First half results beat UBS estimates by 10%. The broker acknowledges it underestimated the potential cost containment within KFC, and Sizzler also surprised on the upside.
The broker considers the valuation relatively full and maintains a Neutral rating. Target is raised to $5.75 from $4.75.
Sector: Consumer Services.
Target price is $5.75.Current Price is $5.88. Difference: ($0.13) – (brackets indicate current price is over target). If CKF meets the UBS target it will return approximately -2% (excluding dividends, fees and charges – negative figures indicate an expected loss).