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雷达卡
【出版时间及名称】：2010年1月中国餐饮行业研究报告
【作者】：元大京华
【文件格式】：PDF
【页数】：169
【目录或简介】：
Table of contents
Stay hungry: China restaurants ................................................................... 3
Comparative valuation........................................................................................... 6
Three key words in consolidation ........................................................................ 19
Strategic implications of YUM’s acquisition of a 27% stake in Little Sheep ............ 27
Six strategies to manage cost inflation ................................................................ 29
A glance at four China chain restaurants ............................................................. 34
Seven risks in the China restaurant industry ........................................................ 39
Ajisen (538 HK).............................................................................................. 41
Investment thesis................................................................................................ 42
Valuation ............................................................................................................ 43
Earnings and operating outlook........................................................................... 48
Financial strength ............................................................................................... 56
Cafe de Coral (341 HK) ................................................................................ 64
Investment thesis................................................................................................ 65
Valuation ............................................................................................................ 67
Earnings and operating outlook........................................................................... 76
Hong Kong: Still capturing growth....................................................................... 79
China: The key growth driver............................................................................... 83
North America: a turnaround story ...................................................................... 87
Fairwood (52 HK)......................................................................................... 102
Investment Thesis ............................................................................................. 103
Valuation .......................................................................................................... 104
Earnings and operating outlook......................................................................... 109
Financial strength ............................................................................................. 115
Little Sheep (968 HK) ................................................................................. 123
Investment thesis.............................................................................................. 124
Valuation .......................................................................................................... 127
Earnings and operating outlook......................................................................... 138
Six strategies differentiate Little Sheep.............................................................. 141
Restaurants: still an expansion story ................................................................. 143
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