Equity Analysis /
Indonesia

ID : Sarimelati Kencana PT - Let’s dine in!

    Patricia Gabriela
    Patricia Gabriela

    Research Analyst

    CGS-CIMB
    19 April 2021
    Published by

    4Q20 results should be released at end-Apr 21. We expect a loss in 4Q20 as PZZA shared that sales were weak and there were one-off expenses. There was no improvement in 1Q21F. We expect a recovery from 2Q21F onwards off a low base last year and some promotions launched in Apr. The company introduced a new store format named FCD-C which improves GPM and saves cost (i.e. lower capex, labour, and waste). Reiterate Add.