中金公司-天福茶业：Leading the Trend of Branded Chinese Tea Consumption-20111110

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Investment positives
Tenfu is the leading player in the China branded tea market and
has the largest sales network in terms of retail store number.
Tenfu occupied 3.7% market share of China branded loose-leaf tea
market in 2010 and has 1,107 retail stores as of end-1H11. Sales and
earnings CAGR of Tenfu in 2008~2010 were 48% and 43%. The
company focuses on the most valuable parts of the industry value
chain, posting an attractive net profit margin of 17.9~20.1% over the
past three years amid fast revenue growth.
Promising expansion outlook: Our income elasticity study
indicates Chinese branded tea consumption in urban areas should
grow at 17~18% CAGR by value over 2010~2015. Healthy industry
growth plus a fragmented market provides Tenfu with a promising
outlook for expansion based on its unique competitive edge.
Competitive advantages: Tenfu’s competitive advantages lie in its
experienced management team, a full product range with multi-brand
strategy and nationwide sales network, as well as a long-time
commitment and continuous investment in branding and promotion.
Tenfu relies on nationwide store expansion to sustain sales growth
and brand promotion. Balanced expansion of self-owned and
third-party stores should help optimize growth opportunities with
low risk of stretched cash flow and management incapacity.

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关键词：consumption Leading Chinese Branded brand Investment attractive industry posting 天福茶业