Westlife Foodworld - Decent Medium-Term Opportunity: Yes Securities Initiates Coverage With A Buy

Yes Securities Report

We initiate coverage on Westlife Foodworld Ltd. with Buy rating based on the following arguments:

1. robust market opportunity,

2. continued improvement in average unit volume,

3. albeit at a lower rate than the sharp growth seen in last seven years,

4. growing momentum of store expansion,

5. earnings likely to grow at more than 60% over FY24E-26E (~17% over FY23-FY26E) with industry leading-same-store sales growth,

6. Despite near-term overhang we reckon industry and Westlife Foodworld will emerge stronger.

Price correction provides decent entry point for medium-term horizon.

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