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【出版时间及名称】：2010年2月中国食品零售行业研究报告
【作者】：MIRAE ASSET
【文件格式】：pdf
【页数】：42
【目录或简介】：
Executive summary 2
A key beneficiary of food inflation – we like Lianhua and CRE 2
Strong operating cashflow appears undervalued 2
Sector consolidation can support margin and return enhancement 2
Regional dominance and system logistics are keys to short-term success 2
Valuation 4
Supermarket chains should continue to outgrow the retail market 6
Sector consolidation will likely accelerate in the next three years 8
A growing pie fuelled business expansion under different strategies 9
High sector consolidated margin and strong operating cash flow 9
Low domestic EBITDA margins reflect room for efficiency enhancement 10
The sector will likely benefit from food inflation 10
Keys to future success in the sector 11
Company pages 12
China Resources Enterprises (291 HK): Targeting margin improvement 12
Lianhua (980 HK): China’s largest supermarket 15
Beijing Hualian 32
Beijing Jingkelong 33
Chia Tai Enterprises Int’l 34
Times Ltd 35
Wumart Stores 36
Appendix 1: 2008 China’s top 50 grocery retailers 37
Appendix 2: 2008 world’s top 80 grocery retailers 38
Appendix 3: Investment Risks 39
Analyst team profile 40
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