Core Viewpoint - The report from CMB International maintains a "Buy" rating for Yum China (09987) and raises the target price to HKD 457.48, citing faster-than-expected store expansion and better-than-expected operating profits for Pizza Hut [1] Group 1: Company Performance - Yum China is expected to continue enhancing cost-effectiveness, focusing on core areas, developing market gaps, attracting new customer segments, and capturing new demands in various scenarios [1] - The company's RGM 3.0 strategy is anticipated to further optimize efficiency [1] - Despite a cautious outlook for the mainland restaurant industry in FY2026 and FY2027, Yum China is believed to outperform its peers and provide reasonable returns to shareholders over the next 2-3 years [1] Group 2: Sales and Financial Metrics - The report indicates that KFC and Pizza Hut achieved a same-store sales recovery rate of 88% in the first ten months of 2025, significantly higher than the industry average of 70% [1] - This outperformance is attributed to the company's commitment to offering "high-quality, delicious, and value-for-money" products [1] - Yum China plans to increase dividends and has committed to using 100% of free cash flow for shareholder returns starting from FY2027, which is viewed positively by the analysts [1]
招银国际：维持百胜中国(09987)“买入”评级并上调目标价至457.48港元 预期跑赢同业