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had retreated during result seasons in the past five years.
We expect history to repeat itself in the coming August as
fundamentals have not improved much. Meanwhile,
earnings visibility is low, for lack of sufficient guidance,
which might lead to negative surprises. In our view, UPC
has the highest possibility of surprising on the downside,
while Tsingtao Brewery should be the safest stock,
delivering consistent and stable growth in 1H13. The
relative valuation of F&B moves with dynamics of sector
performance. After the market digests the result, F&B
sector would still deserve a considerable valuation
premium for its defensiveness before the macros improve
and other sectors warm up.
Balancing+short-and+long-term.PDF
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