← Central Retail overview

Central Retail vs MercadoLibre: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Central Retail Corporation Public Company Limited (CRC.BK)

Q3 2026
▲3▼1

CRC beats profit forecasts, expands in Vietnam and MaxValu, but cuts revenue target

  • Q2 profit beat and first same-store sales rise in seven quarters Central Retail's Q2 profit beat forecasts and same-store sales rose for the first time in seven quarters, prompting Kasikorn to raise its 2026 profit forecast by 13.5% to 9.1 billion baht.

    This is the key positive earnings surprise that drove broker upgrades and investor optimism.

  • Acquisition of 30 MaxValu supermarkets from AEON Thailand CRC agreed to buy 30 MaxValu supermarkets from AEON Thailand, adding 900,000 customers and expanding its grocery footprint in Thailand.

    This strategic acquisition adds customers and scale, supporting future growth.

  • US$1.5 billion Vietnam expansion plan CRC announced a US$1.5 billion Vietnam expansion with about 50 new stores, part of Central Group's larger US$3.5 billion plan, signaling long-term growth ambitions.

    This major expansion shows commitment to a high-growth market and could drive future revenue.

  • Cut in 2026 revenue growth target amid weak consumer demand CRC lowered its 2026 revenue growth target to 2-3% from 4-5% due to weak consumer demand, though Thailand's stimulus extension and new QR cross-border payments offered some support.

    This is a key negative that reflects current consumer weakness and tempers growth expectations.

August 2026
▲3▼1

CRC beats Q2, buys MaxValu, cuts 2026 revenue target

  • Q2 profit beat and first same-store sales rise in seven quarters CRC beat Q2 profit forecasts and same-store sales turned positive for the first time in seven quarters, prompting broker upgrades. This signals the worst of the sales slump may be over.

    This is the key new positive event that lifted investor sentiment.

  • Acquisition of 30 MaxValu supermarkets from AEON Thailand CRC agreed to buy 30 MaxValu supermarkets from AEON Thailand, adding 900,000 customers and supporting long-term growth. This expands its grocery footprint and customer base.

    This is a major new strategic move that could drive future revenue.

  • 2026 revenue growth target cut to 2-3% from 4-5% CRC cut its 2026 revenue growth target to 2-3% from 4-5% amid economic uncertainty and weaker consumer demand. This reflects a more cautious outlook and pressures near-term expectations.

    This is a new negative development that tempers the positive earnings news.

  • Broker support for profit recovery and Vietnam expansion Multiple brokers backed CRC's profit recovery, citing margin expansion and 25-30% Q3 core profit growth. Vietnam expansion passed 300 stores, and new brands and store revamps added growth.

    This reinforces the positive momentum and highlights growth drivers.

Latest
▲3

CRC's profit recovery and expansion win broker backing despite flood drag

  • Brokers back CRC's profit recovery Multiple brokers (Krungsri, DBS Vickers, Bualuang, Asia Plus, TTB, Land and Houses) raised targets or named CRC a top pick, citing margin expansion, lower interest costs and 25-30% Q3 core profit growth. This draws fresh buying and supports the share price.

    Broker upgrades and top-pick calls are the main force lifting investor confidence and demand for CRC shares.

  • Vietnam expansion and MaxValu deal add growth CRC grew its Vietnam network past 300 stores in 26 provinces and is buying AEON Thailand's 30 MaxValu supermarkets, adding 900,000 customers. Both expand future revenue and profit, which investors price into the stock.

    These are concrete expansion moves that add long-term earnings growth, a core reason investors hold CRC.

  • New brands, store revamps and tourism tie-ins CRC set up a unit to import Lacoste, revamped Tops Robinson Hat Yai for Malaysian tourists, added solar rooftops and hosted Vietnamese Week. These widen its brand mix and draw shoppers, supporting sales and the share price.

    These smaller moves show CRC actively growing sales channels and customer traffic, reinforcing the positive story.

  • Flood closes Tops branches but recovery seen quick Bangkok flooding forced Tops to temporarily close 10 branches and delayed some restocking, a near-term drag. But Bualuang and others call the impact small and name CRC a stock to buy for a quick rebound once water recedes.

    This is the main counterweight to the positive drivers, showing a real but short-lived risk to sales.

