Home About Us Our People Our Funds How to Invest Literature Views & News Contacts JOHCMUK News A View from Asia Samir Mehta 18 Nov 2021 Returns from 30th June 2005 to 30th September 2021 Domino's Pizza Inc Domino's Pizza Enterprises Ltd (Australia) NASDAQ Composite Index MSCI World Net Total Return Index Source: Bloomberg; returns in US$ Jubilant Foodworks Limited (JFL), currently our largest holding in the portfolio fits this description to a T. They are the sole franchisee of Domino’s Pizza for India, Bangladesh and Sri Lanka. Starting in 1996, over the past 25 years they have established a solid business. They also run Hong’s Kitchen, a homegrown brand specialising in Chinese cuisine. Recently they added Indian cuisines like biryani, kebabs, Indian breads and much more to the portfolio by launching another branded restaurant chain - Ekdum! Incidentally, the top three favourite cuisines to take-away in India are biryani, pizza and Indian Chinese. In response to shifting consumption habits, JFL started a ready-to-cook range of sauces, gravies and pastes under its brand, ChefBoss. To top it all, in 2021, JFL signed an exclusive Master Franchise and Development Agreement with Restaurant Brands International Inc. (RBI), to own and operate Popeyes (https://www.popeyes.com/our-story) for restaurants in India, Bangladesh, Nepal and Bhutan. 1QFY20 2QFY20 3QFY20 4QFY20 Delivery 53.0 56.5 55.1 55.3 Takeaway 10.0 12.2 13.2 12.8 Dine-in 37.0 31.3 31.7 32.0 Total 100.0 100.0 100.0 100.0 Source: Company; Kotak Securities Best-in-class per store economics Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Net Revenues 6.95 7.41 7.62 7.93 6.58 Gross Profit 5.28 5.59 5.74 5.94 4.9 Gross Profit Margins (%) 76.0% 75.4% 75.3% 74.9% 74.5% EBIT 0.86 1.09 1.17 1.24 0.57 EBIT Margins 12.4% 14.7% 15.4% 15.6% 8.7% Source: Company; Kotak Securities Domino's Pizza stores Source: Domino's Pizza US as at September 2021 Disclaimer Related Articles A View from Asia Taking stock: Samir Mehta, manager of the JOHCM Asia ex Japan Fund, takes a look back at markets over the last 18 months. Read More 12 October 2021 A View from Asia What next for China? Samir discusses the regulatory clampdown including two other sectors not yet hit - housing and healthcare. Read More 14 September 2021 A View from Asia Should we even bother investing in China? Read More 11 August 2021 Aiming to be the best, not the biggest. Performance-led active investment management 1. Select location: -- Select Country -- United Kingdom USA European Union Germany Switzerland Austria Singapore 2. Select your investor type: -- Select Investor Type I'm a Private Investor I'm a Professional Investor I'm an Institutional Investor 3. Accept our terms and conditions: By clicking Proceed I confirm I have read the important information and agree to the terms of use. Proceed This website uses cookies to remember your preferences and help us improve the site. By proceeding, you agree to cookies being placed on your computer. Read our privacy and cookie notices. Legal This website is issued and approved in the UK by J O Hambro Capital Management Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: Level 3, 1 St James's Market, London SW1Y 4AH. Registered in England and Wales under No: 2176004. Issued in the European Union by JOHCM Funds (Ireland) Limited which is authorised by the Central Bank of Ireland. Registered office: Riverside One, Sir John Rogerson’s Quay, Dublin 2, Ireland. J O Hambro is a registered trademark owned by and used under licence from Barnham Broom Holdings Limited. JOHCM® is owned by J O Hambro Capital Management Limited. Telephone calls may be recorded. © 2021 J O Hambro Capital Management Limited.All rights reserved. Home News