The Zhitong Finance App learned that Macquarie released a research report saying that it maintains Yum China's (09987) “outperform the market” rating, even if its company optimizes the cost structure and works to improve efficiency, it believes that the current price already reflects favorable factors such as domestic economic and operating leverage. The net profit forecast for this year and next two years was raised by 11.6%/29.3% to take into account that operating leverage performance was stronger than expected, and the target price was raised from HK$345 to HK$416.

According to the report, the company's revenue for the first quarter of this year rose 9% year on year, in line with expectations. Operating profit rose 117% year on year to 416 million US dollars, exceeding market and bank expectations, mainly benefiting from sales leverage, cost efficiency, and government/rent relief; adjusted net profit reached 292 million US dollars, meaning that the compound annual growth rate from the first quarter of 2019 to the first quarter of this year was 9%.