External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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.

Equity Bottom-Up

<ul><li>The Pizza category has a tumultuous history</li><li>It has faced significant challenges over the past few quarters (compared to other mainstream QSR categories such as burgers and chicken) due to three reasons: (1) its price-sensitive nature—deals and discounts have driven a decent amount of growth for mainstream players in the past in this category, (2) hyper-competition from regional and local players, as the mainstream pizza brands earn gross margins of 75%+, which enables these players to play the pricing game, or at least provide better quality than national players at a similar price, (3) increased downgrading to other QSR offerings/value pizza in the context of hyperinflation since this category has a higher average order value of Rs 450-500, and (4) lack of tangible breakthrough innovation (e.g cheese burst pizza) which can uplift the SSSG</li><li>We believe the latter issues (specifically points 3 and 4) shall fade away in the medium term, as Jubilant Foodworks (Jubi) has made substantial efforts to tackle these challenges.</li></ul><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>

The Pizza category has a tumultuous historyIt has faced significant challenges over the past few quarters (compared to other mainstream QSR categories such as burgers and chicken) due to three reasons: (1) its price-sensitive nature—deals and discounts have driven a decent amount of growth for mainstream players in the past in this category, (2) hyper-competition from regional and local players, as the mainstream pizza brands earn gross margins of 75%+, which enables these players to play the pricing game, or at least provide better quality than national players at a similar price, (3) increased downgrading to other QSR offerings/value pizza in the context of hyperinflation since this category has a higher average order value of Rs 450-500, and (4) lack of tangible breakthrough innovation (e.g cheese burst pizza) which can uplift the SSSGWe believe the latter issues (specifically points 3 and 4) shall fade away in the medium term, as Jubilant Foodworks (Jubi) has made substantial efforts to tackle these challenges.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.

Jubilant Foodworks: On the Verge of a Turnaround. Upgrade to ADD