RHBInvest Research

Thursday, October 13, 2011

Top Story: KFC – Earnings outlook not dampened by gloomy economic conditions Outperform

Visit Note

¨ Management estimates that for KFCH’s Indian operations to breakeven, it would need approximately 30-35 outlets, which we believe would be achieved by mid- to end-2013. KFCH currently has 10 outlets in India, which is expected to grow to 15-17 outlets by end FY11, in line with our estimates. KFCH is targeting to have 25 stores in India by end-2012, which means 8-10 more new outlets to be opened in 2012.

Regional Coverage

Indonesia Banks: Recessionary risks not fully priced in Neutral

Sector Update (Indonesia)

Bank Rakyat Indonesia: Fair value IDR6,300 Market Perform

Bank Mandiri: Fair value IDR6,500 Market Perform

Bank Central Asia: Fair value IDR6,100 Underperform

Bank Danamon: Fair value IDR4,700 Market Perform


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