September 2026
▲3

CRC gains on upgrades, Vietnam expansion, stimulus; flooding risk limited

  • Broker upgrades after strong Q2 Kasikorn raised its 2026 profit forecast by 13.5% to 9.1 billion baht and kept a Buy rating, following a strong Q2. Other brokers also upgraded, boosting investor confidence.

    This point explains a key positive driver for CRC's stock during the period.

  • US$1.5 billion Vietnam expansion Central Group announced a US$3.5 billion Vietnam plan, with US$1.5 billion allocated to CRC for about 50 new stores. This signals significant long-term growth potential.

    This is a major new expansion plan that could drive future earnings and stock performance.

  • Thailand stimulus extension and QR payments Thailand's stimulus extension and rising earnings estimates supported CRC. CRC also launched Thailand-Vietnam QR cross-border payments, enhancing its digital payment capabilities and customer convenience.

    These developments provide positive momentum for CRC's business and stock.

  • Flooding impact seen as short-lived Brokers called Bangkok flooding short-lived and named CRC a stockpiling winner, but Trinity warned it could temporarily cut mall and restaurant traffic. Most expect a quick reversal.

    This shows a counterweight to the positive drivers, but with limited expected impact.

▲3

Flood risk fades, brokers pick CRC for Q4 recovery and stockpiling

  • Flood impact seen as short-lived; CRC named a stockpiling winner Bangkok flooding pressured malls and restaurants briefly, but brokers including InnovestX and Bualuang call it short-term and less severe than 2011. CRC is named in the 'consumer staples and stockpiling' theme, as shoppers rush to buy essentials. That supports the share price by keeping near-term sales resilient.

    This is the main new event of the period and directly explains both the risk and the offsetting demand for CRC.

  • CRC launches Thailand-Vietnam QR cross-border payments CRC signed with Vietnam's NAPAS and VietinBank to let Vietnamese tourists scan-and-pay at its 3,000+ Thai branches, and Thai tourists pay in Central Retail Vietnam stores. This makes spending easier for tourists, which can lift sales and reinforces CRC's Vietnam growth story.

    It is a concrete new company action that supports revenue and the Vietnam expansion narrative.

  • Multiple brokers pick CRC as a top Q4 2026 stock InnovestX, Kasikorn Securities, Trinity and the IAA survey all highlight CRC as a top pick or a stock recommended by four or more houses for Q4 2026. That matters because it can draw fresh buying from funds and retail investors, pushing the price up.

    It shows broad analyst support that can drive money into the stock, a key force behind the price.

  • Flood still a short-term drag on mall traffic Trinity Securities warned that flooding could temporarily reduce visits to shopping malls and restaurants, including CRC's. That is a real counterweight to the positive stockpiling view, though most brokers expect the dip to reverse within a week or two as water recedes.

    It gives the fair counterweight: not all flood effects are positive for CRC, and readers need to know the risk.

▲4

CRC wins broker upgrades, Vietnam expansion, and stimulus tailwinds

  • Broker upgrades after strong Q2 Kasikorn Securities raised its 2026 profit forecast for CRC by 13.5% to 9.1 billion baht and kept a Buy rating with a 33 baht target, after Q2 profit beat expectations and margins expanded. This supports the share price by boosting investor confidence in future earnings.

    Directly explains a key new reason for CRC's price move: higher profit forecasts and target price.

  • US$1.5bn Vietnam expansion for CRC Central Group announced a US$3.5 billion Vietnam investment plan, with US$1.5 billion allocated to CRC to open about 50 stores over three to five years. This signals long-term growth and could lift the stock as investors price in future revenue expansion.

    New major capital allocation directly tied to CRC's growth outlook and share price.

  • Stimulus extension and broker favour The cabinet extended the Thai Help Thai Plus co-payment scheme through November 2026, adding about 43 billion baht to the economy. Kasikorn Securities favours CRC, saying it is only limitedly affected and should benefit from fourth-quarter high-season momentum.

    New government stimulus and broker preference directly support CRC's demand and earnings outlook.

  • Earnings estimate nudged up September SET earnings estimates were revised up 0.7% month-on-month, with CRC's own estimate raised 3%. This modest upgrade reflects improving profit expectations and can support the share price by reinforcing a positive earnings trend.

    New data point showing CRC's earnings estimates are being revised higher, a direct price driver.

