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>Westlife Foodworld’s print was lower than our estimates. Revenue grew 7% YoY, while SSSG stood at 1%, which grew on a high base of 40% SSSG growth.</li><li>The management alluded that despite weak SSSG, the company managed to increase its market share in the West and South regions.</li><li>It further expects demand recovery in Q3FY24, which will be led by the festive season. </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 lower than our estimates. Revenue grew 7% YoY, while SSSG stood at 1%, which grew on a high base of 40% SSSG growth.The management alluded that despite weak SSSG, the company managed to increase its market share in the West and South regions.It further expects demand recovery in Q3FY24, which will be led by the festive season. 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 - Temporary Blip in Performance; Maintain BUY

<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>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

Thematic (Sector/Industry)

<ul><li>Shift in Festive Season Played Spoil Sport: Most Retail companies (Ex. Trent) displayed a slowdown in topline growth on account of a shift in the festive season in Q3FY24.</li><li>Premium vs. Value: While the premium segment remains strong, the value segment (apparel) continues to remain under pressure.</li><li>However, the Relaxo under our coverage has shown sustained signs of recovery in the rural space. Going forward, volume growth is expected to pick up in rural regions.</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.

Shift in Festive Season Played Spoil Sport: Most Retail companies (Ex. Trent) displayed a slowdown in topline growth on account of a shift in the festive season in Q3FY24.Premium vs. Value: While the premium segment remains strong, the value segment (apparel) continues to remain under pressure.However, the Relaxo under our coverage has shown sustained signs of recovery in the rural space. Going forward, volume growth is expected to pick up in rural regions.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), 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.

<ul><li>Asian Paints: APNT’s revenue growth flat-lined in Q2 (YoY) at INR 84.8bn, 4.4% below our expectation (HSIE: INR88.7bn)</li><li>Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavy</li><li>Urban markets (high-single-digit growth) continued to outpace rural centres</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.

Asian Paints: APNT’s revenue growth flat-lined in Q2 (YoY) at INR 84.8bn, 4.4% below our expectation (HSIE: INR88.7bn)Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavyUrban markets (high-single-digit growth) continued to outpace rural centresContent 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: Asian Paints, Shriram Finance, Colgate Palmolive, Westlife Foodworld, Symphony

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.

Westlife Development (WLDL IN)

Westlife Foodworld Ltd - Temporary Blip in Performance; Maintain BUY

Westlife Foodworld’s print was lower than our estimates. Revenue grew 7% YoY, while SSSG stood at 1%, which grew on a high base of 40% SSSG growth.

Axis Direct

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

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

Top Sector Ideas - Retail Q2FY24

Shift in Festive Season Played Spoil Sport: Most Retail companies (Ex. Trent) displayed a slowdown in topline growth on account of a shift in the...

Axis Direct

HSIE Results Daily: Asian Paints, Shriram Finance, Colgate Palmolive, Westlife Foodworld, Symphony

Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavy. Urban markets (high-single-digit growth)...

HDFC Securities