Outlook. YUMC's long-term business strategy seems consistent. Business model is agile, and feedbacks on its new initiatives look encouraging. We like its strategic cooperation with franchisees, which will not only generate more sales but improve FCF margin. Despite soft consumption sentiment, as well as intense competition, SSSG has been steady, but could still fluctuate due to fluid macro environment. Both KFC and PH are likely to be less impacted (compared with other restaurant players) if delivery subsid ...