▲2▼1

CRC beats profit forecasts, buys MaxValu, but trims revenue outlook

  • Q2 profit beat and broker upgrades CRC's Q2 profit jumped sharply and beat analyst forecasts, helped by wider gross margins and lower financial costs. Same-store sales turned positive for the first time in seven quarters. Brokers upgraded the stock, with Yuanta raising its target to 31 baht, pushing shares up over 11%.

    This is the main new event that directly drove the stock's sharp jump this period.

  • MaxValu acquisition expands Tops network CRC agreed to buy 30 MaxValu supermarkets from AEON Thailand for 890 million baht, funded by internal cash. It adds over 900,000 customers, land, and a ready-to-eat food plant, and stores will be rebranded as Tops. Brokers say this supports medium- to long-term growth.

    This is a new strategic deal that expands CRC's store network and customer base, a key driver of future earnings.

  • Revenue target cut on economic uncertainty CRC lowered its 2026 revenue growth target to 2-3% from 4-5% because the economy remains uncertain. It still expects EBITDA growth of 6-8% and plans 12-14 billion baht capital spending. This signals weaker consumer demand, a real counterweight to the profit beat.

    This is the main negative news this period and balances the positive profit and acquisition stories.

MercadoLibre Inc. (MELI)

Q3 2026
▲2▼2

MercadoLibre Q3: Strong Growth, Profit Squeeze, Legal Cloud

  • Revenue and user growth accelerate Q2 revenue jumped 50% to $10.2 billion, the fastest in four years, while Mercado Pago reached 88 million users. Cross-border GMV rose 60% and China fulfillment shipments surged 170%, showing strong demand across the platform.

    This highlights the core growth engine that supports the bull case for MELI.

  • Credit book expands with low bad loans The credit portfolio grew 75% to $16.4 billion, and bad loans remained low. This suggests Mercado Pago's lending is scaling profitably, a key differentiator that could drive future earnings.

    It shows a profitable growth area that contrasts with past credit loss worries.

  • Profit margins squeezed by heavy spending Operating margin fell to 6.7% and profit dropped 20%, as credit-loss provisions doubled to $1.24 billion. Heavy spending on logistics, ads, tech, and Brazil promotions worried investors about near-term profitability.

    This explains the main drag on the stock despite strong top-line growth.

  • Securities investigation adds legal uncertainty A securities investigation into MercadoLibre introduces legal risk that could distract management and lead to fines or reputational damage. This uncertainty may weigh on investor sentiment until resolved.

    It is a new negative factor that could pressure the stock independently of operational results.

August 2026
▲3▼1

MELI: heavy growth spending squeezes profit, but credit, cross-border and Brazil election lift outlook

  • Profit squeeze from growth spending keeps weighing on the stock Second-quarter revenue jumped 50% to $10.2 billion, but margins contracted, credit-loss provisions rose and Brazil promotions stoked overspending worries, sending shares lower after results. Janus Henderson said the heavy spending on logistics, ads and tech disappointed investors, though it kept its position. Near-term profit pain is the main drag on the stock.

    It is the core reason MELI shares have lagged and the main counterweight to the bull case.

  • Credit and fintech keep compounding, with low bad loans The credit book hit $16.4 billion, up 75% from a year earlier, with 2.6 million new cards issued and bad loans near historic lows. Users who hold a Mercado Pago card are two to three times more likely to stay in the ecosystem. This fast-growing, higher-margin business supports future profit.

    It shows the fintech engine still growing fast and funding the growth story.

  • Cross-border trade and China fulfillment surge Cross-border gross merchandise volume rose 60% year over year, with triple-digit growth in Argentina, Brazil and other markets, and Mexico its biggest cross-border market. Shipments from its China fulfillment center jumped 170% in the quarter, speeding deliveries and cutting cancellations. Strong end-customer demand supports revenue growth.

    It is a fresh, concrete sign of demand strength beyond the core markets.

  • Brazil election rally and $1 billion bond strengthen finances MELI rose 9% as Brazilian stocks surged on Flávio Bolsonaro's surprise first-round lead, which strengthened Brazil's currency and could let the central bank cut interest rates faster. Separately, MELI raised $1 billion in 10-year notes at 5.85%, locking in investment-grade funding and liquidity.

