Yum China’s 1Q24 earnings beat consensus forecasts by 7% due to better G&A cost savings. Management sees a similar high base for 2Q24, given the strong demand recovery last year and intense competition. For 2024, the focus remains on driving traffic growth through smaller ticket size item offerings and marketing campaigns. KFC recently developed a mini-store model (capex per store: Rmb0.5m) for store expansion in lower-tier cities, which is expected to enhance cost efficiency.
KEY HIGHLIGHTS Economics PMI Manufacturing PMI came in better than expected at 50.4% (-0.4ppt) and stayed in the expansionary zone for the second month. It was mainly supported by production and new orders as employment remained a drag, dropping 0.1ppt to 48.0%. Non-manufacturing hit a three-month low of 51.2%, dragged by moderation in new orders and business expectations. We expect policy support to continue and the July Politburo may see new measures being rolled out. Sector Aviation T...
GREATER CHINA Sector Macau Gaming Apr 24 GGR down 5% mom; downgrade to MARKET WEIGHT. Results China Construction Bank (939 HK/BUY/HK$5.10/Target: HK$6.00) 1Q24: Results in line with better NIM performance. LONGi Green Energy Technology (601012 CH/SELL/Rmb18.20/Target: Rmb14.38) 2023/1Q24: Below expectations; inventory write-down wipes out earnings. Downgrade to SELL. PICC Property and Casualty (2328 HK/BUY/HK$9.71/Target: HK$11.70) 1Q24: Earnings miss on higher COR and lower investment income...
SEATTLE--(BUSINESS WIRE)-- At a global gathering of Starbucks partners in Seattle and around the world, Starbucks global chief executive officer Laxman Narasimhan announced five initiatives at the first-ever Starbucks Promises Day that underscore the company’s promises to its partners, farmers, customers, communities, shareholders and the environment: 100% of sales of Starbucks Odyssey Blend whole bean coffee in North America will support World Central Kitchen First-ever Global Barista Championships coming in 2025 Coffee experience pop-ups will launch in cities around the world Exp...
A director at Target Corp sold 45,000 shares at 167.523USD and the significance rating of the trade was 70/100. 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 all the company's directors over the last two years clearly sh...
SEATTLE--(BUSINESS WIRE)-- Starbucks Corporation (Nasdaq: SBUX) today announced that proxy advisory firm Glass, Lewis & Co. (“Glass Lewis”) has recommended that Starbucks shareholders vote on the WHITE proxy card “FOR” ONLY each of the 11 Starbucks director nominees in connection with the Company's Annual Meeting of Shareholders, which will take place virtually on March 13, 2024, at 10 a.m. PT. Starbucks partners (employees) have always been the heart of its business and core to its success. The company is committed to building a bridge to a better future for all partners. This critical prio...
SEATTLE--(BUSINESS WIRE)-- Starbucks Corporation (Nasdaq: SBUX) today announced that leading proxy advisory firm Institutional Shareholder Services ("ISS") has recommended that Starbucks shareholders vote on the WHITE proxy card ONLY “FOR” the Starbucks 11 director nominees in connection with the Company's Annual Meeting of Shareholders, which will take place virtually on March 13, 2024, at 10 a.m. PT. Starbucks partners (employees) have always been the heart of its business and core to its success. The company is committed to building a bridge to a better future for all partners. This criti...
SEATTLE--(BUSINESS WIRE)-- Today, Starbucks Coffee Company (NASDAQ: SBUX) announced that it is creating a more accessible store experience across its U.S. store portfolio through an Inclusive Spaces Framework. Building on the company’s commitment to inclusion, the new design framework defines how Starbucks will help expand independence, choice and ease for all people across physical and digital spaces. The first store to be built using the inclusive design framework opens today in Washington, D.C. and features items such as optimized acoustics and lighting for improved visual and audible commu...
4Q23 earnings beat consensus forecast by 51% due to higher-than-expected top-line growth (7% higher than consensus’) and effective cost management. Management hopes to achieve flattish same-store sales and stable core profit in 1Q24, given the high base and uncertain CNY sales. Yum China expects dividend to increase 23% to US$0.16/share, implying a 30% dividend payout, and plans to further increase the share repurchase amount to US$1.25b in 2024.
KEY HIGHLIGHTS Results Alibaba Group (9988 HK/BUY/HK$74.90/Target: HK$100.00) 3QFY24: Increased shareholder return plan; pivoting focus to reignite e-commerce growth. Yum China Holdings Inc (9987 HK/NOT RATED/HK$332.80) 4Q23: Earnings beat; expect flattish same-store sales and stable core profit in 1Q24. Update Aier Eye Hospital Group Co (300015 CH/BUY/Rmb13.97/Target: Rmb21.00) Expects solid business expansion despite weak economic conditions. TRADERS’ CORNER China Power International (2...
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