优客中国以12亿美元收购必胜客中国品牌所有权

CompanyYum China 17 June 2026Date Breaking News AsiaChina ConsumerRestaurants $1.2bn acquisition of Pizza Hut Chinabrand ownership announced Valuation & Risks Han ZhangResearch Analyst YUMC to acquire Pizza Hut China brand for $1.2bn, valued at 19.5x P/EFollowing Yum China's (YUMC) previous comments on the unchanged operationsof Pizza Hut (PZH) in China during DB Global Consumer Conference amid YUM!Brands' ongoing process to divest Pizza Hut, YUMC announced it has entered into 1) The transaction consideration of $1.2bn acquisition represents an implied last-twelve-month (LTM) P/E multiple of19.5x (17% discount vs. the median of global andChina catering and beverage peers'), based on the license fees payable to Yum 2) YUMC intends to fund the $1.2bn through acombination of cash and debtfinancing. The company also reiterated itsintact capital return planof $1.5bn in2026, an average annual return of ~$900mn to ~$1bn in 2027 and 2028, and over 3) The company's long-term guidance for PZH in China remains unchanged,including the expansion to 6,000+ stores by 2028 and the doubling of its operating DB viewDespite YUMC's current overly discounted valuation, we believe the 19.5x nP/E multiple in this transaction (roughly on par with YUMC's historical long-term average P/E level) reflects the long-term value creation potential fromPZHand the company's strong strategy executions,including nYUMC will provide more information on the transaction during its Q226results on July 30 (HKT), and we expect further details on the debt financingplan for the $1.2bn. Assuming the acquisition is mainly debt financed,directionally speaking, we expect this transaction to be still earningsaccretivefor YUMC,as the royalty fee saved should outweigh the n 14x 2026E P/E on a 7% 2026-28E earnings CAGR vs. three-year historicalaverage of around 21x P/E on an 8% earnings CAGR) and attractiveshareholder return (~10%) in 2026E. We will review our estimates and PT Company Profile Yum China Holdings, Inc. is a spin-off entity of Yum! Brands(YUM.N) which is listed in the US. The company operatesover 14,000 restaurants in China. The company has theexclusive right to operate and sub-license the KFC, PizzaHut, and Taco Bell brands in China. Yum China also operatesthe restaurant brands Little Sheep and Huang Ji Huang, and Solvency Han Zhang+852 2203 5802han-a.zhang@db.com Appendix 1 Important Disclosures *Other information available upon request Important Disclosures Required by U.S. Regulators 2.Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issuedby this company. Important Disclosures Required by Non-U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issuedby this company. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch, please see the most recently published company report or visit our global disclosure look-up page on our websiteat https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, important riskand conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer. Investors are strongly Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s) about the subjectissuer and the securities of the issuer. In addition, the undersigned lead analyst(s) has not and will not receive anycompensation for providing a specific recommendation or view in this report. Han Zhang. 6.11/04/2025Buy, Target Price Change USD 55.70, Current PriceUSD 44.82 Han Zhang7.11/18/2025Buy, Target Price Change USD 56.20, Current PriceUSD 47.53 Han Zhang8.01/27/2026Buy, Target Price Change USD 55.80, Current Price Equity Rating and Dispersion Key The Equity Rating Dispersion Chart depicts the following: The proportion of recommendations that are rated "buy", "sell" and "hold" over the previous 12 months. This is shown forsecurities issued in the stated region e.g. "Europe Universe". See rating definitions below. This is represented by the"Companies Covered" bars in the chart. The percentage value displayed above the bar is the proportion as a percentage. Next to each of the three respective bars showing the proportion of "buy", "sell" and "hold" recommendations we providetwo additional bars to show: - The proportion of "buy", "sell" or "hold recommendations where Deutsche Bank and or/Affiliates provided MIFIDInvestment or Ancillary Services in the past 12 months. This is represented in the "MIFID Investment and AncillaryServices" bar. The percentage value displayed above the bar