该行指出，百胜中国管理层扩大今年至2026年股东回报计划50%至45亿美元，相当于明年及2026年的回购力度在之前每年的7.5亿美元再加上7.5亿美元。该行对公司第四季持审慎乐观态度，认为会受到低基数及公司增长策略的有效执行所支持。该行亦提及，公司对于今年新店及资本支出的计划不变，未来对肯德鸡及必胜客加盟店的目标比例分别上调到40%至50%以及20%至30%。CMB International is cautiously optimistic about Yum China's fourth quarter, believing it will be supported by a low base and effective execution of the company's growth strategy.
According to the Securities Times app, CMB International has released a research report stating that it has raised the target price of Yum China (09987) listed in Hong Kong from HK$294.91 to HK$451.11, maintaining a 'buy' rating. Profit forecasts for this year to 2026 have been adjusted by +3%, +4%, and -1% respectively to reflect the third quarter performance.
The report notes the company's strong performance in the third quarter. As for the fourth quarter, the bank remains optimistic about the company, expecting same-store sales growth to turn positive, further improvement in profit margins, benefiting from expanding customer base, increased delivery growth, and launching more new stores in new formats such as K-coffee and Pizza Hut WOW.
The bank pointed out that Yum China's management has expanded its shareholder return plan by 50% to $4.5 billion USD from this year to 2026, equivalent to next year and 2026's repurchase intensity of 0.75 billion USD per year plus an additional 0.75 billion USD. The bank maintains a cautiously optimistic attitude towards the company's fourth quarter, believing it will be supported by a low base and effective execution of the company's growth strategy. The bank also mentioned that the company's plans for new store and capital expenditure this year remain unchanged, with future target ratios for KFC and Pizza Hut franchise stores increasing to 40%-50% and 20%-30% respectively.
