External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL), with a target price of INR 726/share</li><li>AIL's constant focus on Capex and R&amp;D will enable it to remain competitive and expand its customer base</li><li>The toluene segment in India is mainly untapped and catered to through imports AIL will benefit in the long term by entering this segment</li></ul>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.

Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL), with a target price of INR 726/shareAIL's constant focus on Capex and R&amp;D will enable it to remain competitive and expand its customer baseThe toluene segment in India is mainly untapped and catered to through imports AIL will benefit in the long term by entering this segmentContent 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.

HSIE Results Daily: Aarti Industries, Westlife Foodworld, Kalpataru Power Transmission

HSIE Results Daily - Aarti Industries, Westlife Foodworld, Kalpataru Power Transmission

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Revenue grew ~22% YoY (18% on a 3-Year CAGR) while SSSG stood at 14% led by increased footfalls, improved product mix and price hikes.</li><li>Average Revenue per store stood at Rs 6.62 Cr (up 33% YoY), led by strong traction in meals, chicken, and McCafe.</li><li>Moreover, menu innovation (Chicken Big Mac) and judicious price increases (cumulative price hikes of 7%) have further led the overall AUV growth.</li></ul>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.

Revenue grew ~22% YoY (18% on a 3-Year CAGR) while SSSG stood at 14% led by increased footfalls, improved product mix and price hikes.Average Revenue per store stood at Rs 6.62 Cr (up 33% YoY), led by strong traction in meals, chicken, and McCafe.Moreover, menu innovation (Chicken Big Mac) and judicious price increases (cumulative price hikes of 7%) have further led the overall AUV growth.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.

Westlife Foodworld Ltd - Robust Performance; Maintain BUY

<ul><li>Expect pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is decelerating</li><li>Delivery has been under pressure during the last 2-3 quarters and we expect a similar trend in Q4 too</li><li>Dine-in has outpaced delivery during the same period and that divergence is expected to sustain in Q4FY23 also</li></ul>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.

Expect pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is deceleratingDelivery has been under pressure during the last 2-3 quarters and we expect a similar trend in Q4 tooDine-in has outpaced delivery during the same period and that divergence is expected to sustain in Q4FY23 alsoContent 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.

<ul>
<li>Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs</li>
<li>However, the growth trajectory was quite slow in India vs that in China, which can be attributed to the variance in the economic growth of these two countries</li>
<li>India is still quite an under-penetrated market with ~3 stores per million population vs China’s 13 stores per million (six stores in 2013)</li>
</ul>
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.


Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs
However, the growth trajectory was quite slow in India vs that in China, which can be attributed to the variance in the economic growth of these two countries
India is still quite an under-penetrated market with ~3 stores per million population vs China’s 13 stores per million (six stores in 2013)

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.

India

Westlife Development Limited is an operating-cum-investment company that puts up and operates quick service restaurants. The Company, through its subsidiary, operates fast food franchise restaurants across western and southern India.

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Westlife Development (WLDL IN)

HSIE Results Daily: Aarti Industries, Westlife Foodworld, Kalpataru Power Transmission

The toluene segment in India is mainly untapped and catered to through imports AIL will benefit in the long term by entering this segment

HDFC Securities

HSIE Results Daily - Aarti Industries, Westlife Foodworld, Kalpataru Power Transmission

The toluene segment in India is mainly untapped and catered to through imports AIL will benefit in the long term by entering this segment

HDFC Securities

Westlife Foodworld Ltd - Robust Performance; Maintain BUY

Revenue grew ~22% YoY (18% on a 3-Year CAGR) while SSSG stood at 14% led by increased footfalls, improved product mix and price hikes.

Axis Direct

QSR: Pressure on demand and margin

Expect pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is decelerating

HDFC Securities

QSR Thematic - Fishing Time?

Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs However,...

HDFC Securities

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