Guosen Securities: Maintains "Outperform" rating for Yum China (09987.HK), steady progress in store openings and shareholder return plan throughout the year.

According to the Wisdom Finance APP, Guosen Securities released a research report stating that based on the steady same-store sales of Yum China (09987.HK) in the first quarter of 2026 and the steady progress of store opening plans, Yum China's net profit attributable to shareholders in 2026-2028 is forecasted to be 1.019 billion/1.106 billion/1.17 billion US dollars, with corresponding PEs of approximately 16.5/14.4/13.1 times. Under the trend of value-for-money consumption, the company, with its own cost and expense management capabilities, has actively adjusted product structure and pricing strategies, effectively driving same-store transaction volume growth and highlighting operational resilience; at the same time, the company's shareholder return is rich, steadily advancing towards its target of returning $1.5 billion to shareholders in 2026, which accounts for about 9% of its latest market value. The "outperform the market" rating is maintained.