Haitong International: Lowers Yum China target price to HK$379.6, maintains "Outperform" rating.

Haitong International released a research report stating that it has lowered Yum China's 2027 price-to-earnings ratio from 18.5x to 15x, and cut its target price from HK$430.3 to HK$379.6, while maintaining an "Outperform" rating. The bank expects the company's same-store performance to come under pressure in the third quarter, mainly due to weather disruptions and weak consumption, but the stock price has already reflected recent operating pressure.