Yum China's Menu and Promotional Strategies Positioned for Uneven China Consumer Environment
While Yum China's 2019 investor day offered few incremental long-term financial targets, it did reinforce our wide moat rating and positive long-term bias. We continue to view Yum China as the cleanest way to gain exposure to the growth of the Chinese middle class the next decade, presenting a compelling combination of free cash growth and capital allocation while avoiding certain risks tied to Chinese e-commerce and retail names. We're planning to raise our $48 fair value estimate by a few doll...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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