Leading Independent Investment Research, Morningstar, Inc.

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Leading Independent Investment Research

Morningstar, Inc.

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Equity Bottom-Up

<ul><li class="p1">Although rivalry among quick-service restaurants is on the rise&nbsp;worldwide, we believe Yum Brands offers one of the more&nbsp;compelling global growth stories in our consumer coverage&nbsp;universe.</li><li class="p1">Although Yum China's recovery has been slower than expected&nbsp;because of a softening macro picture, an evolving competitive set,&nbsp;and executional missteps, we still remain optimistic about Yum&nbsp;China's longer-term opportunities given a fragmented restaurant&nbsp;industry, a growing China middle class, ongoing urbanization&nbsp;trends, and the market becoming conducive to franchising.</li><li class="p1">With roughly 40% of Yum's operating income coming from China,&nbsp;the stock is tied to market perceptions of macro and consumer&nbsp;trends in the region. &nbsp;However, we view Yum as more than a China&nbsp;story and encourage investors to evaluate its other divisions.</li></ul>Analyst: R.J. HottovyFull report below the fold...

Although rivalry among quick-service restaurants is on the rise&nbsp;worldwide, we believe Yum Brands offers one of the more&nbsp;compelling global growth stories in our consumer coverage&nbsp;universe.Although Yum China's recovery has been slower than expected&nbsp;because of a softening macro picture, an evolving competitive set,&nbsp;and executional missteps, we still remain optimistic about Yum&nbsp;China's longer-term opportunities given a fragmented restaurant&nbsp;industry, a growing China middle class, ongoing urbanization&nbsp;trends, and the market becoming conducive to franchising.With roughly 40% of Yum's operating income coming from China,&nbsp;the stock is tied to market perceptions of macro and consumer&nbsp;trends in the region. &nbsp;However, we view Yum as more than a China&nbsp;story and encourage investors to evaluate its other divisions.Analyst: R.J. HottovyFull report below the fold...

China concerns legitimate, but Yum still offers a compelling long-term global cash flow story.

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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Equity Capital Markets

Xiabuxiabu Catering / Equity Capital Markets

We would bid for the IPO, given that 1) the company is a dominant player in fast casual hotpot market and has competitive advantage in its supply chain management over its peers; and 2) The valuation range (15.4x – 17.5x 2015E PER) represents 24% to 13% discount to its peers’ average 20.2x PER, providing valuation support upon debut.

We would bid for the IPO, given that 1) the company is a dominant player in fast casual hotpot market and has competitive advantage in its supply chain management over its peers; and 2) The valuation range (15.4x – 17.5x 2015E PER) represents 24% to 13% discount to its peers’ average 20.2x PER, providing valuation support upon debut.

Xiabu Xiabu IPO - Buy the leading hotpot restaurant chain

China

Xiabuxiabu Catering Management China Holdings Co Ltd  owns and operates a chain of restaurants in China. The company allows customers to choose from a selection of vegetables, meats, and seafood to cook in their own individual hot pot in its restaurants.

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Xiabuxiabu Catering (520 HK)

China concerns legitimate, but Yum still offers a compelling long-term global cash flow story.

Although rivalry among quick-service restaurants is on the rise worldwide, we believe Yum Brands offers one of the more compelling global growth...

Morningstar, Inc.

Xiabu Xiabu IPO - Buy the leading hotpot restaurant chain

We would bid for the IPO, given that 1) the company is a dominant player in fast casual hotpot market and has competitive advantage in its supply...

Ke Yan, CFA, FRM

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