里昂发表研究报告指，百胜中国(YUMC.US) 去年第四季收入按年升4%至26亿美元，EBITDA利润率改善155个基点，认为在单位销售倒退下，利润率呈改善属惊喜。该行指，肯德基的成本架构自去年次季起持续有改善，可防止公司同店销售倒退。不过公司警告肯德基今年进一步减低成本的空间有限，而在新的WOW模型，必胜客的成本改善将会继续。
该行因为公司今年开店指引1,600至1,800家高过预期，而上调其对公司今明两年收入预测各1%，惟将经调整EBITDA预测下调2%至3%，以反映肯德基每家店的人工及租用成本持平，并留意到成本改善趋势可能减弱，将其美股目标价由57美元微降至56元，评级“跑赢大市”，并料稳定的EBITDA利润率持续，意味百胜中国的表现将会对每单平均价格的潜在复苏更敏感。(vc/da)(美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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