PZZA shared that 1Q21F sales stayed weak due to the absence of festivities and high base of Jan-Feb 20, when social restrictions had yet to be imposed. Traffic has been recovering since Apr and picked up during May’s Lebaran, which should bode well for profitability, brightening the outlook from 2Q21. While we cut earnings by 11-17%, we believe risk is now skewed to the upside, that is, unless another lockdown is ordered.
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