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

Equity Bottom-Up

<ul>
<li>We compile a report card for <strong>dividend-yielding mid-caps</strong> that filter out on favorable characteristics of having net cash, decent ROEs, growth, etc. </li>
<li>It's been a disappointing year in share price performance owing to the negativity surrounding China and soft business performance in some cases, but there have been some bright spots.</li>
<li>We help provide a comprehensive list of our updates on some names and an outlook for 2024. It's our last insight for 2023, so happy new year everyone!</li>
</ul>


We compile a report card for dividend-yielding mid-caps that filter out on favorable characteristics of having net cash, decent ROEs, growth, etc. 
It's been a disappointing year in share price performance owing to the negativity surrounding China and soft business performance in some cases, but there have been some bright spots.
We help provide a comprehensive list of our updates on some names and an outlook for 2024. It's our last insight for 2023, so happy new year everyone!


23 Dividend Yielding Small/Mid Caps - Report Card for 2023

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 (PIZZA PM)</a> reported a 28% YoY/26% YoY sales/net profit increase for Q3 FY23 due to a sales softening in September. </li>
<li>Sales are expected to strengthen into Q4 as there is a seasonal uplift, although the QoQ increase is not expected to be in line with previous years.</li>
<li>The stock trades at 12.9x/9.9x PE FY23e/24e and will continue to see double-digit CAGR sales momentum.  The management retained its &gt;30% YoY growth target for FY23e. </li>
</ul>



Shakey's Pizza (PIZZA PM) reported a 28% YoY/26% YoY sales/net profit increase for Q3 FY23 due to a sales softening in September. 
Sales are expected to strengthen into Q4 as there is a seasonal uplift, although the QoQ increase is not expected to be in line with previous years.
The stock trades at 12.9x/9.9x PE FY23e/24e and will continue to see double-digit CAGR sales momentum.  The management retained its &gt;30% YoY growth target for FY23e. 


Shakey's Pizza (PIZZA PM) Concall Q3 2023: Soft, But Guidance Intact/Brace For Q4 High Season

<ul>
<li>We attended the <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 (PIZZA PM)</a> conference call for H1 FY23. Management was upbeat and guided 30% top/bottom line growth for FY23 ( up from 20% in Q1 FY23)</li>
<li>The company reported its highest-ever quarterly systemwide sales of 4.6 bn pesos ( up 29% YoY) due to network expansion, dine-in recovery, and, to a certain extent, price hikes.</li>
<li>Trading at a 12.9x/9.9x FY23e/24e PE, the stock is cheap, and growth of 20% CAGR over the next 3-4 years is not being factored in. </li>
</ul>


We attended the Shakey's Pizza (PIZZA PM) conference call for H1 FY23. Management was upbeat and guided 30% top/bottom line growth for FY23 ( up from 20% in Q1 FY23)
The company reported its highest-ever quarterly systemwide sales of 4.6 bn pesos ( up 29% YoY) due to network expansion, dine-in recovery, and, to a certain extent, price hikes.
Trading at a 12.9x/9.9x FY23e/24e PE, the stock is cheap, and growth of 20% CAGR over the next 3-4 years is not being factored in. 


Shakey's Pizza: Q2 2023 Stellar, Increasing Guidance to 30% YoY Top/Bottomline Growth

<ul>
<li>We expect <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 (PIZZA PM)</a> to release its results for H1 2023 in the second week of August. The stock just went ex-dividend today (17th July 2023).</li>
<li>We estimate Q1/H1 FY23 revenue to grow 36%/59% and profits to increase by 31%/71%, led by slight margin expansion for Q2 over Q1 as guided by the company. </li>
<li>Trading at 14.5x/11.1x PE with a growth profile of &gt;20% CAGR over the next 4-5 years, given the Potato Corner expansion, Shakey's Pizza could be an attractive investment opportunity. </li>
</ul>


We expect Shakey's Pizza (PIZZA PM) to release its results for H1 2023 in the second week of August. The stock just went ex-dividend today (17th July 2023).
We estimate Q1/H1 FY23 revenue to grow 36%/59% and profits to increase by 31%/71%, led by slight margin expansion for Q2 over Q1 as guided by the company. 
Trading at 14.5x/11.1x PE with a growth profile of &gt;20% CAGR over the next 4-5 years, given the Potato Corner expansion, Shakey's Pizza could be an attractive investment opportunity. 


Shakeys Pizza: What to Expect From Q2 2023

<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 (PIZZA PM)</a> conference reiterated a bullish outlook with 20% revenue/20% profit growth for FY23 and &gt;20% 3-year-CAGR revenue growth from FY23e-25e. </li>
<li>While the company sacrificed margin by 400 bps YoY to 20% GPM to grow Q1 FY23 revenues, they guided for improvements in subsequent quarters (this is a big positive).</li>
<li>Trading at 13.5x/10.5x FY23e/24e PE, the stock is cheap, and execution remains the key to achieving a higher multiple as it achieves its high growth plans.</li>
</ul>



Shakey's Pizza (PIZZA PM) conference reiterated a bullish outlook with 20% revenue/20% profit growth for FY23 and &gt;20% 3-year-CAGR revenue growth from FY23e-25e. 
While the company sacrificed margin by 400 bps YoY to 20% GPM to grow Q1 FY23 revenues, they guided for improvements in subsequent quarters (this is a big positive).
Trading at 13.5x/10.5x FY23e/24e PE, the stock is cheap, and execution remains the key to achieving a higher multiple as it achieves its high growth plans.


Shakeys Pizza: Q1 2023 Concall Highlights, Bullish, Set For A Big Move

Philippines

Shakey's Pizza Asia Ventures, Inc. is a leading casual dining restaurant chain and food service group in the Philippines. It develops, operates, and franchises a portfolio of brands including Shakey's Pizza, Peri-Peri Charcoal Chicken, R&B Milk Tea, Project Pie, and Potato Corner. The company was founded in 1954 and is headquartered in Paranaque City, Philippines.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shakey's Pizza Asia Ventures (PIZZA PM)

23 Dividend Yielding Small/Mid Caps - Report Card for 2023

We compile a report card for dividend-yielding mid-caps that filter out favorable characteristics of having net cash, decent ROEs, growth, etc. We...

Sameer Taneja

Shakey's Pizza (PIZZA PM) Concall Q3 2023: Soft, But Guidance Intact/Brace For Q4 High Season

Shakeys Pizza trades at 12.9x/9.9x PE FY23e/24e and will continue to see >20% CAGR sales momentum from 2023 to 2025. The management retained its...

Sameer Taneja

Shakey's Pizza: Q2 2023 Stellar, Increasing Guidance to 30% YoY Top/Bottomline Growth

Shakeys Pizza trades at a 12.9x/9.9x FY23e/24e PE, the stock is cheap, and growth of 20% CAGR over the next 3-4 years is not being factored in....

Sameer Taneja

Shakeys Pizza: What to Expect From Q2 2023

Shakey's Pizza could be an attractive investment opportunity, trading at 14.5x/11.1x PE with a growth profile of >20% CAGR over the next 4-5 years....

Sameer Taneja

Shakeys Pizza: Q1 2023 Concall Highlights, Bullish, Set For A Big Move

Trading at 13.5x/10.5x FY23e/24e PE, Shakey's Pizza is cheap, and Q1FY23 guidance on the results briefing of 20% 3-5 year CAGR growth, gives us...

Sameer Taneja

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)