Updates

** Citi flags downside risks for Australian quick-service restaurants Collins Foods CKF.AX, Guzman y Gomez GYG.AX, Domino's Pizza Enterprises DMP.AX after McDonald's MCD.N Q1 results

** CKF, GYG, DMP down as much as 2.2%, 3.3%, 1.4%, respectively

** Brokerage notes McDonald's results signal its resurgence in Australia is continuing, with second straight quarter of mid-to-high single-digit comparable growth, third consecutive quarter of market share gains

** However, flags McDonald's experienced deterioration in sales momentum in international markets, negative comparable sales in April, indicating rising pressure on QSR consumer

** Notes that in response to increasing pressure on Aussie QSR customers, McD focused on refreshed value meal strategy while GYG eyeing fewer menu price increases

** Adds CKF expanding into new platforms and geographies; DMP reintroducing some level of promotions

** YTD, CKF, GYG, DMP down 21.8%, 16.5% and 24.6%, respectively