Core Viewpoint - Nomura's research report indicates that Yum China delivered robust performance in the last quarter, with both revenue and profit exceeding expectations, and quarterly revenue increased by 9% year-on-year [1] Group 1: Financial Performance - The company benefited from cost improvements and enhanced operational efficiency, leading to a significant expansion in restaurant profit margin and operating profit margin by 70 basis points and 80 basis points, respectively [1] - Quarterly operating profit reached $187 million [1] Group 2: Management Insights - Yum China's management reiterated early signs of consumer recovery ahead of the Lunar New Year holiday [1] Group 3: Future Projections - Nomura raised Yum China's revenue forecasts for the fiscal years 2026 and 2027 by 1% to 2% [1] - The target price was increased from HKD 432 to HKD 459, maintaining a "Buy" rating [1]
大行评级丨野村：百胜中国上季业绩稳健，目标价上调至459港元