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雷达卡
【出版时间及名称】：2010年1月中国连锁百货行业研究报告
【作者】：元大京华
【文件格式】：pdf
【页数】：96
【目录或简介】：
Table of contents
Investment summary............................................................................................... 3
Market potential is vast and sustainable ............................................................. 3
Parkson is our top pick ....................................................................................... 3
China retail industry: A multi-year growth story ..................................................... 9
The market potential is vast and sustainable ...................................................... 9
Three fundamental factors to drive retail market expansion ............................. 12
China department store sector .............................................................................. 17
The best proxy for China’s discretionary spending ........................................... 17
Department stores: the preferred apparel shopping channels........................... 19
Assessing China’s department store sector potential........................................ 21
Rebranding and consolidation; two key themes of dept. store sector in China.. 27
Parkson Retail (3368 HK); BUY............................................................................. 31
Investment thesis .................................................................................................. 32
Two catalysts to support a re-rating ..................................................................... 42
Valuation............................................................................................................... 45
Earnings outlook ................................................................................................... 55
Investment risks.................................................................................................... 61
Company profile.................................................................................................... 62
New World Dept. Store (825 HK); HOLD ............................................................... 67
Investment thesis .................................................................................................. 68
Valuation............................................................................................................... 73
Earnings outlook ................................................................................................... 83
Company profile.................................................................................................... 89
Investment risks.................................................................................................... 92
Appendix A: Important Disclosures ....................................................................... 94
Yuanta Greater China Equities ............................................................................... 96
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