外电引述知情人士称，泰国最大酒店集团美诺国际(Minor)计划最快今年分拆餐饮业务美诺食品(Minor Food)来香港上市，预期募资逾4亿美元。 当地媒体曾报道，公司曾考虑在泰国上市。 据美诺网站介绍，其餐饮业务持有80个品牌，于24个国家共有约2700间店，品牌包括「Sizzler」、 「Burger King」、「The Coffee Club」等。 Minor国际股东为美国出生、于1991年成为泰国公民的富商William Heinecke持有，据2025年福布斯泰国 五十大富豪榜，他排名第19位，身家约16亿美元。 ...

Core Viewpoint - Restaurant Brands International Inc. (NYSE:QSR) is a significant player in the fast-food industry, owning brands like Burger King, Tim Hortons, and Popeyes, and competes with McDonald's and Yum! Brands [1] Financial Performance - TD Cowen adjusted its price target for QSR from $74 to $72 following the Q4 2025 earnings call, indicating a strategic reassessment of the company's financial outlook [2] - The stock's current price of $66.35 reflects a decrease of approximately 6.15%, with a drop of $4.35 [2][5] Stock Performance - During trading, QSR's stock fluctuated between a low of $65.90 and a high of $69.47, with a yearly high of $73.70 and a low of $58.71 [3] - The company's market capitalization is approximately $21.75 billion, showcasing its substantial market presence [3] Investor Interest - The trading volume for QSR today is 9,099,036 shares, indicating active investor interest following the recent earnings call [4][5]

Core Insights - Restaurant Brands International (QSR) reported a 7.4% increase in Q4 revenue to $2.47 billion, with adjusted operating income rising 16.5% to $674 million, driven primarily by Tim Hortons' performance [1] - Despite meeting earnings expectations, investor reaction was lukewarm, with shares retreating slightly in early trading [1] Financial Performance - Adjusted diluted EPS was $0.96, aligning with consensus estimates - Revenue of $2.47 billion exceeded the $2.44 billion estimate by 1.2%, marking a 7.4% year-over-year growth - Adjusted operating income increased by 16.5% to $674 million, while reported operating income fell by 2.2% to $621 million - Net income from continuing operations rose 5.8% to $274 million, impacted by higher tax expenses [1] Brand Performance - Tim Hortons led the growth with revenue of $1.14 billion, up 10.6%, and comparable sales growth of 2.8% in Canada - The International segment generated $263 million in revenue, a 10.8% increase with 6.1% comparable sales growth - Burger King reported $383 million in revenue, up 2.1%, with U.S. comparable sales increasing by 2.6% - Popeyes experienced a revenue decline of 2.5% to $196 million [1] Capital Allocation and Outlook - The company returned $1.1 billion to shareholders in 2025 through dividends and reduced net leverage to 4.2x from 4.6x - A Q1 2026 dividend of $0.65 per share was declared, with a 2026 annual dividend target set at $2.60 per share - CEO Josh Kobza highlighted the company's consistent execution and progress in strengthening its brands, maintaining long-term targets of 3%+ comparable sales growth and 8%+ organic adjusted operating income growth through 2028 [1]

Core Viewpoint - Restaurant Brands (QSR) reported quarterly earnings of $0.96 per share, exceeding the Zacks Consensus Estimate of $0.93 per share, and showing an increase from $0.81 per share a year ago [1] Financial Performance - The earnings surprise for the quarter was +2.76%, with the company previously expected to post earnings of $1 per share but actually reporting $1.03, resulting in a surprise of +3% [2] - Restaurant Brands generated revenues of $2.47 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.72%, compared to $2.3 billion in the same quarter last year [3] Stock Performance - Since the beginning of the year, Restaurant Brands shares have increased by approximately 3.6%, outperforming the S&P 500's gain of 1.4% [4] Future Outlook - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $0.82 for the coming quarter and $3.99 for the current fiscal year, with revenues expected to be $2.25 billion and $9.76 billion respectively [5][8] - The estimate revisions trend for Restaurant Brands was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [7] Industry Context - The Retail - Restaurants industry, to which Restaurant Brands belongs, is currently ranked in the bottom 23% of over 250 Zacks industries, suggesting potential challenges ahead [9]

