KFC Owner Yum Brands Sees Slower Sales Growth, Goldman Sachs Analyst Revises Forecast
KFC Owner Yum Brands Sees Slower Sales Growth, Goldman Sachs Analyst Revises Forecast
Yum! Brands, Inc. (NYSE:YUM) released earnings results for its second quarter Tuesday before the opening bell.
餐飲品牌國際（NYSE:YUM）週二開盤前公佈了其第二季度業績。
Analysts covering the Louisville, Kentucky-based company provided their takes:
覆蓋這家位於肯塔基州路易斯維爾市的公司的分析師們給出了他們的看法：
- Goldman Sachs analyst Christine Cho maintained the Neutral rating on Yum! Brands with a price forecast of $150.
- Piper Sandler analyst Brian Mullan reiterated the Neutral rating on Yum Brands with a price forecast of $140.
- BMO Capital Markets analyst Andrew Strelzik has a Market Perform rating on Yum! Brands, with a price forecast of $135.
- 高盛分析師克莉絲汀繼續維持對百勝餐飲的中立評級，並預測目標股價爲150美元。
- 派傑投資分析師布賴恩·馬倫重申了對百勝餐飲的中立評級，並預測目標股價爲140美元。
- 資本市場分析師安德魯·斯特雷齊克對百勝餐飲給出了市場表現的評級，預計目標股價爲135美元。
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此外，分析師表示，儘管業績不佳，美國股市有望延續漲勢，波動率指數（VIX）回落至拋售前水平。他表示，回調是“增長恐慌”，而不是“災難”。
Goldman Sachs: Cho revised the EBITDA forecasts for FY24, FY25, and FY26 to $2.73 billion, $2.97 billion, and $3.26 billion, respectively, down from $2.73 billion, $2.99 billion, and $3.3 billion.
高盛公司：克莉絲汀調降了FY24、FY25和FY26的EBITDA預測，分別爲27.3億、29.7億和32.6億美元，較之前的預測分別下調了0、0.2和0.4億美元。
This adjustment reflects slightly weaker same-store sales growth and revenue trends, which are somewhat mitigated by reduced general and administrative expenses.
這一調整反映了略微疲軟的同店銷售增長和收入趨勢，但受降低的總管理費用所部分緩解。
Piper Sandler: Mullan writes that while the top line in the year's second half will be softer than management was forecasting at the beginning of the year, same-store sales will sequentially improve as the calendar moves from the second quarter to the third quarter and fourth quarter.
派傑投資：馬倫寫道，儘管今年下半年的營業額將低於管理層年初的預測，但同店銷售將隨着日曆從第二季度轉向第三季度和第四季度而逐步改善。
On top of that, the analyst notes that adjusted G&A dollars were down ~9 to 10% in the quarter, and management shared that it expects this line to be down on an FY2024 basis.
此外，該分析師指出，調整後的總管理費用在本季度下降了約9%至10%，管理層表示預計這一數值在FY2024基礎上下降。
As the quarter concludes, analysts anticipate minimal changes to consensus-adjusted EPS estimates for 2024 through 2026. Any potential reductions in sales are expected to be roughly balanced by lower G&A expenses.
隨着本季度的結束，分析師們預計2024年至2026年的調整後每股收益預測幾乎不會有太多變化。銷售額潛在的降低預計將大致平衡較低的總管理費用。
Mullan raised the FY25 revenue estimate to $8.078 billion from $7.952 billion.
馬倫將FY25年的營業收入預估從79.52億美元上調至80.78億美元。
BMO Capital Markets: Yum Brands owns three major quick-service chains: Taco Bell, Pizza Hut and KFC.
資本市場：百勝餐飲擁有三個主要的快餐連鎖品牌：塔可鍾、必勝客和肯德基。
The company appears well-positioned to execute against its long-term growth algorithm over time, and its portfolio should be well-suited for a softer consumer spending environment.
該公司似乎有能力隨着時間的推移執行其長期增長策略，其產品組合應該適合較軟的消費環境。
The company continues to leverage G&A expenses to bolster its operating profit outlook.
該公司繼續利用總管理費用來提高其營業利潤的前景。
While optimistic about long-term fundamentals, the analyst currently prefers global fast-food peers such as Domino's Pizza Inc (NYSE:DPZ), McDonald's Corporation (NYSE:MCD), and Restaurant Brands International Inc. (NYSE:QSR).
雖然對長期基本面持樂觀態度，但該分析師目前更喜歡像達美樂披薩公司（NYSE:DPZ）、麥當勞公司（NYSE:MCD）和餐飲品牌國際公司（NYSE:QSR）這樣的全球快餐同行。
Strelzik expects the company to report FY24 revenues of $7.600 billion, and FY25 revenues of $8.093 billion.
斯特雷齊克預計該公司將在FY24年報告76億美元的營業收入，FY25年報告80.93億美元的營業收入。
Price Action: YUM shares are trading lower by 0.38% to $136.33 at last check Wednesday.
收益表現：YUm股票週三最後一次交易爲136.33美元，下跌0.38%。
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