reports
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
- 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
- Jonathan Moreland
OEC ORION ENGINEERED CARBONS SA
MTDR MATADOR RESOURCES COMPANY
HEAR TURTLE BEACH CORP
FLDM FLUIDIGM
DAR DARLING INGREDIENTS INC.
CRWS CROWN CRAFTS INC.
CRK COMSTOCK RESOURCES INC.
APEI AMERICAN PUBLIC EDUCATION
ATEC ALPHATEC HOLDINGS INC.
PCF PUTNAM HIGH INCOME SECURITIES FUND
LIND LINDBLAD EXPEDITIONS HOLDINGS
YUMC YUM CHINA HOLDINGS INC.
GBDC GOLUB CAPITAL BDC INC.
NNBR NN
MAV INC.
APPN PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST
MHI APPIAN
CNX PIONEER MUNICIPAL HIGH INCOME TRUST
SGC CONSOL ENERGY INC.
GRX SUPERIOR GROUP OF COMPANIES
PSNL THE GABELLI HEALTHCARE & WELLNESSRX TRUST
EMYB PERSONALIS
CSU EMBASSY BANCORP INC.
FTCI CAPITAL SENIOR LIVING
INBX FTC SOLAR
BVS INC.
TMCI INHIBRX
TSE INC.
BIGZ BIOVENTUS
PFHC TREACE MED CONCEPTS INC
GRNT TRINSEO PLC
VFC BLACKROCK INNOVATION AND GROWTH TST
SRPT PROFRAC HLDG CORP
LIFW GRANITE RIDGE RESOURCES INC
PROP VF CORPORATION
EYPT SAREPTA THERAPEUTICS
MIO INC.
PYYX MSP RECOVERY INC.
PEO PRAIRIE OPERATING CO.
SUNS EYEPOINT PHARMACEUTICALS
OI INC.
WPC PIONEER MUN HIGH INCOME OPPORTUNITIES FD INC
MSGE PYXUS INTERNATIONAL INC
PETROLEUM & RESOURCES CORPORATION
SUNRISE REALTY TRUST
OWENS ILLINOIS INC.
W. P. CAREY AND CO. LLC
MSG ENTERTAINMENT SPINCO
INC.
- Jonathan Moreland
PAYC PAYCOM SOFTWARE INC.
HEAR TURTLE BEACH CORP
DAR DARLING INGREDIENTS INC.
PCF PUTNAM HIGH INCOME SECURITIES FUND
YUMC YUM CHINA HOLDINGS INC.
MAV PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST
MHI PIONEER MUNICIPAL HIGH INCOME TRUST
SGC SUPERIOR GROUP OF COMPANIES
PTON PELOTON INTERACTIVE
CSU INC.
HYZN CAPITAL SENIOR LIVING
TMCI HYZON MOTORS INC.
NVTS TREACE MED CONCEPTS INC
PFHC NAVITAS SEMICONDUCTOR CORP
GRNT PROFRAC HLDG CORP
PROP GRANITE RIDGE RESOURCES INC
OI PRAIRIE OPERATING CO.
OWENS ILLINOIS INC.
- Jonathan Moreland
NCR NCR CORPORATION
TTSH TILE SHOP HOLDINGS INC.
TPVG TRIPLEPOINT VENTURE GROWTH BDC CORP
SHEN SHENANDOAH TELECOMMUNICATIONS COMPANY
PCRX PACIRA BIOSCIENCES INC.
ORRF ORRSTOWN FINANCIAL SERVICES INC.
OEC ORION ENGINEERED CARBONS SA
FTAI FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
FLDM FLUIDIGM
CRK COMSTOCK RESOURCES INC.
APEI AMERICAN PUBLIC EDUCATION
CLOV CLOVER PAKISTAN LTD.
YUMC YUM CHINA HOLDINGS INC.
GBDC GOLUB CAPITAL BDC INC.
MAV PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST
APPN APPIAN
SCPH SCPHARMACEUTICALS INC
EYE NATIONAL VISION HOLDINGS
LILA LIBERTY LATIN AMERICA A
HHS HARTE-HANKS INC.
MGTX MEIRAGTX HOLDINGS PLC
HMNF HMN FINANCIAL INC.
ELAN ELANCO ANIMAL HEALTH INC.
LYFT LYFT
GRX INC.
NVST THE GABELLI HEALTHCARE & WELLNESSRX TRUST
XAIR ENVISTA HOLDINGS
GRWG BEYOND AIR
PGEN GROWGENERATION
ALTG PRECIGEN INC
ONEW ALTA EQUIPMENT GROUP INC.
