Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>DPC Dash aims to raise around US$100m in its Hong Kong IPO. </li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


DPC Dash aims to raise around US$100m in its Hong Kong IPO. 
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.
In this note, we will talk about the positive aspects of the deal.


DPC Dash Pre-IPO - The Positives - On a Rapid Expansion Spree

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Domino’s Pizza delivered a disappointing result barely managing to meet analyst expectations with respect to its revenues and missing out on earnings.</li><li>The company, along with its franchisees, opened more than 200 net new stores with net new store additions in 44 markets.</li><li>We provide the stock of Domino’s Pizza with a ‘Hold’ rating and a revision in the target price.</li></ul>

Domino’s Pizza delivered a disappointing result barely managing to meet analyst expectations with respect to its revenues and missing out on earnings.The company, along with its franchisees, opened more than 200 net new stores with net new store additions in 44 markets.We provide the stock of Domino’s Pizza with a ‘Hold’ rating and a revision in the target price.

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jubilant-foodworks-ltd" target="_blank" data-smartkarma-citation="entities:986:1" rel="noopener">Jubilant Foodworks (JUBI IN)</a> is India’s largest food service company. In hindsight, CEO's exit in March 2022 under a high inflationary environment was just "NOISE".</li>
<li>Industry drivers are favourable, JUBI's renewed focus on growth, additional brands and a new CEO, all put JUBI back on track to deliver robust growth. </li>
<li>Currently trading at 68.5x NTM, JUBI is available at a 22% discount compared to it's 3Y mean, considering the growth prospects discussed below, this discount is attractive.</li>
</ul>



Jubilant Foodworks (JUBI IN) is India’s largest food service company. In hindsight, CEO's exit in March 2022 under a high inflationary environment was just "NOISE".
Industry drivers are favourable, JUBI's renewed focus on growth, additional brands and a new CEO, all put JUBI back on track to deliver robust growth. 
Currently trading at 68.5x NTM, JUBI is available at a 22% discount compared to it's 3Y mean, considering the growth prospects discussed below, this discount is attractive.


Jubilant Foodworks (JUBI IN) | Discount Is Attractive

<ul><li>Given the impact of inflationary headwinds, Domino's has been working out ways to improve its consumer pricing architecture in the U.S.</li><li>The management saw the average price rise close to 6% in the last quarter which helped the company surpass revenue expectations of Wall Street.</li><li>In the new season of Stranger Things, they also introduced their Mind Ordering app, which offered a new ordering experience.</li></ul>

Given the impact of inflationary headwinds, Domino's has been working out ways to improve its consumer pricing architecture in the U.S.The management saw the average price rise close to 6% in the last quarter which helped the company surpass revenue expectations of Wall Street.In the new season of Stranger Things, they also introduced their Mind Ordering app, which offered a new ordering experience.

Domino's Pizza: Sources of Competitive Advantage

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Shakey's Pizza Asia Ventures / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shakey-s-pizza-asia-ventures" target="_blank" data-smartkarma-citation="entities:23706:1" rel="noopener">Shakey's Pizza Asia Ventures (PIZZA PM)</a> is a play on F&amp;B normalizing in the Philippines.  On our numbers, it trades at a 12.9x PE for FY22 and 10x for FY23.</li>
<li>Quick Service Restaurant (QSR) peers like <a href="https://www.smartkarma.com/entities/domino-s-pizza-inc" target="_blank" data-smartkarma-citation="entities:6436:1" rel="noopener">Domino's Pizza (DPZ US)</a> and <a href="https://www.smartkarma.com/entities/jubilant-foodworks-ltd" target="_blank" data-smartkarma-citation="entities:986:1" rel="noopener">Jubilant Foodworks (JUBI IN)</a> trade at multiples of 39x and 59x fwd PE, making Shakey's an extremely cheap stock. </li>
<li>Versus the current multiple of 7.9 peso/share, we believe the stock can trade up to 30x PE FY23 implying a 24 peso/share price (200% upside).</li>
</ul>



Shakey's Pizza Asia Ventures (PIZZA PM) is a play on F&amp;B normalizing in the Philippines.  On our numbers, it trades at a 12.9x PE for FY22 and 10x for FY23.
Quick Service Restaurant (QSR) peers like Domino's Pizza (DPZ US) and Jubilant Foodworks (JUBI IN) trade at multiples of 39x and 59x fwd PE, making Shakey's an extremely cheap stock. 
Versus the current multiple of 7.9 peso/share, we believe the stock can trade up to 30x PE FY23 implying a 24 peso/share price (200% upside).


Shakey's Pizza: High Conviction Three Bagger, Management Call Provides Superb Guidance For FY22

United States

Domino's Pizza, Inc. operates a network of Company-owned and franchise Domino's Pizza stores, located throughout the United States and in other countries.  The Company also operates regional dough manufacturing and distribution centers in the contiguous United States and outside the United States.

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Domino's Pizza (DPZ US)

DPC Dash Pre-IPO - The Positives - On a Rapid Expansion Spree

DPC Dash, master franchisee for Domino's Pizza in China, aims to raise around US$100m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

Domino’s Pizza: Major Drivers

Domino’s Pizza delivered a disappointing result barely managing to meet analyst expectations with respect to its revenues and missing out on...

Baptista Research

Jubilant Foodworks (JUBI IN) | Discount Is Attractive

Jubilant Foodworks (JUBI IN) is India’s largest food service company. Industry drivers are favourable, with a renewed focus on growth, additional...

Pranav Bhavsar

Domino's Pizza: Sources of Competitive Advantage

Given the impact of inflationary headwinds, Domino's has been working out ways to improve its consumer pricing architecture in the U.S. The...

Baptista Research

Shakey's Pizza: High Conviction Three Bagger, Management Call Provides Superb Guidance For FY22

Shakey's Pizza Asia Ventures (PIZZA PM) is a play on F&B normalizing in the Philippines. On our numbers, it trades at a 12x PE for FY22 and 10x...

Sameer Taneja

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