JP Morgan Greater China Consumer 8 JUNE 2011
16 MB
Watch staples over 2H11 and 2012, discretionary on track 4
Valuations and Price Performance 5-6
China Staples: Quick look at 2010 results 7-11
Top picks among China staples 12
Staples themes and sub sectors 13-38
China Discretionary: Quick look at 2010 results 39-42
China discretionary top picks: We prefer retailers and department stores 43
Discretionary: A quick look at the sub sectors 44-53
Company Slides 54-87
Appendix 1: Hong Kong retail and tourism 88-89
Appendix 2: China department stores – comparison tables 90-95
Appendix 3: China sportswear 96-103
Appendix 4: China discretionary trends 104-109
Appendix 5: Discretionary 2010 results review 110-113
Appendix 6: Strong operating leverage at discretionary 114
Appendix 7: China staples trends 115-121
Appendix 8: Staples Results Review 2010 122-125
Appendix 9: Raw material price charts 126-128
Appendix 10: China instant noodles market 129
Appendix 11: China beverage market data 130
Appendix 12: China beer market 131-135
Valuations 136-137