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Yes Securities Report
We initiate coverage on Westlife Foodworld Ltd. with Buy rating based on the following arguments:
robust market opportunity,
continued improvement in average unit volume,
albeit at a lower rate than the sharp growth seen in last seven years,
growing momentum of store expansion,
earnings likely to grow at more than 60% over FY24E-26E (~17% over FY23-FY26E) with industry leading-same-store sales growth,
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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