13th October 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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