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

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.