Buy Sapphire Foods Ltd For Target Rs. 375 by Motilal Oswal Financial Services Ltd

* We model 9% revenue growth, mainly led by store additions.
* PH SSSG is expected to decline 6% YoY despite a weak base. We expect two new store additions for PH, bringing the total count to 336 stores in 1Q (5% YoY), and model a revenue decline of 2% YoY.
* KFC revenue is expected to grow 11% YoY, led by store additions (16% YoY). We model 10 store additions, with SSSG remaining flat YoY. However, we expect same-store transaction growth to be positive, led by the value portfolio.
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