Xiabuxiabu Catering Management (China) Hldgs Co Ltd Shs Unitary 144A/Reg S

00520: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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China Restaurant Shares Undervalued Despite Rally; Golden Week Reinforces Positive Outlook

Ivan Su

Oct 15, 2024

Encouraging Golden Week data from leading restaurant operators in China reinforces our above-consensus earnings estimates and positive outlook for the sector. Our top pick remains wide-moat Yum China, given its diverse store formats and robust supply chain, which provide resilience during economic downturns and enable rapid expansion in prosperous times. Shares of Yum China are trading at a 40% discount to our $76 per share fair value estimate.

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Xiabuxiabu Catering Management (China) Hldgs Co Ltd Shs Unitary 144A/Reg S

China Restaurant Shares Undervalued Despite Rally; Golden Week Reinforces Positive Outlook

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