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【出版时间及名称】：2010年3月中国消费品行业研究报告
【作者】：瑞士信贷
【文件格式】：pdf
【页数】：64
【目录或简介】：
Table of contents
Rural consumption to unfold ................................................................................................ 6
Rural income is a ten-year laggard to urban ................................................................... 6
China committed to raising rural income......................................................................... 6
‘Go rural’ policy to encourage consumption.................................................................... 7
Who has the edge in exploring the gold mine? ............................................................... 8
Inflation challenge.............................................................................................................. 13
We forecast CPI of 3.3% (2010) and 4.9% (2011)........................................................ 13
Who is an inflation hedger?........................................................................................... 15
Rising concerns about food safety..................................................................................... 20
A fundamental scorecard................................................................................................... 21
1) Instant noodles.......................................................................................................... 21
2) Soft drinks (juice and bottled water).......................................................................... 21
3) Snack ........................................................................................................................ 21
4) Dairy.......................................................................................................................... 21
5) Brewery..................................................................................................................... 22
6) Meat processing........................................................................................................ 22
7) Personal care (disposable paper and shampoo) ...................................................... 22
Financial comparison......................................................................................................... 23
Valuation and stock picks .................................................................................................. 28
Valuation methodology.................................................................................................. 28
Stock picks .................................................................................................................... 28
China Yurun – Inflation hedger.......................................................................................... 38
Want Want China Holdings Ltd. – At the turning point ...................................................... 42
Tingyi – Great brand of tomorrow...................................................................................... 46
Hengan International – Margin protected by inventory management ................................ 49
China Mengniu Dairy – SG&A is a near-term overhang.................................................... 53
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