JUBI reported a decent quarter, just about ticking most boxes. LFL growth of 5.8% looks unexciting in the context of price hike benefit. What we like – (1) store expansion thrust – added 207 Domino’s outlets on net basis in FY22 (72 in 4Q). (2) Confidence on Popeye’s expansion was very pleasing – we continue to believe this (success in Popeye’s) is the next potential positive upside trigger.