2012-01-17_汇丰银行China Grocery Retailers-Setting up for a rebound.pdf

下载文档 降价啦

1
0
约17.6万字
约 32页
2017-07-02 发布于河南
举报
版权申诉
保障服务

2012-01-17_汇丰银行China Grocery Retailers-Setting up for a rebound.pdf

1、本文档共32页，可阅读全部内容。
2、有哪些信誉好的足球投注网站（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。
3、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。

2012-01-17_汇丰银行China Grocery Retailers-Setting up for a rebound

Consumer Retail abc China Multiline Retail Global Research China Grocery Growth and margins could recover as early as 2Q12 Retailers Post the correction from 4Q11, the Setting up for a rebound sector is setting up for a rebound Remain OW(V) on Sun Art; upgrade Summary of ratings and target prices Wumart to N(V) from UW(V) Ticker Price Old New Old New Pot. (HKD) rating rating TP TP Return Going through a rough patch. Grocery retailers have had a Sun Art 6808 HK 9.80 OW(V) OW(V) 11.5 11.8 21.5% rough six months with consumer demand growth weakening on Retail Wumart 1025 HK 16.02 UW(V) N(V) 16.9 16.1 2.4% high inflation in 3Q11 and remaining weak in 4Q11 as Source: HSBC estimates. Prices as of 12 January 2012. Potential return equals the percentage consumers delayed purchases in anticipation that inflation difference between the current share price and the target price, plus the forecast dividend yield. would continue to ease. This weakness is likely to continue through 1Q12 due to a shorter Chinese New Year (CNY)