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

Equity Bottom-Up

<ul>
<li>While the earnings season continues, this will be the final dedicated earnings edition.</li>
<li>For reference, the previous earnings editions are <a href="https://www.smartkarma.com/insights/week-8-namaste-india-earnings-edition-part-i" target="_blank" data-smartkarma-citation="insights:115688" rel="noopener">[Week 8] Namaste India 🙏 | Earnings Edition - Part I</a> &amp; <a href="https://www.smartkarma.com/insights/week-9-namaste-india-earnings-edition-part-ii" target="_blank" data-smartkarma-citation="insights:116224" rel="noopener">[Week 9] Namaste India 🙏 | Earnings Edition - Part II</a> </li>
<li>At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.</li>
</ul>


While the earnings season continues, this will be the final dedicated earnings edition.
For reference, the previous earnings editions are [Week 8] Namaste India 🙏 | Earnings Edition - Part I &amp; [Week 9] Namaste India 🙏 | Earnings Edition - Part II 
At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.


[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/barbeque-nation-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:28868:1" rel="noopener">Barbeque Nation Hospitality (BARBEQUE IN)</a> has a strong operating model, well-regarded management, and a good dining experience, resonating well with non-vegetarian and corporate customers.</li>
<li>Current consumer trends show increased spending in the restaurant business, driven by social pressure to showcase lifestyles on platforms like Instagram.</li>
<li>ONDC has potential as a platform but faces challenges in scaling up due to infrastructure and delivery integration issues.</li>
</ul>



Barbeque Nation Hospitality (BARBEQUE IN) has a strong operating model, well-regarded management, and a good dining experience, resonating well with non-vegetarian and corporate customers.
Current consumer trends show increased spending in the restaurant business, driven by social pressure to showcase lifestyles on platforms like Instagram.
ONDC has potential as a platform but faces challenges in scaling up due to infrastructure and delivery integration issues.


Trends in Casual Dining, Quick Service and Online Food Delivery

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>Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.</li>
<li>Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.</li>
<li>In this note, we will talk about the subscription levels and the trading dynamics.</li>
</ul>


Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.
Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.
In this note, we will talk about the subscription levels and the trading dynamics.


Sapphire Foods IPO Trading - Demand Was So So, Peer Performance Might Help

<div>
<p>Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, aims to raise around US$280m via its Indian IPO. Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.</p>
<p>We covered most aspects of the deal in our earlier note, <a href="https://www.smartkarma.com/insights/sapphire-foods-ipo-delivery-growing-stores-shrinking" target="_blank" rel="noopener">Sapphire Foods IPO - Delivery Growing, Stores Shrinking.</a></p>
</div><div><p>In this note we will talk under take a peer comparison and talk about valuations.</p></div>


Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, aims to raise around US$280m via its Indian IPO. Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.
We covered most aspects of the deal in our earlier note, Sapphire Foods IPO - Delivery Growing, Stores Shrinking.
In this note we will talk under take a peer comparison and talk about valuations.

Sapphire Foods IPO - Peer Comp and Valuation

<p>Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, aims to raise around US$280m via its Indian IPO. Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.</p><p>In this note we will talk about the company's background and past performance</p>

Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, aims to raise around US$280m via its Indian IPO. Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.In this note we will talk about the company's background and past performance

Sapphire Foods IPO - Delivery Growing, Stores Shrinking

India

Westlife Development Limited is an operating-cum-investment company that puts up and operates quick service restaurants. The Company, through its subsidiary, operates fast food franchise restaurants across western and southern India.

Price Gauge
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Westlife Development (WLDL IN)

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

Trends in Casual Dining, Quick Service and Online Food Delivery

Consumer trends: Rising spending, influenced by social pressure and online presence. ONDC: Promising platform, facing scaling challenges with...

Pranav Bhavsar

Sapphire Foods IPO Trading - Demand Was So So, Peer Performance Might Help

Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.

Sumeet Singh

Sapphire Foods IPO - Peer Comp and Valuation

Sapphire Foods Limited, one of Yum Brand’s franchisee in the Indian subcontinent, aims to raise around US$280m via its Indian IPO. Its core...

Sumeet Singh

Sapphire Foods IPO - Delivery Growing, Stores Shrinking

Sapphire Foods Limited, one of Yum Brand’s franchisee in the Indian subcontinent, aims to raise around US$280m in its Indian IPO. It operates KFC,...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

​This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

Trends in Casual Dining, Quick Service and Online Food Delivery

Consumer trends: Rising spending, influenced by social pressure and online presence. ONDC: Promising platform, facing scaling challenges with...

Pranav Bhavsar

Sapphire Foods IPO Trading - Demand Was So So, Peer Performance Might Help

Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.

Sumeet Singh

Sapphire Foods IPO - Peer Comp and Valuation

Sapphire Foods Limited, one of Yum Brand’s franchisee in the Indian subcontinent, aims to raise around US$280m via its Indian IPO. Its core...

Sumeet Singh

Sapphire Foods IPO - Delivery Growing, Stores Shrinking

Sapphire Foods Limited, one of Yum Brand’s franchisee in the Indian subcontinent, aims to raise around US$280m in its Indian IPO. It operates KFC,...

Sumeet Singh

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...