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

<ul><li>The 1Q24 results of Yum China were satisfactory, however the catering industry remain subdued and hence we have become more cautious about YUMC’s 2Q24E outlook.</li><li>But since the turnaround in 2H24E should still be intact, plus the massive buyback and dividend payment, we continue to maintain BUY.</li><li>1Q24 results roughly inline. For 1Q24, Yum China’s sales increased by 1% YoY to US$ 2.96bn, missing CMBI est. by 6%, due to: 1) slight miss in Pizza Hut’s SSSG (fell by 5% vs CMBI est. of -3%), 2) CNY depreciation, 3) lower-than-expected sales per store (as a result of smaller-sized new stores).</li></ul><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>

The 1Q24 results of Yum China were satisfactory, however the catering industry remain subdued and hence we have become more cautious about YUMC’s 2Q24E outlook.But since the turnaround in 2H24E should still be intact, plus the massive buyback and dividend payment, we continue to maintain BUY.1Q24 results roughly inline. For 1Q24, Yum China’s sales increased by 1% YoY to US$ 2.96bn, missing CMBI est. by 6%, due to: 1) slight miss in Pizza Hut’s SSSG (fell by 5% vs CMBI est. of -3%), 2) CNY depreciation, 3) lower-than-expected sales per store (as a result of smaller-sized new stores).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) - 2Q24E Is Tough but Turnaround Is Still Possible

Yum China Holdings

Yum China (9987 HK) - 2Q24E Is Tough but Turnaround Is Still Possible