reports
- Curtis Yeung
- Greater China Research Team
Greater China Daily: Friday, February 13, 2026
Top Stories Sector Update | Automobile CATL, BYD, and Changan are deploying SIBs in EVs due to longer cycle lives, strong cold-weather performance and better fire safety. SIB-equipped EV sales are projected to make up 4-9% of global EV sales. LIBs remain dominant, but CATL benefits from diversification. The lithium market is expected to stay resilient through 2030. The hike in lithium carbonate costs will mostly be borne by auto OEMs. Maintain MARKET WEIGHT; BUY CATL, Ganfeng Lithium, Minth, Gee...
- Shirley Wang Xueyi
- Stella Guo Yuting
Yum China Holdings, Inc - A New Era With Steady Growth And Enhanced Sh...
YUMC is the largest restaurant company in China in terms of system sales. We believe its RGM 3.0 strategy, focusing on “Resilience, Growth, and Moat”, will help it stand out in the limited-service restaurant space. It targets a same-store sales index of 100-102 yoy and system sales growth at a mid- to high single-digit CAGR in 2026-28. Operating margin and restaurant margin are estimated to reach at least 11.5% and 16.7% by 2028. Initiate coverage with BUY, Target price: HK$494.80.
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Amerul Iqmal
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Johnny Yum Chung Man
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, February 13, 2026
Greater China Sector Update | Automobile CATL, BYD, and Changan are deploying SIBs in EVs due to longer cycle lives, strong cold-weather performance and better fire safety. SIB-equipped EV sales are projected to make up 4-9% of global EV sales. LIBs remain dominant, but CATL benefits from diversification. The lithium market is expected to stay resilient through 2030. The hike in lithium carbonate costs will mostly be borne by auto OEMs. Maintain MARKET WEIGHT; BUY CATL, Ganfeng Lithium, Minth, G...
Yum China Holdings Inc: 2 directors
Two Directors at Yum China Holdings Inc sold after exercising options/sold 13,000 shares at between 55.140USD and 55.250USD. The significance rating of the trade was 66/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by ...
- Shirley Wang Xueyi
- Stella Guo Yuting
Yum China Holdings, Inc (9987 HK): 4Q25: Acceleration In Same-store Sa...
In 4Q25, YUMC’s total revenue reached US$2,823m, up 9% yoy. Total system sales grew 7% yoy, with a 3% increase in same-store sales. Operating profit rose 25% yoy to US$187m, with operating margin at 6.6% (+80bp). For 1Q26, management targets positive SSS. It aims to maintain flat yoy restaurant margin and operating profit margin on a high base. For 2026, it expects to open more than 1,900 net new stores, with 40-50% coming from franchisees.
- Bella Lu Yifei
- Curtis Yeung
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, February 5, 2026
Top Stories Company Results | Yum China Holdings, Inc (9987 HK/NOT RATED/HK$392.40) In 4Q25, YUMC’s total revenue reached US$2,823m, up 9% yoy. Total system sales grew 7% yoy, with a 3% increase in same-store sales. Operating profit rose 25% yoy to US$187m, with operating margin at 6.6% (+80bp). For 1Q26, management targets positive SSS. It aims to maintain flat yoy restaurant margin and operating profit margin on a high base. For 2026, it expects to open more than 1,900 net new stores, with 40...
- Andrew Agita Buntoro
- Bella Lu Yifei
- Chong Lee Len
- Jonathan Koh
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, February 05, 2026
Greater China Company Results | Yum China Holdings, Inc (9987 HK/NOT RATED/HK$392.40) In 4Q25, YUMC’s total revenue reached US$2,823m, up 9% yoy. Total system sales grew 7% yoy, with a 3% increase in same-store sales. Operating profit rose 25% yoy to US$187m, with operating margin at 6.6% (+80bp). For 1Q26, management targets positive SSS. It aims to maintain flat yoy restaurant margin and operating profit margin on a high base. For 2026, it expects to open more than 1,900 net new stores, wi...
PTT PTT PUBLIC COMPANY LIMITED
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
YUMC YUM CHINA HOLDINGS INC.