TLS ONEWATER MARINE
FTCI TELOS
RPHM FTC SOLAR
VMEO INC.
TMCI RENEO PHARMACEUTICALS
TSE INC.
QSI VIMEO INC
PFHC TREACE MED CONCEPTS INC
RXO_w TRINSEO PLC
WRBY QUANTUM-SI INC
GRNT PROFRAC HLDG CORP
MBC_w RXO INC
FCCND WARBY PARKER INC
ET GRANITE RIDGE RESOURCES INC
GT MASTERBRAND INC
MIO SPECTRAL CAPITAL CORP
FIP ENERGY TRANSFER LP
GOODYEAR TIRE & RUBBER CO.
PIONEER MUN HIGH INCOME OPPORTUNITIES FD INC
FTAI INFRASTRUCTURE INC
- Jonathan Moreland
SHEN SHENANDOAH TELECOMMUNICATIONS COMPANY
PAYC PAYCOM SOFTWARE INC.
CRK COMSTOCK RESOURCES INC.
APEI AMERICAN PUBLIC EDUCATION
INTT INTEST CORP.
YUMC YUM CHINA HOLDINGS INC.
MAV PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST
SCPH SCPHARMACEUTICALS INC
HHS HARTE-HANKS INC.
FF FIRST MINING GOLD
FGBI FIRST GUARANTY BANCSHARES
XAIR BEYOND AIR
GRWG GROWGENERATION
BIGC BIGCOMMERCE HOLDINGS
CVRX INC.
TMCI CVRX
FLNC INC.
PFHC TREACE MED CONCEPTS INC
LAW FLUENCE ENERGY INC
PROFRAC HLDG CORP
CS DISCO INC
- Jonathan Moreland
PCRX PACIRA BIOSCIENCES INC.
PAYC PAYCOM SOFTWARE INC.
LPSN LIVEPERSON INC.
IRWD IRONWOOD PHARMACEUTICALS INC. CLASS A
FTAI FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CHCT COMMUNITY HEALTHCARE TRUST INCORPORATED
APEI AMERICAN PUBLIC EDUCATION
YUMC YUM CHINA HOLDINGS INC.
APPN APPIAN
EYE NATIONAL VISION HOLDINGS
MGTX MEIRAGTX HOLDINGS PLC
NVST ENVISTA HOLDINGS
ONEW ONEWATER MARINE
TLS TELOS
RPHM RENEO PHARMACEUTICALS
TSE INC.
EVLV TRINSEO PLC
RXO_w EVOLV TECHNOLOGIES HLDGS INC
WRBY RXO INC
FIP WARBY PARKER INC
FTAI INFRASTRUCTURE INC
- Dave Nicoski
- Ross LaDuke
Vermilion Short Shots: Technically Vulnerable Stocks
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
ULTA ULTA BEAUTY INC
SWN SOUTHWESTERN ENERGY COMPANY
RYAAY RYANAIR HOLDINGS PLC ADS
PZZA PAPA JOHN'S INTERNATIONAL INC.
PKXN POSCO
HXL HEXCEL CORPORATION
GNTX GENTEX CORPORATION
EEFT EURONET WORLDWIDE INC.
DIS WALT DISNEY COMPANY
CLMT CALUMET SPECIALTY PRODUCTS PARTNERS L.P.
CDNS CADENCE DESIGN SYSTEMS INC.
ALB ALBEMARLE CORPORATION
ALV ALLIANZ SE
DRO DRONESHIELD
CRI CARTER'S INC.
LSCC LATTICE SEMICONDUCTOR CORPORATION
PVH PVH CORP.
WB WEIBO CORP SPONSORED ADR CLASS A
YUMC YUM CHINA HOLDINGS INC.
LW LAMB WESTON HOLDINGS INC.
BHP BHP GROUP
NXE. NEXGEN ENERGY LTD
APTV APTIV PLC
CELH CELSIUS HOLDINGS INC.
AMD ADVANCED MICRO DEVICES INC.
SOM SOMERO ENTERPRISE
ALGM ALLEGRO MICROSYSTEMS
BBWI BATH & BODY WORKS INC
WOLF WOLFSPEED INC
DUOL DUOLINGO INC
INFA INFORMATICA INC
ZGN ERMENEGILDO ZEGNA NV
BRBR BELLRING BRANDS INC
MBLY MOBILEYE GLOBAL INC
- Dave Nicoski
- Ross LaDuke
Vermilion Short Shots: Technically Vulnerable Stocks
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
WYNN WYNN RESORTS LIMITED
TX. TERNIUM S.A. SPONSORED ADR
QYM SOCIEDAD QUIMICA Y MINERA DE CHILE S.A. SERIES B ADS
PKXN POSCO
PBF PBF ENERGY INC. CLASS A
LVS LAS VEGAS SANDS CORP.
