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<Research>JPM: Yum China (YUMC.US) 3Q Results Beat on Improved Margin & 50% Surge in Capital Return
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JPMorgan released a report stating that Yum China (YUMC.US)'s 3Q results were positively surprising with core OP rising by 18% YoY to beat the market expectation of a 10% increase. Its same-store sales also fell by 3%, compared to the market expectation of a 2% decline. In addition, the group announced that its 3-year capital return plan was raised by 50% from US$3 billion to US$4.5 billion, implying an annual return rate of 8%. The broker expected the market to lift its EPS forecast for the company and respond positively to the new measures. It gave the company a Neutral rating and maintained its earnings forecast, but will do further review after the results are announced. AAStocks Financial News |
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