FNH FRASER & NEAVE HOLDINGS BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
PONY PONY AI INC
GULF GULF ENERGY DEVELOPMENT PCL
EXCL XLSMART TELECOM SEJAHTERA
Starbucks Unveils Reimagined Loyalty Program to Deliver More Meaningfu...
Starbucks Unveils Reimagined Loyalty Program to Deliver More Meaningful Value, Personalization and Engagement for Members The updated Starbucks Rewards program, which launches on March 10, introduces three levels of membership – Green, Gold and Reserve – offering new and exclusive benefits for members. Inspired by member feedback, the program is designed to strengthen connection and drive growth. TORONTO, Jan. 29, 2026 (GLOBE NEWSWIRE) -- Starbucks Coffee Canada, Inc. (Nasdaq: SBUX) today unveiled its new Starbucks Rewards program, designed to deliver more value, personalization and en...
Starbucks dévoile un programme de fidélité réinventé visant à offrir p...
Starbucks dévoile un programme de fidélité réinventé visant à offrir plus de valeur aux membres, à leur permettre de personnaliser davantage leurs boissons et à susciter leur engagement Le programme Récompenses Starbucks mis à jour, qui sera lancé le 10 mars, présente trois nouveaux niveaux d’adhésion – Vert, Or et Sélect – offrant de nouveaux avantages exclusifs aux membres. Inspiré par les commentaires des membres, le programme est conçu pour favoriser la création de liens et la croissance. TORONTO, 29 janv. 2026 (GLOBE NEWSWIRE) -- Café Starbucks Canada inc. (Nasdaq : SBUX) a dévoil...
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Yum China Holdings (9987 HK): 2025 Investor Day Takeaways.
During Yum China’s 2025 investor day, it revealed its plans to have over 30,000 stores by 2030, with the franchise hybrid model serving as a growth accelerator. Looking ahead to 2026-28, it targets a same-store sales index of 100-102 yoy, and a mid- to high single-digit system sales CAGR. Operating profit is expected to grow at a high single-digit CAGR. On shareholder returns, it plans to return nearly 100% of free cash flow to shareholders starting from 2027.
- Bella Lu Yifei
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Joyce Chu
- Kate Luang
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Tuesday, November 18, 2025
Top Stories Company Results | Geely Auto (175 HK/BUY/HK$17.20/Target: HK$42.00 Geely’s 3Q25 results meet expectations with GAAP net profit/core net profit growing 58%/19% yoy and 6%/24% qoq to Rmb3.82b/Rmb3.96b respectively. Earnings growth in 4Q25 will be driven by a strong product cycle, optimisation of sales mix, penetration into overseas markets, and consolidation of its brand portfolios. We maintain our 2025-27 earnings estimates. Maintain BUY with an unchanged target price of HK$42.00 peg...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Ejann Hiew
- Gigi Cheuk
- John Cheong Ming Chern
- Joyce Chu
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, November 18, 2025
Greater China Company Results | Geely Auto (175 HK/BUY/HK$17.20/Target: HK$42.00 Geely’s 3Q25 results meet expectations with GAAP net profit/core net profit growing 58%/19% yoy and 6%/24% qoq to Rmb3.82b/Rmb3.96b respectively. Earnings growth will be driven by a strong product cycle, optimisation of sales mix, penetration into overseas markets, and consolidation of its brand portfolios. We maintain our 2025-27 earnings estimates. Maintain BUY with an unchanged target price of HK$42.00 pegged...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
1295 PUBLIC BANK BHD
TOP THAI OIL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
CENTEL CENTRAL PLAZA HOTEL
YUMC YUM CHINA HOLDINGS INC.
FRKN FRENCKEN GROUP LTD
CDB CELCOMDIGI BHD
02161 JBM (HEALTHCARE) LTD
09868 XPENG INC
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
TIDLOR TIDLOR HOLDINGS PCL
Moody's Ratings places Starbucks' Baa1 ratings on review for downgrade
Moody's Ratings (Moody's) today placed Starbucks Corporation's (Starbucks) Baa1 senior unsecured ratings on review for downgrade and affirmed its Prime-2 short term commercial paper rating. Previously, the outlook was negative. The review for downgrade was prompted by Starbucks' announcement[1] th...
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Target Corporation and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 11 June 2025 in which we reassessed the appropriateness of the ratings in the context of...
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