Core Viewpoint - The report from Daiwa Capital Markets initiates coverage on Yum China (09987) with a "Buy" rating and a target price of HKD 494.8, highlighting the company's RGM 3.0 strategy focused on resilience, growth, and competitive advantage [1] Group 1: Strategic Focus - The RGM 3.0 strategy aims to develop new models and products for a broad consumer base and various consumption scenarios while integrating resources to create synergies among stores, regions, and brands [1] - This strategic approach is expected to help the company stand out in the fast-food sector [1] Group 2: Financial Projections - The company targets a same-store sales index of 100 to 102 from 2026 to 2028, indicating an annual same-store sales growth of 0% to 2% [1] - System sales are projected to grow at a mid to high single-digit annual rate [1] - With the support of infrastructure integration, flexible cost structures, and streamlined store management, the operating profit margin and restaurant profit margin are expected to reach at least 11.5% and 16.7% by 2028, respectively [1]
大华继显：首予百胜中国“买入”评级 目标价494.8港元