External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 headline performance: WDL's 4QFY22 topline grew by 27.3% YoY to Rs4.55bn (vs. our est. 22% growth to Rs4.36bn), led by SSSG growth of 23% YoY (vs. our est. 17%).</li></ul><div><div><div><div><ul><li>FY22 performance: Revenue and EBITDA grew by ~60% and ~161%, respectively. EBITDA margin stood at 12.6% (up 490bps over FY21).</li></ul><div><div><div><div><ul><li>Other key highlights: (1) WDL did not take any price hike in 4QFY22, but has taken a price hike of 3-5% in 1QFY23. (2) Metro and smaller town mix stands at ~70:30, and at most can change to ~60-40% in coming years.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><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>

4QFY22 headline performance: WDL's 4QFY22 topline grew by 27.3% YoY to Rs4.55bn (vs. our est. 22% growth to Rs4.36bn), led by SSSG growth of 23% YoY (vs. our est. 17%).FY22 performance: Revenue and EBITDA grew by ~60% and ~161%, respectively. EBITDA margin stood at 12.6% (up 490bps over FY21).Other key highlights: (1) WDL did not take any price hike in 4QFY22, but has taken a price hike of 3-5% in 1QFY23. (2) Metro and smaller town mix stands at ~70:30, and at most can change to ~60-40% in coming years.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 Development - Strong SSSG Performance

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

<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), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

<p>WLDL once again delivered a better than expected SSSG and sales growth, led by continued strong momentum in the convenience platform. The convenience channels continue to remain elevated, despite a recovery in dine-in, which almost doubled YoY. Inflationary pressures on commodities led to gross and EBITDA margin being slightly lower than expected. The continued sales momentum would drive operational leverage on margin in the future.</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>

WLDL once again delivered a better than expected SSSG and sales growth, led by continued strong momentum in the convenience platform. The convenience channels continue to remain elevated, despite a recovery in dine-in, which almost doubled YoY. Inflationary pressures on commodities led to gross and EBITDA margin being slightly lower than expected. The continued sales momentum would drive operational leverage on margin in the future.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.

Aggression on store expansion a welcome change

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)

Westlife Development - Strong SSSG Performance

Westlife Development (WDL) reported robust numbers with same-store-sales growth (SSSG) of 23% YoY (vs. our est. 17%) even while there were business...

Nirmal Bang

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

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

Aggression on store expansion a welcome change

WLDL once again delivered a better than expected SSSG and sales growth, led by continued strong momentum in the convenience platform. The...

Motilal Oswal

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