Securities Times Online News: According to a research report by China Securities International, Yum! China's total revenue in the third quarter increased by 5% year-on-year to 3.07 billion US dollars, system sales increased by 4% year-on-year, core operating profit increased by 18% year-on-year, and net profit increased by 22% year-on-year to 297 million US dollars. Yum! China has significant competitive advantages and brand influence in the fast food industry, with excellent management capabilities and strong risk resistance capabilities. Considering the company's recent performance, we will slightly increase the net profit for 2024/2025/226 to $950 million/$980 million/$109 million. The corresponding EPS earnings are HKD 17.8/HKD 18.3/HKD 20.5. Maintain the 'buy' rating and raise the target price to HKD 446.3.
Proofreading: Wang Chaoquan