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>Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.</li>
<li>Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.</li>
<li>In this note, we will talk about the subscription levels and the trading dynamics.</li>
</ul>


Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.
Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.
In this note, we will talk about the subscription levels and the trading dynamics.


Sapphire Foods IPO Trading - Demand Was So So, Peer Performance Might Help

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)

<h3>About The Narrative</h3>
<p>Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. </p>
<p>The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/jubilant-foodworks-ltd" target="_blank" data-smartkarma-citation="entities:986:1" rel="noopener">Jubilant Foodworks (JUBI IN)</a> / <a href="https://www.smartkarma.com/entities/united-spirits-ltd" target="_blank" data-smartkarma-citation="entities:5146:1" rel="noopener">United Spirits (UNSP IN)</a> / <a href="https://www.smartkarma.com/entities/united-breweries-ltd" target="_blank" data-smartkarma-citation="entities:18080:1" rel="noopener">United Breweries (UBBL IN)</a> / <a href="https://www.smartkarma.com/entities/radico-khaitan-ltd" target="_blank" data-smartkarma-citation="entities:20842:1" rel="noopener">Radico Khaitan (RDCK IN).</a></p>
<p>We have separated the quotes to highlight<em><strong> Business Performance, Operating Environment &amp; Pricing, Inflation and Margins, Competition and Market Share, Consumer Behaviour,  Growth Strategy &amp; Outlook.</strong></em></p>

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of Jubilant Foodworks (JUBI IN) / United Spirits (UNSP IN) / United Breweries (UBBL IN) / Radico Khaitan (RDCK IN).
We have separated the quotes to highlight Business Performance, Operating Environment &amp; Pricing, Inflation and Margins, Competition and Market Share, Consumer Behaviour,  Growth Strategy &amp; Outlook.

The Narrative | Q2 FY22 | India F&B - Jubi Food, United Spirits, United Breweries, Radico Khaitan

<div>
<p>Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, aims to raise around US$280m via its Indian IPO. Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.</p>
<p>We covered most aspects of the deal in our earlier note, <a href="https://www.smartkarma.com/insights/sapphire-foods-ipo-delivery-growing-stores-shrinking" target="_blank" rel="noopener">Sapphire Foods IPO - Delivery Growing, Stores Shrinking.</a></p>
</div><div><p>In this note we will talk under take a peer comparison and talk about valuations.</p></div>


Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, aims to raise around US$280m via its Indian IPO. Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.
We covered most aspects of the deal in our earlier note, Sapphire Foods IPO - Delivery Growing, Stores Shrinking.
In this note we will talk under take a peer comparison and talk about valuations.

Sapphire Foods IPO - Peer Comp and Valuation

<p>Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, aims to raise around US$280m via its Indian IPO. Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.</p><p>In this note we will talk about the company's background and past performance</p>

Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, aims to raise around US$280m via its Indian IPO. Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.In this note we will talk about the company's background and past performance

Sapphire Foods IPO - Delivery Growing, Stores Shrinking

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Key Jubi narratives now are - store expansion, industry-leading revenue growth, resilient margins, unlock-led recovery, digital capabilities, high quality management, platform potential, market opportunity. What’s not ticking (for consensus) is the international expansion which JUBI has aspirations for.</p><div class="content-highlight"><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></div>

Key Jubi narratives now are - store expansion, industry-leading revenue growth, resilient margins, unlock-led recovery, digital capabilities, high quality management, platform potential, market opportunity. What’s not ticking (for consensus) is the international expansion which JUBI has aspirations for.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.

Beat-upgrade cycle (likely) taking a pause for now; our (near) 5-year optimism (since 2016) is...

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.

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Jubilant Foodworks (JUBI IN)

Sapphire Foods IPO Trading - Demand Was So So, Peer Performance Might Help

Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.

Sumeet Singh

The Narrative | Q2 FY22 | India F&B - Jubi Food, United Spirits, United Breweries, Radico Khaitan

The edition of "The Narrative" focuses on key quotes from the earnings transcripts of Jubilant Foodworks / United Spirits / United Breweries /...

Pranav Bhavsar

Sapphire Foods IPO - Peer Comp and Valuation

Sapphire Foods Limited, one of Yum Brand’s franchisee in the Indian subcontinent, aims to raise around US$280m via its Indian IPO. Its core...

Sumeet Singh

Sapphire Foods IPO - Delivery Growing, Stores Shrinking

Sapphire Foods Limited, one of Yum Brand’s franchisee in the Indian subcontinent, aims to raise around US$280m in its Indian IPO. It operates KFC,...

Sumeet Singh

Beat-upgrade cycle (likely) taking a pause for now; our (near) 5-year optimism (since 2016) is...

Key Jubi narratives now are - store expansion, industry-leading revenue growth, resilient margins, unlock-led recovery, digital capabilities, high...

ICICI Securities Limited

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)