Further takeaways from management call: Collins Foods | Asia Pacific

研报英文原文证据摘录

Further takeaways from management call: Collins Foods | Asia Pacific

Update

June 30, 2026 02:18 AM GMT

Morgan Stanley Australia Limited+MCollins Foods | Asia Pacific Mac Ross, CFA

Equity Analyst

Further takeaways from Mac.Ross@morganstanley.comMelinda K Baxter +61 2 9770-1579

Melinda.Baxter@morganstanley.com +61 2 9770-1176

management call Julia M de Sterke

Julia.De.Sterke@morganstanley.com +61 2 9770-1658

Australia margins: FY27 labour inflation appears likely to be mitigated mainly

through top-line initiatives rather than productivity alone. Management pointed to

limited-time offers, marketing/value, transaction mix, Kwench and late-night trade,

while continuing to work with Yum on AI tools to optimise labour and food costs.

Kwench / late night: Management sounded constructive on both initiatives,

Collins Foods (CKF.AX, CKF AU)

particularly given they target Gen Z and new dayparts. Commentary was

Australia Consumer | Australia

understandably limited given both are still early in rollout, but the committed

Stock Rating Equal-weight

Kwench capex and early late-night results suggest confidence in the opportunity. Industry View Cautious

Price target A$9.70

Germany: CKF remains open to further German acquisitions, but stressed discipline Up/downside to price target (%) 16

Shr price, close (Jun 29, 2026) A$8.36

and a focus on building density within existing states. Near-term focus is integrating 52-Week Range A$12.73-7.81

Munich and building the pipeline in Bavaria and North Rhine-Westphalia. Sh out, dil, curr (mn) 119

Mkt cap, curr (mn) A$993

EV, curr (mn) A$1,059

Europe trading: Early FY27 softness was attributed to Middle East conflict, fuel Avg daily trading value (mn) A$3

prices/confidence, heatwave disruption and weaker limited-time offers.