    It captures the two biggest new price-moving events: a Brazil macro catalyst and successful debt financing.

Latest
▲3▼1

MELI: heavy growth spending squeezes profit, but credit, cross-border and Brazil election lift outlook

  • Profit squeeze from growth spending keeps weighing on the stock Second-quarter revenue jumped 50% to $10.2 billion, but margins contracted, credit-loss provisions rose and Brazil promotions stoked overspending worries, sending shares lower after results. Janus Henderson said the heavy spending on logistics, ads and tech disappointed investors, though it kept its position. Near-term profit pain is the main drag on the stock.

    It is the core reason MELI shares have lagged and the main counterweight to the bull case.

  • Credit and fintech keep compounding, with low bad loans The credit book hit $16.4 billion, up 75% from a year earlier, with 2.6 million new cards issued and bad loans near historic lows. Users who hold a Mercado Pago card are two to three times more likely to stay in the ecosystem. This fast-growing, higher-margin business supports future profit.

    It shows the fintech engine still growing fast and funding the growth story.

  • Cross-border trade and China fulfillment surge Cross-border gross merchandise volume rose 60% year over year, with triple-digit growth in Argentina, Brazil and other markets, and Mexico its biggest cross-border market. Shipments from its China fulfillment center jumped 170% in the quarter, speeding deliveries and cutting cancellations. Strong end-customer demand supports revenue growth.

    It is a fresh, concrete sign of demand strength beyond the core markets.

  • Brazil election rally and $1 billion bond strengthen finances MELI rose 9% as Brazilian stocks surged on Flávio Bolsonaro's surprise first-round lead, which strengthened Brazil's currency and could let the central bank cut interest rates faster. Separately, MELI raised $1 billion in 10-year notes at 5.85%, locking in investment-grade funding and liquidity.

    It captures the two biggest new price-moving events: a Brazil macro catalyst and successful debt financing.

September 2026
▲3▼1

MELI spends heavily on growth, shipping, credit and AI as profit margins shrink

  • Profit margins squeezed by growth spending Operating income fell to $683 million from $825 million and margin narrowed to 6.7% from 12.2%, with first-half net income down 13% even as revenue jumped 50%. The company is deliberately trading near-term profit for scale, which pressures the stock.

    This is the main counterweight explaining why the stock sits well below its high despite strong growth.

  • Free shipping and buyer growth fuel Brazil Lowering the free-shipping threshold in Brazil lifted items sold 56% and FX-neutral GMV 39%, with items per buyer up 19% and more shoppers buying across categories. Stronger engagement supports future revenue and keeps MELI ahead of Amazon and Sea Limited.

    It shows the demand engine behind the growth that justifies the spending.

  • Mercado Pago fintech and credit surge Mercado Pago's monthly users rose 30% to 88 million, payment volume jumped 56% to $101 billion, and the credit book grew 75% to $16.4 billion with low bad-loan levels. This adds a fast-growing profit source beyond retail.

    Fintech is a major second growth engine that supports the bull case.

  • AI and advertising become real profit drivers AI spending of about $80 million drove 110% more code submissions and lower development costs, while advertising revenue jumped 62% and topped 10% of Latin America's digital ad market. These higher-margin businesses improve future profitability.

    It shows new, higher-margin revenue streams that can offset the profit drag from shipping and credit.

▲3▼1

MELI spends heavily on growth, shipping, credit and AI as profit margins shrink

  • Profit margins squeezed by growth spending Operating income fell to $683 million from $825 million and margin narrowed to 6.7% from 12.2%, with first-half net income down 13% even as revenue jumped 50%. The company is deliberately trading near-term profit for scale, which pressures the stock.

    This is the main counterweight explaining why the stock sits well below its high despite strong growth.

  • Free shipping and buyer growth fuel Brazil Lowering the free-shipping threshold in Brazil lifted items sold 56% and FX-neutral GMV 39%, with items per buyer up 19% and more shoppers buying across categories. Stronger engagement supports future revenue and keeps MELI ahead of Amazon and Sea Limited.

    It shows the demand engine behind the growth that justifies the spending.

  • Mercado Pago fintech and credit surge Mercado Pago's monthly users rose 30% to 88 million, payment volume jumped 56% to $101 billion, and the credit book grew 75% to $16.4 billion with low bad-loan levels. This adds a fast-growing profit source beyond retail.

