YUM CHINA HOLDINGS, INC.

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Regional menu items helps China's KFC cater to local tastes

01/18/2022 | 09:31am EDT

Yum China has announced that its KFC brand is tapping into regional Chinese cuisines and adding traditional local dishes to its menu. In 2021, to support further market penetration and meet the diversified needs of Chinese consumers, KFC launched 12 regionally inspired menu items across dayparts and introduced regional menu items for the first time, according to a press release.

In January 2021, KFC launched hot dry noodles at more than 100 stores in Wuhan, making it the first noodle product since entering China. In September 2021, after launching a series of locally inspired snacks in different cities, hot dry noodles became the first regional menu item to launch at KFC stores nationwide as an LTO. Over 1 million bowls of hot dry noodles were sold within a week of launching, becoming KFC's best performing LTO breakfast item in the past three years.

"China prides itself on having rich and diverse food scenes. Almost every city has its own food specialties, particularly when it comes to breakfast," Joey Wat, CEO of Yum China, said in the release. "Launching regional menu items is part of our strategy to relentlessly pursue food innovation, which helps us respond to fast-changing consumer demands and keep up with the latest trends."

Including the launch of hot dry noodles in January 2021, 12 locally inspired menu items were launched in 10 regional markets during the year, covering breakfast, afternoon tea and dinner dayparts. The regional breakfast products, including hot dry noodles, xiaolongbao (steamed dumplings) and hulatang (hot pepper soup) have been well received by customers, the company said. The launch of xiaolongbao in Hangzhou was expanded to Shanghai and other cities in the Yangtze River Delta region, generating positive feedback from customers. Hot dry noodles and xiaolongbao have since become permanent fixtures on KFC's breakfast menus in Wuhan and Hangzhou, respectively.

Selected regional menu items have been added to KFC's retail product portfolio, available both in stores and via online channels. In September 2021, hot dry noodles, hulatang and yanpi wonton were launched locally via KFC's retail channels, including the KFC Super App, and e-commerce stores.

Yum China Holdings, Inc. is a licensee of Yum! Brands in mainland China.

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Financials (USD)
Sales 2022 10 357 M - -
Net income 2022 464 M - -
Net cash 2022 3 841 M - -
P/E ratio 2022 37,9x
Yield 2022 1,34%
Capitalization 16 625 M 16 625 M -
EV / Sales 2022 1,23x
EV / Sales 2023 0,97x
Nbr of Employees 298 500
Free-Float 90,4%
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Number of Analysts 22
Last Close Price 39,45 $
Average target price 54,94 $
Spread / Average Target 39,3%
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Managers and Directors
Joey Wat Chief Executive Officer & Director
Andy Yeung Chief Financial Officer
Zu Liu Hu Independent Non-Executive Chairman
Leila Zhang Vice President-Information Technology
Adrian Ding Chief Investment Officer
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