External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We interacted with Mr Sameer Khetarpal, the CEO of Jubilant FoodWorks, to understand industry demand and company strategy</li><li>According to him, the QSR industry demand continues to decelerate and recent trends are tougher than witnessed during the last six months</li><li>The pressure is across markets, brands, and formats</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We interacted with Mr Sameer Khetarpal, the CEO of Jubilant FoodWorks, to understand industry demand and company strategyAccording to him, the QSR industry demand continues to decelerate and recent trends are tougher than witnessed during the last six monthsThe pressure is across markets, brands, and formatsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jubilant FoodWorks - Demand Weakness Persists, Strengthening Core. Maintain ADD

Jubilant FoodWorks - Demand Weakness Persists, Strengthening Core.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doms-industries" target="_blank" data-smartkarma-citation="entities:40059:1" rel="noopener">Doms (DOMS IN)</a> is looking to raise around US$140m (estimated) in its upcoming India IPO. The deal will be run by JM Financial, BNP, ICICI Securities and IIFL Securities.</li>
<li>DOMS is a leading player and brand in India’s stationery and art products market. It designs,  manufactures, and sells a wide range of products, primarily under its flagship brand ‘DOMS’.</li>
<li>Its core products such as pencils and mathematical instrument boxes had market shares of 29% and 30% by value in FY23, respectively, as per Technopak.</li>
</ul>



Doms (DOMS IN) is looking to raise around US$140m (estimated) in its upcoming India IPO. The deal will be run by JM Financial, BNP, ICICI Securities and IIFL Securities.
DOMS is a leading player and brand in India’s stationery and art products market. It designs,  manufactures, and sells a wide range of products, primarily under its flagship brand ‘DOMS’.
Its core products such as pencils and mathematical instrument boxes had market shares of 29% and 30% by value in FY23, respectively, as per Technopak.


Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the December 2023 Rebalance.</li>
<li>In July, we saw the deletion of <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited (HDFC IN)</a> from several indices in this family which triggered multiple intra-review index changes.</li>
<li>At present, I do not see any changes for the SENSEX index but I see seven ADDs/DELs for BSE 100 and five ADDs/DELs for BSE 200.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the December 2023 Rebalance.
In July, we saw the deletion of HDFC Limited (HDFC IN) from several indices in this family which triggered multiple intra-review index changes.
At present, I do not see any changes for the SENSEX index but I see seven ADDs/DELs for BSE 100 and five ADDs/DELs for BSE 200.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 23: 7 Changes for BSE 100 and 5 Changes for BSE 200

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/barbeque-nation-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:28868:1" rel="noopener">Barbeque Nation Hospitality (BARBEQUE IN)</a> has a strong operating model, well-regarded management, and a good dining experience, resonating well with non-vegetarian and corporate customers.</li>
<li>Current consumer trends show increased spending in the restaurant business, driven by social pressure to showcase lifestyles on platforms like Instagram.</li>
<li>ONDC has potential as a platform but faces challenges in scaling up due to infrastructure and delivery integration issues.</li>
</ul>



Barbeque Nation Hospitality (BARBEQUE IN) has a strong operating model, well-regarded management, and a good dining experience, resonating well with non-vegetarian and corporate customers.
Current consumer trends show increased spending in the restaurant business, driven by social pressure to showcase lifestyles on platforms like Instagram.
ONDC has potential as a platform but faces challenges in scaling up due to infrastructure and delivery integration issues.


Trends in Casual Dining, Quick Service and Online Food Delivery

India

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

Price Gauge
52-week Range	0.00 - 0.00
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Jubilant Foodworks (JUBI IN)

Jubilant FoodWorks - Demand Weakness Persists, Strengthening Core. Maintain ADD

We interacted with Mr Sameer Khetarpal, the CEO of Jubilant FoodWorks, to understand industry demand and company strategy

HDFC Securities

Jubilant FoodWorks - Demand Weakness Persists, Strengthening Core.

We interacted with Mr Sameer Khetarpal, the CEO of Jubilant FoodWorks, to understand industry demand and company strategy

HDFC Securities

DOMS Industries Pre-IPO Tearsheet

Doms (DOMS IN) is looking to raise around US$140m (estimated) in its upcoming India IPO. The deal will be run by JM Financial, BNP, ICICI...

Sumeet Singh

Quiddity Leaderboard BSE/SENSEX Dec 23: 7 Changes for BSE 100 and 5 Changes for BSE 200

All else equal, if Wipro's average share price for the remainder of the reference period is more than 17% lower than the latest price, the company...

Janaghan Jeyakumar, CFA

Trends in Casual Dining, Quick Service and Online Food Delivery

Consumer trends: Rising spending, influenced by social pressure and online presence. ONDC: Promising platform, facing scaling challenges with...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jubilant FoodWorks - Demand Weakness Persists, Strengthening Core. Maintain ADD

We interacted with Mr Sameer Khetarpal, the CEO of Jubilant FoodWorks, to understand industry demand and company strategy

HDFC Securities

Jubilant FoodWorks - Demand Weakness Persists, Strengthening Core.

We interacted with Mr Sameer Khetarpal, the CEO of Jubilant FoodWorks, to understand industry demand and company strategy

HDFC Securities

DOMS Industries Pre-IPO Tearsheet

Doms (DOMS IN) is looking to raise around US$140m (estimated) in its upcoming India IPO. The deal will be run by JM Financial, BNP, ICICI...

Sumeet Singh

Quiddity Leaderboard BSE/​​​​SENSEX Dec 23: 7 Changes for BSE 100 and 5 Changes for BSE 200

All else equal, if Wipro's average share price for the remainder of the reference period is more than 17% lower than the latest price, the company...

Janaghan Jeyakumar, CFA

Trends in Casual Dining, Quick Service and Online Food Delivery

Consumer trends: Rising spending, influenced by social pressure and online presence. ONDC: Promising platform, facing scaling challenges with...

Pranav Bhavsar

Quiddity Leaderboard BSE/SENSEX Dec 23: 7 Changes for BSE 100 and 5 Changes for BSE 200