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>Demand weakness persists: Over the past few quarters, our QSR universe has seen sustained demand deceleration</li><li>Demand normalisation and deteriorating consumer sentiment caused SSSG to turn from flat to negative</li><li>We expect a further slowdown in growth metrics (SSSG, ADS, etc.) in Q2FY24</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.

Demand weakness persists: Over the past few quarters, our QSR universe has seen sustained demand decelerationDemand normalisation and deteriorating consumer sentiment caused SSSG to turn from flat to negativeWe expect a further slowdown in growth metrics (SSSG, ADS, etc.) in Q2FY24Content 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.

QSR (Q2FY24 Results Preview): Weakness in demand,margins to persist

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>Westlife Foodworld’s print was marginally lower than our estimates.</li><li>Revenue grew ~14% YoY, while SSSG stood strong at 7%, which was led by increased footfalls, improved product mix, and introduction of McSaver value meal.</li><li>Average Revenue/Store stood at Rs 6.69 Cr (flat YoY). Moreover, menu innovations such as Piri Piri McSpicy (limited time period) and Jain-friendly menu (west markets) saw great traction from the consumers. </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 print was marginally lower than our estimates.Revenue grew ~14% YoY, while SSSG stood strong at 7%, which was led by increased footfalls, improved product mix, and introduction of McSaver value meal.Average Revenue/Store stood at Rs 6.69 Cr (flat YoY). Moreover, menu innovations such as Piri Piri McSpicy (limited time period) and Jain-friendly menu (west markets) saw great traction from the consumers. 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 - Marginal Miss on Estimates; Maintain BUY

<ul><li>Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL), with a target price of INR 726/share</li><li>AIL's constant focus on Capex and R&amp;D will enable it to remain competitive and expand its customer base</li><li>The toluene segment in India is mainly untapped and catered to through imports AIL will benefit in the long term by entering this segment</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.

Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL), with a target price of INR 726/shareAIL's constant focus on Capex and R&amp;D will enable it to remain competitive and expand its customer baseThe toluene segment in India is mainly untapped and catered to through imports AIL will benefit in the long term by entering this segmentContent 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.

HSIE Results Daily: Aarti Industries, Westlife Foodworld, Kalpataru Power Transmission

HSIE Results Daily - Aarti Industries, Westlife Foodworld, Kalpataru Power Transmission

<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

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)

QSR (Q2FY24 Results Preview): Weakness in demand,margins to persist

Demand normalisation and deteriorating consumer sentiment caused SSSG to turn from flat to negative. We expect a further slowdown in growth metrics...

HDFC Securities

Westlife Foodworld Ltd - Marginal Miss on Estimates; Maintain BUY

Revenue grew ~14% YoY, while SSSG stood strong at 7%, which was led by increased footfalls, improved product mix, and introduction of McSaver value...

Axis Direct

HSIE Results Daily: Aarti Industries, Westlife Foodworld, Kalpataru Power Transmission

The toluene segment in India is mainly untapped and catered to through imports AIL will benefit in the long term by entering this segment

HDFC Securities

HSIE Results Daily - Aarti Industries, Westlife Foodworld, Kalpataru Power Transmission

The toluene segment in India is mainly untapped and catered to through imports AIL will benefit in the long term by entering this segment

HDFC Securities

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

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