UBS: Yum China's performance in the last quarter exceeded expectations, target price raised to $67.6.

UBS released a research report indicating that in the fourth quarter of last year, Yum China's revenue, operating profit, and net profit increased by 9%, 24%, and 22% respectively compared to the previous year, exceeding the bank's expectations by 6.2%, 3.9%, and 7.8%, and also beating market expectations. Same-store sales increased by 3%, and operating profit margin expanded by 0.8 percentage points. The bank believes that one of the key drivers of Yum China's same-store sales growth comes from the sales growth brought about by menu innovation and category expansion. The bank believes that the group's strong supply chain capabilities and operational efficiency should continue to support healthy profit margin expansion. The bank raised Yum China's target price from $59 to $67.6 and rated it as "Buy".