In today’s briefing:
- Shakey’s Pizza: High Conviction Three Bagger, Management Call Provides Superb Guidance For FY22
- CJ Olive Young: Well Positioned to Complete IPO in 2H 2022 After Solid Results in 2021
Shakey’s Pizza: High Conviction Three Bagger, Management Call Provides Superb Guidance For FY22
- Shakey’s Pizza Asia Ventures (PIZZA PM) is a play on F&B normalizing in the Philippines. On our numbers, it trades at a 12.9x PE for FY22 and 10x for FY23.
- Quick Service Restaurant (QSR) peers like Domino’s Pizza (DPZ US) and Jubilant Foodworks (JUBI IN) trade at multiples of 39x and 59x fwd PE, making Shakey’s an extremely cheap stock.
- Versus the current multiple of 7.9 peso/share, we believe the stock can trade up to 30x PE FY23 implying a 24 peso/share price (200% upside).
CJ Olive Young: Well Positioned to Complete IPO in 2H 2022 After Solid Results in 2021
- CJ Olive Young is the number one health and beauty (H&B) store chain in Korea. CJ Olive Young is well positioned to complete its IPO in 2H 2022.
- The local media have noted that CJ Olive Young’s market value could reach 3.5 trillion won to 4.0 trillion won after the IPO.
- If CJ Olive Young is valued at 3.5 trillion won, CJ Corp’s 51.1% stake would be 1.8 trillion won, which would be worth 71% of CJ Corp’s current market cap.
Before it’s here, it’s on Smartkarma
