Motilal Oswal - MOSL: Morning India (19/July/21): 1. Burger King India - Initiating Coverage (Whopper of an Opportunity); 2. HDFC Bank; 3. LT Infotech; 4. Reliance Industries; 5. LT Fin. Holding; 6. Bandhan Bank; 7. EcoScope

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Motilal Oswal

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MOSL: Morning India (19/July/21): 1. Burger King India - Initiating Coverage (Whopper of an Opportunity); 2. HDFC Bank; 3. LT Infotech; 4. Reliance Industries; 5. LT Fin. Holding; 6. Bandhan Bank; 7. EcoScope

MOrning India (19/July/21): 1. Burger King India - Initiating Coverage (Whopper of an Opportunity); 2. HDFC Bank; 3. LT Infotech; 4. Reliance Industries; 5. LT Fin. Holding; 6. Bandhan Bank; 7. EcoScope

Today’s top research idea

Burger King India | Initiating Coverage: Whopper of an Opportunity

BURGERKI offers an exciting opportunity due to:

QSRs are best placed to tap the growth opportunity in India's large Food Service Industry driven by their high affordability, aspirational branding, higher convenience, scale benefits, and technological edge.
With the unorganized segment severely affected by COVID-19, QSRs can make further gains due to better hygiene standards and delivery channel.
BURGERKI's "barbell" product strategy with focus on premiumization and value products makes it well-placed to drive SSSG and margin expansion. The introduction of BK Café from 4QFY22 onwards will significantly elevate its performance.
BURGERKI's aggressive target of opening 700 stores by Dec'26 would lead to rapid network expansion.
Its premium multiples are likely to sustain due to its strong growth profile. Initiate coverage with BUY rating and TP of INR210 (28x Sep'23 EV/EBITDA).

19/07/2021 30 EN

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Motilal Oswal

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MOSL: Morning India (19/July/21): 1. Burger King India - Initiating Coverage (Whopper of an Opportunity); 2. HDFC Bank; 3. LT Infotech; 4. Reliance Industries; 5. LT Fin. Holding; 6. Bandhan Bank; 7. EcoScope

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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