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Nomura: YUM CHINA Quarterly Results Again Beat; Rating Buy
2026-07-31 14:41:24
Nomura maintained its Buy rating and HKD464 target price on YUM CHINA (09987.HK). The company's 2Q results again beat market expectations, with revenue rising 13% YoY to USD3.14 billion, while operating profit increased 14% YoY to USD348 million. Despite cost pressure from a higher delivery sales mix, operating margin improved by 0.2 ppts YoY.

KFC and PH both recorded SSSG of 1%, while PH acquisitions are increasingly becoming a long-term growth driver. The company fortified its leadership position through innovation.
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