037	172,196	164,197
Total Assets (MB)	325,804	324,059	315,058
Net Income (MB)	7,065	7,248	5,974
Year End Stock Price (B)	43.25	50.75	66.00

Cross Sectional Analysis (for year 2019)

TBC