BackRestaurant Brands Asia shares soar over 5% on back of expansion plans
On the technical front, analysts believe that the stock is quite volatile, recoveries in the past remained short lived, and its better to avoid.
PremiumShares of Restaurant Brands Asia Ltd soared over 5% on Monday's trade and gained 34.22% from 52-week low of ₹86.5. The shares of the quick service restaurant brands were trading at high day volume of 890.8K.
Market participants believe that the company's stock is trading more favourably as a result of Popeyes, a well-known fried chicken franchise, further expanding into Indonesia.
Popeyes, a well-known US fried chicken brand, was introduced to Indonesia last year by PT Sari Chicken, a subsidiary of PT Sari Burger and owned by Restaurants Brand Asia.
Popeyes has opened four locations in the Margo City mall, Supermal Karawaci, Skyline, and Kelapa Gading, which are all across from Jabodetabek. The company intends to increase its presence in the future by opening 300 eateries around the nation.
However, on the technical front, analysts believe that the stock is quite volatile, recoveries in the past remained short lived, and its better to avoid.
The stock price has fallen 15.9% and underperformed its sector by 27.7% in the past year.
According to Mintgenie analyts, 10 analysts have 'buy' rating on the stock.
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