    Fintech is a major second growth engine that supports the bull case.

  • AI and advertising become real profit drivers AI spending of about $80 million drove 110% more code submissions and lower development costs, while advertising revenue jumped 62% and topped 10% of Latin America's digital ad market. These higher-margin businesses improve future profitability.

    It shows new, higher-margin revenue streams that can offset the profit drag from shipping and credit.

July 2026
▲2▼2

MELI Q2 revenue surges 50% but margins and legal probe weigh

  • Q2 revenue accelerates 50% MercadoLibre's second-quarter revenue jumped 50% to $10.2 billion, the fastest growth in four years, as both commerce and fintech businesses sped up. This shows the company is still winning customers and expanding rapidly.

    This is the main new positive development for the period, showing strong top-line momentum.

  • Analysts see big upside BofA kept a Buy rating, noting the credit card portfolio doubled to $6.6 billion and should break even by 2028. Scotiabank set a $2,800 target, implying 55% upside, and sees revenue hitting $50 billion by 2027.

    Analyst upgrades and price targets are new and can influence investor sentiment and the stock price.

  • Profit falls 20% on credit losses Operating margin dropped to 6.7% and profit fell 20% as credit loss provisions doubled to $1.24 billion. Longer loan terms and riskier borrowers are squeezing earnings, making investors cautious about future profitability.

    This is a key negative factor that directly pressures the stock and reflects ongoing margin challenges.

  • Securities investigation adds uncertainty Law firm Kirby McInerney is investigating possible securities law violations at MercadoLibre. While details are scarce, the probe creates legal uncertainty that could weigh on the stock and distract management.

    This is a new legal risk that could affect investor confidence and the stock price.

▲3▼1

MELI Q2 Revenue Tops $10B, But Margin Squeeze Persists

  • Q2 Revenue Surges Past $10 Billion MercadoLibre's Q2 2026 net revenue jumped 50% to $10.2 billion, the fastest growth in four years, with strong gains in commerce and fintech. This shows the core business is accelerating, which supports a higher stock price as investors gain confidence in future earnings.

    This is the period's biggest new positive event, directly driving revenue expectations and investor sentiment.

  • Fulfillment Network Widens Competitive Moat MercadoLibre's logistics network now handles 55% of shipments, with same- and next-day deliveries up 39% and shipping costs in Brazil down 17%. This efficiency strengthens its edge over rivals and supports long-term profitability, which can lift the stock.

    It highlights a structural advantage that improves cost and customer experience, key for future margins.

  • Analyst Sees 55% Upside Despite Margin Drop Scotiabank maintained a Sector Outperform rating and a Street-high $2,800 price target, implying 55% upside. Most analysts still rate the stock a Buy, arguing the margin decline is a deliberate investment cycle that will reverse, which can boost investor confidence.

    Analyst optimism provides a counterweight to margin fears and signals potential upside.

  • Margin Compression and Credit Provisions Weigh Operating margin fell to 6.7% and profit dropped 20% as credit loss provisions doubled to $1.24 billion. The company extended loan terms and entered riskier segments, raising concerns about credit quality and near-term profitability, which pressures the stock.

    This is the main negative force, explaining why the stock remains under pressure despite strong revenue.

▲2▼1

MELI: Growth Strong but Margin and Legal Worries Weigh

  • BofA Backs Credit Card Growth Bank of America reaffirmed its Buy rating, noting the credit card portfolio doubled to $6.6 billion and should break even by 2028. This reassures investors that heavy credit spending will eventually pay off, supporting the stock.

    This analyst call directly addresses the credit-loss concern that has pressured MELI, offering a positive counterweight.

  • Securities Law Investigation Law firm Kirby McInerney is investigating MercadoLibre for possible securities law violations tied to its Q1 2026 disclosures on longer loan terms. No lawsuit yet, but the probe adds legal uncertainty and could keep investors cautious.

    This is a new legal risk that could weigh on the stock and is not in earlier reports.

  • Revenue on Track for $50B MELI is on pace to hit $50 billion in revenue by 2027, with Q1 revenue up 49% and Brazil active buyers up 32% after lowering free shipping thresholds. Strong demand and a low price-to-sales ratio make the growth story compelling.

    This highlights the strong demand and growth trajectory that underpin the bull case for MELI.

