Yum China Comps a Work in Progress, but Long-Term Cash Flow Potential Not Getting Enough Credit
In its first quarter as a stand-alone public company, we were focused on three areas during wide-moat Yum China's fourth-quarter update: (1) whether new same-store sales drivers that management laid out during its separation process have materialized; (2) confirmation that the company's longer-term margin expansion story remains intact; (3) greater visibility over management's future capital-allocation plans.We had been anticipating more of a comp recovery--consolidated comps were flat (with K...
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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