Restaurant Brands Asia Ltd. share price target

As highlighted in our QSR thematic note published in Dec'21, COVID-19 has augmented the business opportunities for QSRs resulting in an optimistic outlook for all branded QSR players. Both delivery and takeaway channels were in focus over the last two years as the consumers developed new habits of food consumption. Even as dine-in revives, the contribution of delivery would be elevated than pre-COVID levels. COVID has, therefore, permanently shifted the QSR business model towards an omni-channel play. Restaurant Brands Asia (RBA; previously BURGERKI), being a prominent QSR player in India, is also expected to benefit from this shift. We maintain our positive view on RBA...

occasions to breakfast and non-peak hours. BK App based delivery ecosystem continues to strengthen with 2.35mn cumulative installs (422k MAUs), 41% QoQ grown in app sales and own fleet of 177 e-delivery bikes. We expect Burger king to capitalize on emerging growth opportunities on focus on the BK App resulting in 2.35+mn download 5) Success of BK caf...

in installed base and 60% in App sales QoQ. Further, BK's foray into own delivery has picked up steam with the company acquiring 100 E-scooters. 1) Closure of ~25-30% eateries due to Pandemic 2) Increased consumer focus Stunner Menu which will drive volumes and focus on Whooper to improve...

BK Cafes and store expansions to stir growth

Burger King India has entered into a non-binding understanding to acquire Change in Estimates | Target | Reco 85% stake in PT Sari Burger Indonesia (BK Indonesia) from F&B; Asia ventures (65.8%) and Mitra Adiperkasa (19.2%). The transaction values BK...

Recovery trends in Jul'21 and Aug'21 are encouraging Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and...

recovery in mall based restaurants (55% of total) Burger King Story is on track as it is sustaining strong recovery of 92% in July and 95% in August, Delivery ADS is sustaining despite Dine in coming...

We are increasing our DCF based target price to Rs250 (Rs221 earlier) as we factor in 1) BK Caf launch by Jan-22 (75 cafs by FY23) and 2) superior margin delivery and upgraded guidance 3) success of BK App (200% growth) and 4) sustained innovations with launch of stunner Menu at price point of Rs50 and Rs70. We believe that 1Q would be impacted as Burger king as 55%...