We forecast CP ALL’s EPS CAGR at 28% during 2014-15, driven by store expansion and promotions, as well as an improving product mix that will push same-store-sales growth to around 6%. Its net debt-to-equity should decrease to 3.4x in 2015. CP ALL now plans for around 600 new store roll-outs per year, after it unexpectedly accelerated expansion in the fourth quarter of 2013, raising the target from 500-550 stores per year during 2007-12. The company targets 10,000 outlets by FY2018. Makro’s expansion could amount to seven to 10 new stores this year, as the company revealed that six new stores had already obtained construction licences at the end of February 2014