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    Linda Huang

    Senior Analyst at Macquarie Group

    Linda Huang is a Senior Analyst at Macquarie Group specializing in Asia consumer sector equity research. She covers leading publicly listed companies including Yum China Holdings and New Oriental Education, consistently producing investment ratings and sector insights for institutional clients. With over five years of experience at Macquarie, she has published more than 25 equity ratings, maintaining a success rate of 39% and an average return of -1.3% per rating according to independent performance tracking platforms. Huang is professionally credentialed with securities analysis qualifications and has contributed to Macquarie’s top-tier ranking in Asia, driven by her expertise in coverage and research on major regional consumer names.

    Linda Huang's questions to Yum China Holdings (YUMC) leadership

    Linda Huang's questions to Yum China Holdings (YUMC) leadership • Q3 2024

    Question

    Linda Huang from Macquarie questioned the sustainability of the increased $4.5 billion capital return plan, noting it exceeds historical free cash flow. She asked if this implies a focus on organic growth and rules out large M&A, or if the company would consider taking on debt for a major opportunity.

    Answer

    CFO Adrian Ding clarified that while the company is confident in its cash generation, the current pace of returns is not indefinite. He affirmed that Yum China remains prudent and proactive regarding M&A. If a compelling, value-accretive opportunity arose, the company might adjust its capital return plan and would consider taking on debt, but only if the deal created significant shareholder value.

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