Zhongtai Securities: Maintains "Overweight" Rating on Yum China (09987.HK); Q3 Net New Store Openings Hit Record High for a Single Quarter

According to the Zhitong Finance APP, Zhongtai Securities has issued a research report maintaining a "Overweight" rating and earnings forecasts for Yum China (09987.HK). In RMB terms, the firm expects the company's net profit attributable to shareholders for 2026 to 2028 to be RMB 7.159 billion, RMB 7.921 billion, and RMB 8.491 billion, respectively, representing year-on-year growth of 10%, 11%, and 7%, corresponding to valuations of 15.9x, 14.4x, and 13.4x. In the first three quarters of 2026, the company achieved revenue of USD 9.886 billion, up 10% year on year; and net profit attributable to shareholders of USD 864 million, up 10% year on year. As of the end of the third quarter, the company had a total of 19,989 stores, including 14,307 KFC, 4,740 Pizza Hut, and 942 other brands, with franchise stores accounting for 19%.