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<Research>Daiwa Downgrades YUM CHINA (09987.HK) to Outperform, Cuts TP to $322
Recommend 3 Positive 4 Negative 4 |
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Daiwa issued a report on YUM CHINA (09987.HK), which delivered a strong set of 1Q24 results, with new unit contributions offsetting SSS declines. The broker was constructive on the company's operational resilience and appreciated its commitment to long-term shareholder returns through share buybacks and dividend distributions. However, in light of the recent challenges facing YUM CHINA (e.g. downbeat investor sentiment, high comparison base and intensifying competition) and the stagnant profit outlook, Daiwa considered YUM CHINA's risk-reward attractiveness to be low at its current valuation. Daiwa downgraded YUM CHINA from Buy to Outperform and cut its target price from $432 to $322. AAStocks Financial News |
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