Yum Brands CFO Rick Carucci spoke at the BofA Consumer & Retail Conference yesterday, presenting an argument that the company — which owns Taco Bell, Pizza Hut, and KFC — can keep up its torrid pace of international growth.
You can watch the whole presentation here, but we wanted to pluck out this slide on China.
Photo: YUM Brands
The bet is that massive growth is coming inland thanks to government spending, and that the idea that the country has come to the end of growth or investment is ludicrous.
This isn’t the first time we’ve seen this map.
Frank Holmes of US Global Investors recently presented a pair of similar maps in a presentation on China and commodities.
In fact, he specifically cited Yum’s restaurants as likely beneficiaries from an infrastructure boom he likened to the establishment of the US Interstate Highway System
Again, this is the trump card that China bulls hope to play: When it comes to infrastructure and growth, they’re just getting started.