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Asian equities were mixed but mostly higher overnight except for Hong Kong, which underperformed following recent strength.
Yum China Earnings Overview
US-listed Yum China, which operates American fast-food chains such as Taco Bell, Pizza Hut, and KFC in China, reported Q2 earnings after the US close yesterday. The results were outstanding, though revenue was a touch light compared to lofty analyst expectations. The year-over-year (YoY) comparison was an easy one due to Shanghai’s lockdown in Q2 2022, though the results versus Q2 2019 look strong as well. Revenue is +25% higher than in Q2 2022. Meanwhile, the conglomerate’s number of stores has grown to 13,602 from 2019’s 11,023.
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