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<Research>G Sachs Raises YUM CHINA (09987.HK) TP to $460 as New Store Expansion on Schedule
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YUM CHINA (09987.HK) (YUMC.US)'s 3Q24 net profit beat expectations again, and its shareholder return plan was further increased to US$4.5 billion for 2024-2026 from US$3 billion previously, with positive share price reaction, Goldman Sachs released a research report saying. Although China's consumption market remained uncertain in the near term, which may have an impact on YUM CHINA's same-store sales recovery in 4Q24, the Company had an advantage in its supply chain, and continued to introduce measures to enhance operational efficiency, with strong cost control capabilities and agile business model, according to Goldman Sachs. The Company is advancing its new store expansion model as planned, which is expected to sustainably unleash growth potential in the long term. The broker estimated that YUM CHINA's dividend yield could reach about 9%, the highest among its covered consumers, and raised its target prices for YUM CHINA's H-shares/ US stock to $460/ US$59 each, with rating at Buy. AAStocks Financial News |
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