HUBS HUBSPOT INC.
FIVE FIVE BELOW INC.
EL ESTEE LAUDER COMPANIES INC. CLASS A
DVAX DYNAVAX TECHNOLOGIES CORPORATION
NTNX NUTANIX INC. CLASS A
YUMC YUM CHINA HOLDINGS INC.
CELH CELSIUS HOLDINGS INC.
ELAN ELANCO ANIMAL HEALTH INC.
HTHT HUAZHU GROUP LTD. SPONSORED ADR
DUOL DUOLINGO INC
BHP BHP GROUP LTD
INFA INFORMATICA INC
BRBR BELLRING BRANDS INC
- Dave Nicoski
- Ross LaDuke
Vermilion Short Shots: Technically Vulnerable Stocks
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
NUE NUCOR CORPORATION
CNHI CNH INDUSTRIAL NV
WDAY WORKDAY INC. CLASS A
VALE.N VALE S.A. ADS
UEC URANIUM ENERGY CORP
TX. TERNIUM S.A. SPONSORED ADR
TWI TITAN INTERNATIONAL INC.
SYY SYSCO CORPORATION
RGEN REPLIGEN CORPORATION
POOL POOL CORPORATION
LEA LEAR CORPORATION
JNJ JOHNSON & JOHNSON
HSIC HENRY SCHEIN INC.
GIS GENERAL MILLS INC.
EXAS EXACT SCIENCES CORPORATION
DIN DINE BRANDS GLOBAL INC.
BRKR BRUKER CORPORATION
BAX BAXTER INTERNATIONAL INC.
CF. CANACCORD GENUITY GROUP
MG/CN MAGNA INTERNATIONAL INC.
SIBN GAZPROM NEFT PJSC
AMWD AMERICAN WOODMARK CORPORATION
CMCO COLUMBUS MCKINNON CORPORATION
CEXA CEMEX SAB DE CV (ADR)
DRI DARDEN RESTAURANTS INC.
MSM MSC INDUSTRIAL DIRECT CO. INC. CLASS A
SSD SIMPSON MANUFACTURING CO. INC.
YUMC YUM CHINA HOLDINGS INC.
MT ARCELORMITTAL
ASGN ASGN INC
ADNT ADIENT PLC
PTAL PETROTAL
GNMSY GENMAB A/S
ORIC ORIC PHARMACEUTICALS
IMCR IMMUNOCORE HOLDINGS ADS
OI O-I GLASS INC
ENOV ENOVIS CORPORATION
WMC WESTMOUNT MINERALS CORP
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Yum China (9987 HK): 1Q24: Earnings beat; high base in 2Q24.
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.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, May 2, 2024
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...
PRU PRUDENTIAL PLC
600132 CHONGQING BREWERY CO.LTD CLASS A
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
002352 S.F. HOLDING CO. LTD. CLASS A
002460 GANFENG LITHIUM CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
601012 LONGI GREEN ENERGY TECHNOLOGY CO LTD CLASS A
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
YUMC YUM CHINA HOLDINGS INC.
2338 WEICHAI POWER CO. LTD. CLASS H
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
603259 WUXI APPTEC CO. LTD. CLASS A
WUXI APPTEC CO. LTD. CLASS H
- Bella Lu Yifei
- Ceilica Su Rui
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Paula Ruth
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thailand Research Team
- Wei Xiang Ku
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, May 2, 2024
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...
MAJOR MAJOR CINEPLEX GROUP PCL
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
OMH OM HOLDINGS
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
002352 S.F. HOLDING CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
601012 LONGI GREEN ENERGY TECHNOLOGY CO LTD CLASS A
YUMC YUM CHINA HOLDINGS INC.
CDREIT CDL HOSPITALITY TRUSTS
MLT MAPLETREE LOGISTICS TRUST
BURSA BURSA MALAYSIA BHD
CPALL TB CP ALL
338 WEICHAI POWER
TIDLOR NGERN TID LOR PCL
TAPG TRIPUTRA AGRO PERSADA PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Yum China Holdings Inc (9987 HK): 4Q23: Earnings beat; expect flattish...
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.
- Carol Dou Xiao Qin
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, February 8, 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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