Core Insights - Restaurant Brands International reported strong quarterly earnings and revenue, exceeding expectations due to robust international growth [1][2] Financial Performance - The company reported a fourth-quarter net income of $113 million, or 34 cents per share, down from $259 million, or 79 cents per share, a year earlier [1] - Adjusted earnings were 96 cents per share, slightly above the expected 95 cents [7] - Net sales increased by 7.4% to $2.47 billion, with organic revenue growth of 6.5% after excluding currency fluctuations and refranchising sales [2] Same-Store Sales - Same-store sales rose by 3.1%, driven by strong international performance [2] - Outside the U.S. and Canada, same-store sales increased by 6.1%, with international Burger King restaurants achieving 5.8% growth, surpassing analyst expectations of 3.7% [3] Segment Performance - Tim Hortons reported a same-store sales growth of 2.9%, below the projected 3.8%, contributing 46% to overall revenue [5] - Burger King achieved a same-store sales growth of 2.7%, exceeding the expected 2.4% [5] - Popeyes experienced a decline in same-store sales of 4.8%, worse than the anticipated 2.4% decrease [5] Strategic Initiatives - The company plans to expand its international presence, including a joint venture for Burger King China, where CPE owns approximately 83% and Restaurant Brands retains a 17% stake [4] - To address challenges at Popeyes, the company appointed Burger King veteran Peter Perdue to lead the U.S. and Canadian business and named Matt Rubin as the new chief marketing officer [6] - Further growth strategies will be discussed at the investor day in Miami on February 26 [6]

Industry Overview - In the upcoming year, restaurants are prioritizing traffic restoration and profit margin preservation following a challenging 2025, with franchise quick-service restaurants (QSRs) presenting a lower-risk investment opportunity [1] Franchise Economics - Franchise models allow restaurant stocks to earn royalties on sales without the burden of operating their own stores, as franchisees manage costs related to new locations, labor, and food [2] - This model is highly scalable with low capital requirements and operational risk, resulting in high-margin, recurring revenue that generates predictable free cash flow for share repurchases and dividends [2] Company Insights - McDonald's (NYSE: MCD) has seen global same-store sales outperform U.S. results, with approximately 60% of revenue coming from international markets, which helps mitigate U.S. weaknesses [4] - McDonald's has returned nearly $8 billion to shareholders annually through buybacks and dividends in recent years [4] - Yum! Brands (NYSE: YUM) operates three brands: Taco Bell, KFC, and Pizza Hut, with Taco Bell achieving 7% same-store sales growth and strong margins of 23.9% in the U.S. [5] - Restaurant Brands International (NYSE: QSR) has a diversified brand portfolio, with Tim Hortons providing steady cash flow and Burger King showing 3% same-store sales growth [6] - QSR's stock trades at around 17 times forward earnings, making it attractive for value investors, especially with a dividend yield near 3.7% [6] - Wingstop (NASDAQ: WING) operates a streamlined model focused on a limited menu and small store footprint, with over 70% of total sales coming from digital channels [7]

Group 1 - Restaurant Brands Asia (RBA) is undergoing a change in control with Inspira Global set to acquire a controlling stake, specifically QSR Asia's 11.26% stake for Rs4.6 billion ($50.3 million) [1][2] - The completion of the deal is subject to customary and regulatory conditions, leading to the full exit of QSR Asia in line with its investment cycle [2] - Inspira Global will execute the acquisition primarily through its subsidiary, Lenexis Foodworks, which has over a decade of experience in the quick-service restaurant (QSR) segment [2] Group 2 - Aayush Madhusudan Agrawal, founder and managing director of Inspira Global, expressed admiration for RBA's achievements and emphasized the acquisition as a long-term value creation initiative [3] - Inspira Global plans to inject fresh capital of Rs9 billion through a preferential allotment of equity shares and Rs6 billion through a preferential allotment of warrants [3] - The transaction will trigger a mandatory open offer to RBA's public shareholders as per Indian securities regulations [4] Group 3 - RBA's CEO Rajeev Varman welcomed the new promoter, assuring that the existing leadership team and operational structure will remain intact while focusing on growth plans [4] - A recent merger agreement between Devyani International and Sapphire Foods aims to combine two Yum! Brands franchisees, creating one of India's largest QSR chains [4]

