MORGAN STANLEY ON AVENUE SUPERMART
Maintain Underweight, target price at Rs 3702
Weak growth trends continue
Standalone 3Q revenue of Rs 155.7bn was up 17.5% YoY, ~1% above expectations
Top-line growth was led by an average 12% increase in store count count
SSSG (implied) of ~5.5% vs. estimate of +4%
Five-year CAGR at 18.2% was lower than F2Q's 18.8% (SSSG)
Growth trend remains well below the historical 20% top-line growth algorithm for the business
Maintain Underweight, target price at Rs 3702
Weak growth trends continue
Standalone 3Q revenue of Rs 155.7bn was up 17.5% YoY, ~1% above expectations
Top-line growth was led by an average 12% increase in store count count
SSSG (implied) of ~5.5% vs. estimate of +4%
Five-year CAGR at 18.2% was lower than F2Q's 18.8% (SSSG)
Growth trend remains well below the historical 20% top-line growth algorithm for the business