发帖
雷达卡
Trending well
On solid uptrend. Overall retail sales growth in China
accelerated further to 15.5% in Sep09 (Aug09: up 15.4%). Such
momentum was satisfactory, given that sales from National
Golden Week Holiday for Oct 1-8 have yet to be captured given
its late arrival by 3 days versus last year’s. On segmental basis,
selective industries such as automobiles sustained a strong
growth trend in recent months while other sectors continue to
normalise. Recent Golden Week sales also showed strong
growth at c.18% y-o-y, broadly in line with selective retail
operators. Going into Q4, the momentum should remain solid
as consumer sentiment continues to improve.
More solid growth expected ahead. We continue to
maintain a positive view on China consumers considering the
high sector resilience. While valuations are not particularly
attractive, we do find value in some industry leaders or valuation
laggards. Our top picks in the sector include China Mengniu,
Want Want, Little Sheep, Li Ning, New World Department Store,
Golden Eagle, Gome, Beijing Jingkelong and Yue Yuen.
HSI: 21,762
ANALYST
Alice Hui, CFA · (852) 2971 1960 ·
alice_hui@hk.dbsvickers.com
Mavis Hui · (852) 2863 8879 ·
mavis_hui@hk.dbsvickers.com
Patricia Yeung · (852) 2863 8908 ·
patricia_yeung@hk.dbsvickers.com
Titus Wu · (86 21) 6888 3360 ·
titus_wu@hk.dbsvickers.com
Chart of the month – Consumer confidence bottoming out
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Index
Source: CEIC
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