Core Insights - Restaurant Brands International Inc. (NYSE:QSR) is recognized as one of the best restaurant stocks to buy currently [1] Analyst Sentiment - Approximately 60% of analysts maintain a bullish outlook on Restaurant Brands International, with a median price target of $77.50, indicating a potential upside of 16.10% [2] - The highest target among analysts suggests a potential upside of 39.30%, reflecting varied expectations for the stock's medium-term performance [2] Analyst Ratings and Expectations - RBC Capital analyst Logan Reich reaffirmed an "Outperform" rating on December 9, 2025, raising the price target to $82.00 from $77.00, positioning Restaurant Brands International as a top idea among global franchised fast-food companies [3] - The positive outlook is attributed to improving momentum at Burger King U.S., with management reporting enhancements in brand value through menu innovation and operational improvements [4] Financial Performance - Management reported a net leverage ratio of 4.4x at the end of Q3 2025, indicating reduced leverage [4] - The company has total liquidity of approximately $2.5 billion, which includes $1.2 billion in cash [4] Company Overview - Restaurant Brands International Inc. operates and franchises several well-known brands, including Burger King, Tim Hortons, Popeyes, and Firehouse Subs, across more than 100 countries [5]

Core Insights - Baupost Group's latest 13F filing reveals a highly selective and concentrated portfolio, focusing on durable businesses with long-term cash generation potential [1][2] Investment Moves - **Restaurant Brands International (QSR)**: Increased by 4,203,300 shares to 8,252,862 shares, representing a $529.3 million position (11.05% of the portfolio). This is now Baupost's largest equity holding, indicating a belief in significant mispricing relative to its stable franchise model and cash flows [3][4] - **Elevance Health (ELV)**: Increased by 703,000 shares to 1,319,000 shares, totaling a $426.2 million position (8.90%). The increase suggests confidence in the company's predictable cash flows and resilience in a politically noisy sector [5][6] - **Union Pacific (UNP)**: Newly established position with 1,496,204 shares, valued at $353.7 million (7.38%). The railroad's high barriers to entry and pricing power align with Baupost's focus on downside protection [7][8] - **Alphabet (GOOG)**: Reduced by 775,850 shares to 1,858,138 shares, now a $452.6 million position (9.45%). The reduction reflects portfolio risk management rather than a loss of conviction [9] - **CRH plc (CRH)**: Trimmed by 442,000 shares to 3,383,395 shares, valued at $405.7 million (8.47%). The trim indicates a disciplined approach to valuation, despite the long-term thesis remaining intact [10] - **Full Exits**: Baupost exited several positions entirely, including Viasat, Liberty Broadband, ICON plc, and Amcor, signaling a shift in risk-reward balance [11][12] Strategic Focus - The quarter was characterized by conviction-driven capital redeployment into high-confidence ideas, particularly in sectors like restaurants, railroads, healthcare, and materials [13][14] - Trimming positions like GOOG and CRH reflects a focus on risk management and valuation discipline rather than a bearish outlook [15] - The top 10 positions account for over 75% of disclosed assets, emphasizing Baupost's belief in concentration as a strategy against ignorance [16] - The portfolio prioritizes downside protection, with upside driven by business durability rather than macroeconomic bets [17]

Core Viewpoint - Restaurant Brands has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, which reflects the changing earnings picture of a company [1][2]. - Changes in future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements, particularly influenced by institutional investors [3]. Company Performance and Outlook - The upgrade for Restaurant Brands signifies an improvement in the company's underlying business, which is expected to positively affect its stock price [4]. - Analysts have raised their earnings estimates for Restaurant Brands, with the Zacks Consensus Estimate increasing by 0.6% over the past three months [7]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [6]. - The upgrade to Zacks Rank 2 places Restaurant Brands in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [9].