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>We believe Yum China SSSG might still be negative in 4Q24E (despite a positive foot traffic growth), but thanks to its soft raw material inflation and efficiency gains across store and headquarters levels, we do expect net profit growth to be decent in 4Q24E.</li><li>Moreover, supported by the slightly more optimistic FY25E outlook, generous cash return programme and attractive valuation, we maintain BUY.</li><li>Sales trend may still be mildly under pressure in 4Q24E. We expect Yum China’s SSSG in 4Q24E to be at around -3%, similar to that in 3Q24.</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>

We believe Yum China SSSG might still be negative in 4Q24E (despite a positive foot traffic growth), but thanks to its soft raw material inflation and efficiency gains across store and headquarters levels, we do expect net profit growth to be decent in 4Q24E.Moreover, supported by the slightly more optimistic FY25E outlook, generous cash return programme and attractive valuation, we maintain BUY.Sales trend may still be mildly under pressure in 4Q24E. We expect Yum China’s SSSG in 4Q24E to be at around -3%, similar to that in 3Q24.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 (YUMC US) - Improving Outlook and Decent Cash Returns

Yum China Holdings

Yum China (YUMC US) - Improving Outlook and Decent Cash Returns