Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Sarimelati Kencana PT / Equity Capital Markets

The parent company of Pizza Hut Indonesia, PT Sarimelati Kencana, is raising USD 100 million to list in Indonesia. In this insight we will explore the following topics: <ul><li>What does the company do and how has the company performed in the past?</li><li>What are the short term challenges with the Indonesia consumer sector? How did the company perform recently?</li><li>What we should know about the relationship with Yum! Brands?</li><li>Who are the shareholders and what to take note of from its financial numbers?</li><li>What is the company's valuation and what do we think is the fair value of the company? </li></ul>

The parent company of Pizza Hut Indonesia, PT Sarimelati Kencana, is raising USD 100 million to list in Indonesia. In this insight we will explore the following topics: What does the company do and how has the company performed in the past?What are the short term challenges with the Indonesia consumer sector? How did the company perform recently?What we should know about the relationship with Yum! Brands?Who are the shareholders and what to take note of from its financial numbers?What is the company's valuation and what do we think is the fair value of the company? 

Pizza Hut Indonesia IPO: Illiquid Single Brand Franchisee at Blue Chip Valuation

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Equity Bottom-Up

Thoresen Thai Agencies / Equity Bottom-Up

OK, so they haven't been quite as focused as the other shippers in Thailand, and TTA has fallen in ranking from market leader to second fiddle after RCL (57,000 TEUs vs RCL's 68,000 TEUs). But they are pretty much all over the place. I mean...heck, RCL doesn't sell fertilizers, herbal drinks in Singapore, or pizzas, right? These guys are looking more and more like conglomerate than a shipper. Their sister company (outside the listed TTA) even sells Krispey Kreme Donuts and Nestle coffee in…

OK, so they haven't been quite as focused as the other shippers in Thailand, and TTA has fallen in ranking from market leader to second fiddle after RCL (57,000 TEUs vs RCL's 68,000 TEUs). But they are pretty much all over the place. I mean...heck, RCL doesn't sell fertilizers, herbal drinks in Singapore, or pizzas, right? These guys are looking more and more like conglomerate than a shipper. Their sister company (outside the listed TTA) even sells Krispey Kreme Donuts and Nestle coffee in…

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>Fast food drives improved performance</li><li>Growing emphasis on domestically produced ingredients</li><li>Convenience stores strengthen their position</li><li>Independents losing out to chains</li><li>Tax hike delayed</li><li>Socio-economic change added downward pressure on consumerfoodservice</li></ul>

Fast food drives improved performanceGrowing emphasis on domestically produced ingredientsConvenience stores strengthen their positionIndependents losing out to chainsTax hike delayedSocio-economic change added downward pressure on consumerfoodservice

ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

<ul><li><a href="https://www.smartkarma.com/entities/23677" target="_blank" data-smartkarma-citation="entities:23677:1">Yum China Holdings, Inc. (YUMC US)</a> has seen its SSSG recover, mainly driven by its KFC restaurants.</li><li>Expansion plan continues at 550-600 (gross) new stores pa, coupled with remodeling for older restaurants (a commendable initiative that should not be overlooked, in our opinion).</li><li>We view management as a solid quality given its value core menu emphasis and digital &amp; delivery initiative.</li><li>Our EV/CE-based PT yields intrinsic value of $44.42/share, implying a decent 12% upside potential from current share price.</li></ul>

Yum China Holdings, Inc. (YUMC US) has seen its SSSG recover, mainly driven by its KFC restaurants.Expansion plan continues at 550-600 (gross) new stores pa, coupled with remodeling for older restaurants (a commendable initiative that should not be overlooked, in our opinion).We view management as a solid quality given its value core menu emphasis and digital &amp; delivery initiative.Our EV/CE-based PT yields intrinsic value of $44.42/share, implying a decent 12% upside potential from current share price.

Event-Driven

Pepsi Rock(ed). Yeah, life used to be pretty good if you were running Pepsi in Thailand. Not only was this one of the few markets apart from India where Pepsi had a clear lead over Coke, but its affiliates were doing well too. Four years ago, Pepsi dominated Thailand with market shares consistently above 60%. Their main bottler, Sermsuk, had better logistics than Coke’s Thai Nam Thip, and Lays was (and still is) the market leader for potato chips. If we traced history back even further to the…

Pepsi Rock(ed). Yeah, life used to be pretty good if you were running Pepsi in Thailand. Not only was this one of the few markets apart from India where Pepsi had a clear lead over Coke, but its affiliates were doing well too. Four years ago, Pepsi dominated Thailand with market shares consistently above 60%. Their main bottler, Sermsuk, had better logistics than Coke’s Thai Nam Thip, and Lays was (and still is) the market leader for potato chips. If we traced history back even further to the…

The Next Victim of the KFC Deal Could Be...Pepsi!

United States

Yum! Brands, Inc, owns and franchises quick-service restaurants worldwide.  The Company develops, operates, franchises and licenses a worldwide system of restaurants which prepare, package and sell a menu of food items.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Yum! Brands Inc (YUM US)

Pizza Hut Indonesia IPO: Illiquid Single Brand Franchisee at Blue Chip Valuation

The parent company of Pizza Hut Indonesia, PT Sarimelati Kencana, is raising USD 100 million to list in Indonesia. In this insight we will explore...

Ke Yan, CFA, FRM

They Serve Pizza On This Ship!

OK, so they haven't been quite as focused as the other shippers in Thailand, and TTA has fallen in ranking from market leader to second fiddle...

Athaporn Arayasantiparb, CFA

Consumer Foodservice in Japan

Fast food drives improved performance Growing emphasis on domestically produced ingredients Convenience stores strengthen their...

Euromonitor International Ltd.

Yum China Holdings: Moving Forward

Yum China Holdings, Inc. (YUMC US) has seen its SSSG recover, mainly driven by its KFC restaurants. Expansion plan continues at 550-600 (gross)...

Johannes Salim, CFA

The Next Victim of the KFC Deal Could Be...Pepsi!

Pepsi Rock(ed). Yeah, life used to be pretty good if you were running Pepsi in Thailand. Not only was this one of the few markets apart from India...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)