德意志银行：巴西日化行业研究报告2009年4月

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Table of Contents
Executive Summary........................................................................... 4
Outlook: Brazil and LatAm starting carrying industry weight on their shoulders.......................4
Valuation ..................................................................................................................................6
Risks ........................................................................................................................................6
Macro and demographic backdrop.................................................. 7
Trends slowing, but still relatively decent .................................................................................7
Consumer markets..................................................................................................................12
Retail markets .........................................................................................................................18
Competitive landscape............................................................................................................21
Company detail................................................................................ 25
Avon Products ........................................................................................................................25
Colgate Palmolive ...................................................................................................................28
Procter & Gamble ...................................................................................................................31
Unilever (covered by DB analyst Harold Thompson)...............................................................35
Natura (covered by DB analyst Reinaldo Santana) ..................................................................37

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关键词：行业研究报告 德意志银行 研究报告 日化行业 行业研究 industry 研究报告 carrying starting 德意志

现在这报告很旧啦。还不便宜点啊

65535个论坛币？楼主打错了么？

想钱想疯了啊

什么意思？怎么会这么贵？