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ICICI Securities Report
We recently hosted Westlife Foodworld Ltd.'s management, for a roadshow in Singapore. Overall, we like Westlife's strategy of:
increased focus on meals (2.5 times the market size of snacks) through launch of gourmet range of burgers, increasing relevance in South India through fried chicken, and driving coffee adoption (target of 100% McCafe penetration in stores versus current 84%);
omni-channel strategy of increasing consumer experience across touchpoints (100% stores to be Experience of the Future, focused on own app and drive-thru);
accelerated plans of network expansion (40-55 stores per annum versus 23-24 historically); and
margin expansion to 18-20% through product mix improvement, cost savings and operating leverage.
Westlife today is a result of great execution (a real turnaround compared to ~eight years back). Westlife was not in the top-tier of a ‘great executor' back then. The journey has been long and it's all adding up now.
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Long-term benefits from expansion of India's food service market remain intact. We remain constructive on the stock.
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