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[sharechat] RBD

From:	"mick" <mick100@extra.co.nz>
Date:	Wed, 24 Sep 2003 20:08:48 +1000

Comments from IRG Research

ANALYST'S UPDATE

The sudden departure of chief executive Jim Collier may be a reflection of the company's poor performance over several years and a recognition that things aren't going to get any easier with the arrival of US pizza chain Domino's. RBD's latest result showed a worrying lack of growth in its supposedly high-potential Starbucks chain, leaving only Pizza Hut as a growing operation in light of a consistently indifferent results from KFC. The outlook is not getting any brighter.

IRG Indicator: 4/9

Recommendation: SELL

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