External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Equity Bottom-Up

<ul><li>Revenue grew ~22% YoY (18% on a 3-Year CAGR) while SSSG stood at 14% led by increased footfalls, improved product mix and price hikes.</li><li>Average Revenue per store stood at Rs 6.62 Cr (up 33% YoY), led by strong traction in meals, chicken, and McCafe.</li><li>Moreover, menu innovation (Chicken Big Mac) and judicious price increases (cumulative price hikes of 7%) have further led the overall AUV growth.</li></ul>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.

Revenue grew ~22% YoY (18% on a 3-Year CAGR) while SSSG stood at 14% led by increased footfalls, improved product mix and price hikes.Average Revenue per store stood at Rs 6.62 Cr (up 33% YoY), led by strong traction in meals, chicken, and McCafe.Moreover, menu innovation (Chicken Big Mac) and judicious price increases (cumulative price hikes of 7%) have further led the overall AUV growth.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.

Westlife Foodworld Ltd - Robust Performance; Maintain BUY

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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>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.

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>
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.


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>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.

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.

<ul><li>Westlife Foodworld’s Q3FY23 print was in line with our estimates.</li><li>Revenue grew 28% YoY (12% on 3-Year CAGR), while SSSG stood at 20% led by increased footfalls, improved product mix and price hikes.</li><li>Average Revenue per store stood at Rs 6.47 Cr (up 35% YoY) led by strong traction in meals, chicken and McCafe; moreover, menu innovation and judicious price increase (cumulative price hikes of 7%) has further led the overall AUV growth.</li></ul>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.

Westlife Foodworld’s Q3FY23 print was in line with our estimates.Revenue grew 28% YoY (12% on 3-Year CAGR), while SSSG stood at 20% led by increased footfalls, improved product mix and price hikes.Average Revenue per store stood at Rs 6.47 Cr (up 35% YoY) led by strong traction in meals, chicken and McCafe; moreover, menu innovation and judicious price increase (cumulative price hikes of 7%) has further led the overall AUV growth.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.

Westlife Food - Robust Performance; Maintain BUY

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.

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Westlife Development (WLDL IN)

Westlife Foodworld Ltd - Robust Performance; Maintain BUY

Revenue grew ~22% YoY (18% on a 3-Year CAGR) while SSSG stood at 14% led by increased footfalls, improved product mix and price hikes.

Axis Direct

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

Westlife Food - Robust Performance; Maintain BUY

Revenue grew 28% YoY (12% on 3-Year CAGR), while SSSG stood at 20% led by increased footfalls, improved product mix and price hikes.

Axis Direct

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