External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

Thematic (Sector/Industry)

<ul><li>Expect pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is decelerating</li><li>Delivery has been under pressure during the last 2-3 quarters and we expect a similar trend in Q4 too</li><li>Dine-in has outpaced delivery during the same period and that divergence is expected to sustain in Q4FY23 also</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>

Expect pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is deceleratingDelivery has been under pressure during the last 2-3 quarters and we expect a similar trend in Q4 tooDine-in has outpaced delivery during the same period and that divergence is expected to sustain in Q4FY23 alsoContent 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.

<ul>
<li>Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs</li>
<li>However, the growth trajectory was quite slow in India vs that in China, which can be attributed to the variance in the economic growth of these two countries</li>
<li>India is still quite an under-penetrated market with ~3 stores per million population vs China’s 13 stores per million (six stores in 2013)</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>


Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs
However, the growth trajectory was quite slow in India vs that in China, which can be attributed to the variance in the economic growth of these two countries
India is still quite an under-penetrated market with ~3 stores per million population vs China’s 13 stores per million (six stores in 2013)

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.

<ul><li>Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs</li><li>However, the growth trajectory was quite slow in India vs that in China, which can be attributed to the variance in the economic growth of these two countries</li><li>India is still quite an under-penetrated market with ~3 stores per million population vs China’s 13 stores per million (six stores in 2013)</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>

Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubsHowever, the growth trajectory was quite slow in India vs that in China, which can be attributed to the variance in the economic growth of these two countriesIndia is still quite an under-penetrated market with ~3 stores per million population vs China’s 13 stores per million (six stores in 2013)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.

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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’s Q2 EBITDA was 3-7% lower than our estimates, owing to lower KFC margins.</li><li>While KFC SSG at 15% was similar to DIL’s at 13%, the PH SSG was relatively better at 23% vs. 3% for DIL.</li><li>In our view, a higher dine-in focused store mix led to a better SSG performance for Sapphire.</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’s Q2 EBITDA was 3-7% lower than our estimates, owing to lower KFC margins.While KFC SSG at 15% was similar to DIL’s at 13%, the PH SSG was relatively better at 23% vs. 3% for DIL.In our view, a higher dine-in focused store mix led to a better SSG performance for Sapphire.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.

Sapphire Foods - Strong SSG Performance in Q2; Outlook Remains Encouraging

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

<div><div><div><div><ul><li>The Indian Food Service Industry (FSI) is expected to clock 9% CAGR in the coming years, with QSRs likely to grow faster at 23% CAGR over FY20-25.</li></ul></div></div></div></div><div><div><div><div><ul><li>SAPPHIRE’s new scalable Restaurant economic model is a game-changer. Its omnichannel strategy and reduction in store sizes, along with other elements of the model, have led to a big shift in SAPPHIRE’s unit economics.</li></ul></div></div></div></div><div><div><div><div><ul><li>KFC India’s business is on a strong footing, with a healthy ADS and profitability.</li></ul></div></div></div></div><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>

The Indian Food Service Industry (FSI) is expected to clock 9% CAGR in the coming years, with QSRs likely to grow faster at 23% CAGR over FY20-25.SAPPHIRE’s new scalable Restaurant economic model is a game-changer. Its omnichannel strategy and reduction in store sizes, along with other elements of the model, have led to a big shift in SAPPHIRE’s unit economics.KFC India’s business is on a strong footing, with a healthy ADS and profitability.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.

Sapphire Foods - Available Always in All Ways

India

Sapphire Foods India Limited is a prominent omnichannel restaurant operator and a primary franchisee for YUM! Brands Inc. The company develops, manages, and operates a vast network of Quick Service Restaurants (QSRs) under the KFC, Pizza Hut, and Taco Bell brands across India, Sri Lanka, and the Maldives. Established in 2009, its headquarters are located in Mumbai, Maharashtra, India.

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Sapphire Foods India (SAPPHIRE IN)

QSR: Pressure on demand and margin

Expect pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is decelerating

HDFC Securities

QSR Thematic - Fishing Time?

Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs However,...

HDFC Securities

QSR - Fishing Time?

Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs

HDFC Securities

Sapphire Foods - Strong SSG Performance in Q2; Outlook Remains Encouraging

Sapphire’s Q2 EBITDA was 3-7% lower than our estimates, owing to lower KFC margins. While KFC SSG at 15% was similar to DIL’s at 13%, the PH SSG...

Emkay

Sapphire Foods - Available Always in All Ways

SAPPHIRE is one of the two franchisees of Yum! Brands (Yum) in India. Yum operates brands such as KFC, Pizza Hut (PH) and Taco Bell.

Motilal Oswal

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