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[Brokerage Focus] Huayuan Securities gives YUM CHINA (09987) an initial "Shareholding" rating, indicating that the company is in an expansion phase in lower-tier markets.
Jinwu Financial News | According to a Research Report released by Huayuan Securities, YUM CHINA (09987) has developed and grown into a leading Western fast-food brand in China over 30 years with its sub-brands KFC and Pizza Hut. By the end of 2024, YUM CHINA is expected to have 16,395 stores nationwide. According to the company's Earnings Conference briefing for the third quarter of 2024, the number of stores is projected to reach 20,000 by 2026. KFC and Pizza Hut are the two main sources of the company's revenue, with total revenue projected to be 11.303 billion USD in 2024, and the revenues from KFC and Pizza Hut accounting for 95% of the company's total revenue.
Debon Securities: Policies emphasize boosting Consumer and focus on the subsequent demand recovery.
The bank recommends focusing on leading companies in sectors that have strong control over upstream and downstream supply chains, channels, and products amid fundamental changes, as well as sectors where year-round profits are likely to exceed expectations due to cost advantages.
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