Equity Analysis /

ID : Sarimelati Kencana PT - Optimistic for a full ride recovery in 2022F

    Patricia Gabriela
    Patricia Gabriela

    Research Analyst

    26 March 2022
    Published by

    Despite mobility restrictions in Feb 22, PZZA’s SSSG in 2M21 YTD still came in at c.15%, suggesting the road to recovery is intact. We cut FY21-23F EPS by 2-31% on lower margin assumptions. We expect FY22F sales to grow 15% yoy, surpassing the pre-pandemic 2019 level. On the improved topline number, operating leverage should kick in, resulting in FY22F NP growth of c.3x to Rp162bn. Reiterate Add.