Q2 2026
▼3▲1

MELI: Brazil growth strong, but heavy spending and credit losses squeeze profits

  • First-party expansion squeezes margins MercadoLibre's push into selling its own inventory (first-party) grew 69% and cut gross margin by 300 basis points. This strategy wins market share but requires costly warehouses and logistics, delaying profit recovery and pressuring the stock.

    This is a core new reason for margin pressure and directly explains why profits are falling despite sales growth.

  • Credit losses surge as loan book grows Bad-loan provisions jumped to over $1.24 billion from $603 million a year earlier, as the credit portfolio grew 87%. Rising defaults could keep eating into earnings, making investors cautious about future profit targets.

    This is a major new negative force behind the profit miss and estimate cuts, not just old news.

  • Wall Street slashes profit estimates After a third profit miss in four quarters, analysts cut 2026 profit estimates by 28% and 2027 by 25%. Lower expectations weigh on the stock, though some see the 42x earnings multiple as a buying opportunity if margin pressure proves temporary.

    This shows the market's reaction to weak profits and is a key driver of the stock's decline.

  • Brazil growth accelerates with better logistics In Brazil, FX-neutral GMV rose 38% and items sold jumped 56%, while unit shipping costs fell 17%. Strong demand and efficiency gains could improve profitability and free up cash for reinvestment, offering a counterweight to margin worries.

    This is a new positive operational update that shows the core business is still growing strongly and becoming more efficient.

June 2026
▼3▲1

MELI: Brazil growth strong, but heavy spending and credit losses squeeze profits

  • First-party expansion squeezes margins MercadoLibre's push into selling its own inventory (first-party) grew 69% and cut gross margin by 300 basis points. This strategy wins market share but requires costly warehouses and logistics, delaying profit recovery and pressuring the stock.

    This is a core new reason for margin pressure and directly explains why profits are falling despite sales growth.

  • Credit losses surge as loan book grows Bad-loan provisions jumped to over $1.24 billion from $603 million a year earlier, as the credit portfolio grew 87%. Rising defaults could keep eating into earnings, making investors cautious about future profit targets.

    This is a major new negative force behind the profit miss and estimate cuts, not just old news.

  • Wall Street slashes profit estimates After a third profit miss in four quarters, analysts cut 2026 profit estimates by 28% and 2027 by 25%. Lower expectations weigh on the stock, though some see the 42x earnings multiple as a buying opportunity if margin pressure proves temporary.

    This shows the market's reaction to weak profits and is a key driver of the stock's decline.

  • Brazil growth accelerates with better logistics In Brazil, FX-neutral GMV rose 38% and items sold jumped 56%, while unit shipping costs fell 17%. Strong demand and efficiency gains could improve profitability and free up cash for reinvestment, offering a counterweight to margin worries.

    This is a new positive operational update that shows the core business is still growing strongly and becoming more efficient.

▼3▲1

MELI: Brazil growth strong, but heavy spending and credit losses squeeze profits

  • First-party expansion squeezes margins MercadoLibre's push into selling its own inventory (first-party) grew 69% and cut gross margin by 300 basis points. This strategy wins market share but requires costly warehouses and logistics, delaying profit recovery and pressuring the stock.

    This is a core new reason for margin pressure and directly explains why profits are falling despite sales growth.

  • Credit losses surge as loan book grows Bad-loan provisions jumped to over $1.24 billion from $603 million a year earlier, as the credit portfolio grew 87%. Rising defaults could keep eating into earnings, making investors cautious about future profit targets.

    This is a major new negative force behind the profit miss and estimate cuts, not just old news.

  • Wall Street slashes profit estimates After a third profit miss in four quarters, analysts cut 2026 profit estimates by 28% and 2027 by 25%. Lower expectations weigh on the stock, though some see the 42x earnings multiple as a buying opportunity if margin pressure proves temporary.

    This shows the market's reaction to weak profits and is a key driver of the stock's decline.

  • Brazil growth accelerates with better logistics In Brazil, FX-neutral GMV rose 38% and items sold jumped 56%, while unit shipping costs fell 17%. Strong demand and efficiency gains could improve profitability and free up cash for reinvestment, offering a counterweight to margin worries.

    This is a new positive operational update that shows the core business is still growing strongly and becoming more efficient.