Motilal Oswal - MOSL: Morning India (22/July/21): 1. Jubilant FoodWorks (COVID improves structural outlook, right-to-win strengthening; Upgrade to Buy); 2. Havells India; 3. Gland Pharma; 4. ICICI Securities; 5. Mahindra CIE;

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Motilal Oswal

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MOSL: Morning India (22/July/21): 1. Jubilant FoodWorks (COVID improves structural outlook, right-to-win strengthening; Upgrade to Buy); 2. Havells India; 3. Gland Pharma; 4. ICICI Securities; 5. Mahindra CIE;

MOrning India (22/July/21): 1. Jubilant FoodWorks (COVID improves structural outlook, right-to-win strengthening; Upgrade to Buy); 2. Havells India; 3. Gland Pharma; 4. ICICI Securities; 5. Mahindra CIE; 6. CEAT

Today’s top research idea

Jubilant FoodWorks: COVID improves structural outlook, right-to-win strengthening; Upgrade to Buy

With the QSR business in India being at an inflexion point, JUBI has (a) increased its store expansion guidance, (b) announced investments to boost supply chain, and (c) showed intent to gradually become a food tech company. On the technology front, JUBI is significantly expanding its teams for customer experience, analytics and product innovation.
These welcome initiatives strengthen JUBI's right-to-win in the rapidly expanding QSR market where post-pandemic structural opportunity has been significantly enhanced.
JUBI is already the most efficient player in the QSR industry with best-of-breed profitability and balance sheet metrics.
With its proven and profitable model, we expect JUBI to be the key beneficiary of favorable trends. We upgrade the rating to Buy with TP of INR3,630 (60x Sep'23 EPS).

22/07/2021 14 EN

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MOSL: Morning India (22/July/21): 1. Jubilant FoodWorks (COVID improves structural outlook, right-to-win strengthening; Upgrade to Buy); 2. Havells India; 3. Gland Pharma; 4. ICICI Securities; 5. Mahindra CIE;

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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