India: Burger King India, Dish TV India, CreditAccess Grameen Ltd, Phillips Carbon Black and more

• Burger King India (BURGERKI IN) (BKI) has ventured into the QSR industry in India, which is poised to grow a CAGR of 19% to INR 825 bn by F25.
• The company has a well-defined restaurant rollout and development process with the aim of growing at a quick pace and leveraging the disruption at the McDonalds franchise in the north.
• However looming threats of Omicron can put the company at a risk of getting cash strapped in the near future.

• Spat between Dish TV India (DITV IN) promoters and one of the largest shareholder Yes Bank (YES IN) is getting interesting day by day.    
• Promoter of the company had multiple times tried to block Yes bank from voting in company’s annual general meeting that was held on December 30, 2021.
• Bombay high court decision on ownership of stake by Yes bank will be crucial.

CA Grameen’s journey from being a project under T Muniswamappa Trust (TMT) in 1999, an NGO in South Bangalore, to becoming the largest NBFC-MFI in India as on Sep’21 with consolidated AUM of Rs133bn and borrower base of 3.75mn is testimony of its resilient business model. It has been successfully navigating many challenging events like AP crisis, demonetisation and two covid waves.

We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after challenging times till FY14. It is strengthening its business model; re-innovated with an emphasis on R&D, and is seeing structural tailwind from reduced China concern.