Daiwa has issued a research report stating that Yum China's (09987) stock price rose 11% on February 5, driven by the company's better-than-expected fourth-quarter 2025 results. The firm attributes the surge to a shift in investor perception regarding competition and pricing dynamics within China's restaurant industry. KFC's fourth-quarter same-store sales growth exceeded expectations, and a price increase in its delivery channels during January indicates recovering consumer confidence and more rational industry pricing. Although Yum China's management forecasts only a slight year-on-year increase in its 2026 operating profit margin, Daiwa expects potential for the margin to outperform market expectations as competitive conditions in China improve. The firm reaffirmed its "Buy" rating on Yum China and raised the target price to HK$520.
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