JUBILANT FOODWORKS: Growth prospects attractive, moats widening (JUBI IN, Mkt Cap USD4.7b, CMP INR565, TP INR720, 28% Upside, Buy) In this report, we present the key takeaways from Jubilant Foodworks’ (JUBI’s) FY22 Annual Report. JUBI continues to build extensively on its three key moats of delivery expertise, supply chain efficiency and technological superiority. The emphasis on its ‘value for money’ proposition was also highlighted with the company choosing not to hike the price of its ‘...
JUBI's 1QFY23 result was broadly in line with our estimates on all fronts. With 58 stores added in 1Q, the management is well on track to meet its 250 store opening guidance for FY23. Delivery sales continued to deliver healthy growth, despite a higher base, with dine-in reviving to nearly 100% of pre-COVID levels. The management stated that price increases taken in 3QFY22 and subsequently in 1QFY23 are enough to combat input cost inflation. With its remarkable track record, strong moats...
The independent financial analyst theScreener just lowered the general evaluation of JUBILANT FOODWORKS (IN), active in the Restaurants & Bars industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date October 22, 2021, the closing price was I...
JUBILANT FOODWORKS: Result better than expected, immense growth opportunity (JUBI IN, Mkt Cap USD7b, CMP INR3965, TP INR4870, 23% Upside, Buy) JUBI reported a beat on all fronts in its 2QFY22 result. Both store expansion and SSSG were ahead of our estimates. Earnings in 2QFY22 were strong, despite the recovery in dine-in still ~47% of pre-COVID levels. With the lifting of lockdown restrictions, dine-in levels are picking up significantly compared to the early part of 2QFY22. Delivery is ...
JUBILANT FOODWORKS (Annual Report): Building on strengths, growth prospects buoyant (JUBI IN, Mkt Cap USD7.4b, CMP INR4113, TP INR4830, 17% Upside, Buy) JUBI’s FY21 annual report highlights the management’s efforts to stay ahead of its peers and reap the tremendous opportunities in the Indian QSR space. Boosting its technological capabilities: In addition to its delivery and value moat, JUBI is boosting its technological moat to enhance its lead over its QSR peers and aggregators. Improv...
Devyani International Limited (DIL), Yum Brand’s largest franchisor in India, raised around US$250m via its Indian IPO. DIL operates a chain of quick service restaurants (QSRs) in India. Its core business is to operate KFC, Pizza Hut and Costa Coffee in India. It operated 655 stores across 155 cities in India, as of Mar 2021. These include 264 KFC stores, 297 Pizza Hut stores and 44 Costa Coffee stores. It also operates stores in Nepal and Nigeria for KFC and Pizza Hut. In addition, it also ru...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Devyani International Limited (DIL), Yum Brand’s largest franchisor in India, aims to raise around US$250m via its Indian IPO. DIL operates a chain of quick service restaurants (QSRs) in India. Its core business is to operate KFC, Pizza Hut and Costa Coffee in India. It operated 655 stores across 155 cities in India, as of Mar 2021. These include 264 KFC stores, 297 Pizza Hut stores and 44 Costa Coffee stores. It also operates stores in Nepal and Nigeria for KFC and Pizza Hut. In addition, it ...
Devyani International Limited (DIL), Yum Brand’s largest franchisor in India, aims to raise around US$200m via its Indian IPO. The IPO will be a mix of primary and secondary shares. DIL operates a chain of quick service restaurants (QSRs) in India. Its core business is to operate KFC, Pizza Hut and Costa Coffee in India. It operated 655 stores across 155 cities in India, as of Mar 2021. These include 264 KFC stores, 297 Pizza Hut stores and 44 Costa Coffee stores. It also operates stores in Ne...
Devyani International Limited (DIL), Yum Brand’s largest franchisor in India, aims to raise around US$200m via its Indian IPO. The IPO will be a mix of primary and secondary shares. DIL operates a chain of quick service restaurants (QSRs) in India. Its core business is to operate KFC, Pizza Hut and Costa Coffee in India. It operated 655 stores across 155 cities in India, as of Mar 2021. These include 264 KFC stores, 297 Pizza Hut stores and 44 Costa Coffee stores. It also operates stores in Ne...
JUBILANT FOODWORKS: COVID improves structural outlook, right-to-win strengthening; Upgrade to Buy (JUBI IN, Mkt Cap USD5.4b, CMP INR3063, TP INR3630, 19% Upside, Upgrade to Buy) While Jubilant FoodWorks (JUBI)'s sales were broadly in line with our expectations, margins surprised positively. The management believes the QSR business in India is at a significant inflection point. In line with this, the company has not only increased its store expansion guidance (150-175 stores from 135 earlie...
BURGER KING INDIA | INITIATING COVERAGE: Whopper of an Opportunity; Big shift in business model, aggressive expansion – Initiate coverage with Buy (BURGERKI IN, Mkt Cap USD0.9b, CMP INR166, TP INR210, 26% Upside, Buy) BURGERKI offers an exciting investment opportunity in the Indian QSR space on account of the following factors: The large Indian Food Service Industry (FSI) is expected to deliver 9% CAGR over the coming years, and QSRs are best placed to tap this opportunity. With their hi...
Devyani International Limited (DIL), Yum Brand’s largest franchisor in India, aims to raise around US$200m via its Indian IPO. The IPO will be a mix of primary and secondary shares. DIL operates a chain of quick service restaurants (QSRs) in India. Its core business is to operate KFC, Pizza Hut and Costa Coffee in India. It operated 655 stores across 155 cities in India, as of Mar 2021. These include 264 KFC stores, 297 Pizza Hut stores and 44 Costa Coffee stores. It also operates stores in Ne...
A director at Jubilant Foodworks Ltd sold 1,800 shares at 3,200.000INR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...
In this note, we aim to highlight the Asia Pacific IPO pipeline for 2021. This list has been compiled on a best effort basis from tracking the company filings and through various media and other sources. For readers who are not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex-Korea and A-shares), including China ADRs. Hence, our pipeline will only include companies that fit these criteria. Feel free to drop us a mes...
2020 marked our second full year of operations as an Independent Research Company, and our fifth year covering Equity Capital Markets (ECM). While the year started off on a precarious note for ECM, it ended with very strong momentum. Even as IPOs have hogged the limelight in 2020, we actually ended up covering more than twice the number of placements as IPOs. We ended 2020 with an accuracy rate of 72.7% across 88 IPOs that we covered and 70.1% across 174 placements. While our placements hit ra...
Bullish Outlook Intact Overall we remain bullish and we continue to believe the path of least resistance is higher for global equities (MSCI ACWI). The price uptrend is fairly steep for ACWI-US, so while this means it could correct 5-10% on a breakdown, such a pullback would likely be a buying opportunity. Furthermore, there is little that suggests a correction is imminent; we recommend riding the trend higher. · Index Overviews. The MSCI ACWI index (USD) is breaking out to all-time h...
Jubilant FoodWorks: SSS growth in line, margin outlook positive (JUBI IN, Mkt Cap USD3.2b, CMP INR1745, TP INR2020, 16% Upside, Buy) JUBI's 3QFY20 sales were in line with SSS growth at 5.9% YoY (v/s est. 6%). The company has done well to report mid-single digit SSS growth in the past 4 quarters despite very high base of 15-26% SSS growth, competition from aggregators and slowdown in dine-in. Healthy demand environment, favorable base of 4-6% SSSG in the next 4 quarters and incrementally...
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