大行评级丨大和：上调百胜中国目标价至520港元，重申“买入”评级

Group 1 - The core viewpoint of the report is that Yum China exceeded expectations for Q4 2025 performance, with KFC's same-store sales performing better than anticipated, indicating a recovery in consumer confidence and a rational pricing trend in the industry [1] - Yum China's management forecasts a slight year-on-year increase in operating profit margin for 2026, with expectations that the improved competitive landscape in the Chinese market will allow for profit margins to exceed market expectations [1] - The report maintains a "Buy" rating for Yum China, raising the target price from HKD 450 to HKD 520 [1]