KUALA LUMPUR: QSR saw its shares and warrants buck the cautious overall market at the midday break on Thursday, July 22 after an upbeat report from Nomura Research which forecast 12% to 14% earnings growth over the next three years.

At 12.30pm, QSR was up 28 sen to RM4.53 with 889,300 shares while the warrants, QSR-WB added 15 sen to RM1.63.

Nomura Research said it was upbeat on QSR, which is the most diversified KFC franchise owner in the region, with 830 KFC and Pizza Hut stores across Asean and India.

?We see 12-40% earnings growth over the next three years, driven by a young and high poultry-consuming population. Strong catalysts also exist via its start-up India presence. Its single-digit FY11F P/E compares favourably historically and versus its peers. We initiate on QSR with a BUY rating and PT of RM5.47,? it said.

The catalysts include continued store openings in Malaysia and India; 2) sustained positive consumer sentiment; and 3) confidence in robust economic recoveries across the region.