Digital/Delivery Initiatives, Capital Allocation Augment Yum China's Long-Term Investment Story
Ahead of its investor event in Shanghai later this month, wide-moat Yum China had an eventful third-quarter update that reinforced our views about its ability to capitalize on the evolution of Chinese consumers and its emergent capital-allocation story. KFC comps increased 7% (6% on a two-year basis, compared with 7% last quarter), owing to 3% transaction growth and a 4% ticket increase. While the transaction growth was encouraging--especially with competitors citing the region as a source of re...Yum China Holdings is a holding company. Through its subsidiaries, the company is a restaurant company in the People's Republic of China (China). The company's restaurant base consists of restaurant concepts, including KFC, Pizza Hut brands, as well as brands such as East Dawning, Little Sheep, Taco Bell and COFFii & JOY. The company has the right to operate and sublicense the KFC, Pizza Hut and Taco Bell brands in China (excluding Hong Kong, Taiwan and Macau), and own the intellectual property of the East Dawning, Little Sheep and COFFii & JOY concepts outright. Most restaurants in the KFC, Pizza Hut, East Dawning, Taco Bell and COFFii & JOY concepts provide delivery service.
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