CLSA Neutral on Potential Bid by YUM CHINA for Jardine Restaurant Business
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CLSA maintains a Neutral stance on YUM CHINA's potential bid for Jardine Matheson's restaurant business, which includes 1,000 KFC and Pizza Hut outlets in the Asia-Pacific. The acquisition could add 2,500 new outlets but faces skepticism regarding profitability compared to China operations. The reported purchase price is USD400 million, expected to have no impact on shareholder returns. CLSA rates YUMC at Outperform with a target price of USD56.
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