External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>4Q24 results were largely inline with CMBI/ BBG est., but recent trends are very constructive (positive SSSG during CNY, no negative impact on traffic post price hikes for KFC, and decent traffic after launch of new menu, with amazing value in Pizza Hut).</li><li>Plus the decent cash returns, we maintain BUY and raise TP.</li><li>Management has shared the guidance for FY25E, namely: 1) MSD system sales growth, 2) LSD commodity price deflation, 3) LSD to MSD wage inflation (including the higher rider costs and delivery fees), and 4) flattish or slight improvement in Core OP margin.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4Q24 results were largely inline with CMBI/ BBG est., but recent trends are very constructive (positive SSSG during CNY, no negative impact on traffic post price hikes for KFC, and decent traffic after launch of new menu, with amazing value in Pizza Hut).Plus the decent cash returns, we maintain BUY and raise TP.Management has shared the guidance for FY25E, namely: 1) MSD system sales growth, 2) LSD commodity price deflation, 3) LSD to MSD wage inflation (including the higher rider costs and delivery fees), and 4) flattish or slight improvement in Core OP margin.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yum China (9987 HK) - Constructive FY25E Outlook and Guidance

Yum China Holdings

Yum China (9987 HK) - Constructive FY25E Outlook and Guidance