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<Research>Citi: Yum China (YUMC.US) 3Q OP Beats by 5%; Upsized Cash Return Surprises Shareholders
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Yum China (YUMC.US)'s 3Q OP beat expectations by 5%, Citi released a research report noting. Given that the group's restaurant margin has been under pressure in recent quarters, its strong 3Q results should alleviate market concerns about industry competition. The broker also noted that Yum China announced an increase in its 2024-2026 shareholder capital return target from US$3 billion to US$4.5 billion. The upsized cash return has surprised shareholders and demonstrated the company's confidence in its long-term growth potential. The broker kept a Buy rating for Yum China, with a TP set at US$58.8. AAStocks Financial News |
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