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>Sapphire Foods’ (second largest franchisee operator for KFC and Pizza Hut) 1QFY25 results were lower than our expectations despite a decent show in the Sri Lankan geography, owing to (a) persistent weakness in Pizza Hut format, (b) festivities (Navratri) denting non-veg consumption, which in turn weighed on KFC SSSg</li><li>We expect SF to see 15/21% consolidated revenue/Ebitda Cagr over FY24-27 based on the following: (1) aggressive store expansion plans for its under-penetrated brands, given improving store economics</li><li>(2) focus on improving brand equity scores via correcting the price-value equation, menu innovation, increased emphasis on its delivery channel, launching products at low price points, which historically have been a missing link, and running a high-decibel media campaign</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>

Sapphire Foods’ (second largest franchisee operator for KFC and Pizza Hut) 1QFY25 results were lower than our expectations despite a decent show in the Sri Lankan geography, owing to (a) persistent weakness in Pizza Hut format, (b) festivities (Navratri) denting non-veg consumption, which in turn weighed on KFC SSSgWe expect SF to see 15/21% consolidated revenue/Ebitda Cagr over FY24-27 based on the following: (1) aggressive store expansion plans for its under-penetrated brands, given improving store economics(2) focus on improving brand equity scores via correcting the price-value equation, menu innovation, increased emphasis on its delivery channel, launching products at low price points, which historically have been a missing link, and running a high-decibel media campaignContent 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.

Sapphire Foods: Pizza Hut, KFC Disappoint, Sri Lanka Surprises. Maintain ADD