“We initiate coverage on Westlife Foodworld with BUY rating based on the following arguments: robust market opportunity, continued improvement in Average Unit Volume (AUV), growing momentum of store expansion, earnings likely to grow at >60% over FY24E-26E (~17% over FY23-FY26E) with industry leading-SSSG, Despite near-term overhang, we reckon industry & WFL will emerge stronger,” it said.
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