CLSA analyst Jeremy Scott remains cautious on Underperform rated Yum following a June 2016 China Realty Research study which measured ongoing deceleration in consumption of foreign fast food and a sharp drop in favorability for both KFC and Pizza Hut. The analyst said brand and category fatigue is setting in as the Chinese fast food market is over extended and the rapid adoption of O2O platforms are changing the rules and elevating local brands. Scott believes structural, competitive, and macro pressure have all increased in the past six months and has cut YUM FY16 earnings estimate to $3.61 from $3.67, FY17 to $3.82 from $3.84 and maintained its $82 price target.