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雷达卡
Table of Contents
Executive summary..................................................................4
Sector view ..................................................................................................................5
Company recommendations.........................................................................................7
Top value picks............................................................................................................8
Top puts .......................................................................................................................9
Sector overview: Is clothing retailers’ steamy premium justified? ............................10
Clothing retailers........................................................................................................13
Food retailers .............................................................................................................16
Backing the retailers with more scope to improve RoEs....18
SA Sector valuation comparisons ..............................................................................22
Value vs. medium-term growth .................................................................................22
Global peer group valuation comparison ...................................................................23
Target prices and recommendations ..........................................................................24
Risks to target prices and recommendations......................27
Clicks Group ...........................................................................29
Earnings estimate changes .........................................................................................29
Target price and rating ...............................................................................................29
Reasons to buy ...........................................................................................................29
Reasons not to buy.....................................................................................................29
Foschini...................................................................................31
Earnings estimate changes .........................................................................................31
Target price and rating ...............................................................................................31
Reasons to buy ...........................................................................................................31
Reasons not to buy.....................................................................................................31
JD Group.................................................................................35
Earnings estimate changes .........................................................................................35
Target price and rating ...............................................................................................35
Reasons to buy ...........................................................................................................35
Reasons not to buy.....................................................................................................35
Lewis Group............................................................................40
Earnings estimate changes .........................................................................................40
Target price and rating ...............................................................................................40
Reasons to buy ...........................................................................................................40
Reasons not to buy.....................................................................................................40
Massmart.................................................................................42
Earnings estimate changes .........................................................................................42
Target price and rating ...............................................................................................42
Reasons to buy ...........................................................................................................42
Reasons not to buy.....................................................................................................42
Mr Price Group Limited..........................................................46
Earnings estimate changes .........................................................................................46
Target price and rating ...............................................................................................46
Reasons to buy ...........................................................................................................46
Reasons not to buy.....................................................................................................46
Pick n Pay ...............................................................................48
Earnings estimate changes .........................................................................................48
Target price and rating ...............................................................................................48
Reasons to buy ...........................................................................................................48
Reasons not to buy.....................................................................................................48
Shoprite...................................................................................52
Earnings estimate changes .........................................................................................52
Target price and rating ...............................................................................................52
Reasons to buy ...........................................................................................................52
Reasons not to buy.....................................................................................................52
Spar .........................................................................................55
Earnings estimate changes .........................................................................................55
Target price and rating ...............................................................................................55
Reasons to buy ...........................................................................................................55
Reasons not to buy.....................................................................................................55
Truworths................................................................................57
Earnings estimate changes .........................................................................................57
Target price and rating ...............................................................................................57
Reasons to buy ...........................................................................................................57
Reasons not to buy.....................................................................................................57
Woolworths Holdings.............................................................59
Earnings estimate changes .........................................................................................59
Target price and rating ...............................................................................................59
Reasons to buy ...........................................................................................................59
Reasons not to buy.....................................................................................................59
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