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<Research>CLSA Hikes Yum China (YUMC.US) TP to US$57, Reflecting Cost Savings Impact
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According to a report released by CLSA, Yum China (YUMC.US) logged a 15% growth in 3Q OP, far above the broker's expectation. Meanwhile, the 3% drop in same-store sales was in line, but narrowing ticket average was a positive signal. Management now expects an increase in the proportion of franchising stores, giving the broker confidence that single-store sales recovery will not be diluted by opening new stores in less favorable locations. Additionally, this will also lead to reduced capital expenditure and enhanced shareholder returns. The broker lifted its TP for Yum China from US$48 to US$57, with an unchanged Outperform rating. AAStocks Financial News |
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