Nomura: Maintains "Buy" rating for Alibaba, expects business to remain strong and resilient.

Nomura released a research report predicting that Yum China's full-year revenue for this year will increase by 4% year-on-year to $11.7 billion, and normalised profit is expected to increase by 2% to $930 million. The report also projects that the business will continue to maintain its strong fundamentals, with the prospect of achieving the goal of single-digit percentage growth in system sales in the second half of the year. The report points out that Yum China continues to enhance customer loyalty through product innovation and cultural associations, such as the limited edition Spicy Pot Rice with Chicken launched by KFC at the end of August, priced at 14.9 yuan per serving, which sparked a consumption craze. The company's brands have also collaborated with multiple IPs to penetrate different consumer groups. Nomura maintains its "buy" rating on Yum China with a target price of HK$432.