External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<div><div><div><div><ul><li>New products and margins are impressive in 3Q22. We believe YUMC can further consolidate the market, thanks to its 1) mass market focus, 2) improved per store economics and 3) inclusion in stock connect recently.</li><li>Hence, we maintain BUY on YUMC and raise TP to HK$ 465.05, based on 30x FY23E (unchanged), vs 5- year average of 23x, supported by 3-year adj. OP CAGR of 24%</li><li>We are now more positive about YUMC’s long-term growth, supported by a better store economic.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

New products and margins are impressive in 3Q22. We believe YUMC can further consolidate the market, thanks to its 1) mass market focus, 2) improved per store economics and 3) inclusion in stock connect recently.Hence, we maintain BUY on YUMC and raise TP to HK$ 465.05, based on 30x FY23E (unchanged), vs 5- year average of 23x, supported by 3-year adj. OP CAGR of 24%We are now more positive about YUMC’s long-term growth, supported by a better store economic.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yum China (9987 HK) – 2022 Consumer corporate day takeaways

Yum China Holdings

Yum China (9987 HK) – 2022 Consumer corporate day takeaways