Personally I do feel that CKF is fully valued at the current SP...

Personally I do feel that CKF is fully valued at the current SP but as to whether you might be able to wait for a better entry point i'm not sure (the next catalyst would be the results released at the end of this month). 

I can only give my own perspective on what I like about CKF for you: 

- A growth oriented company in a conservative industry. I'm a pretty conservative investor but fast food is something I can easily understand and always holds up relatively well in economic downturns. I also think the growth is a little lower risk because they have the process of managing KFC outlet's down pat and there wouldn't be a great deal of difference in running a successful one in each state (e.g NSW compared to QLD). 

- Management shareholdings: The founder is still on the board and holds around 6.5 percent of the company. The CEO also has a large shareholding so I think they are pretty aligned with the other shareholders 

- Fully franked dividends with a good prospect of growing over time 

- Additional growth platforms in Netherlands/Germany and Taco Bell (these are higher risk and hopefully higher reward but they haven't totally bet the company on them).