摩根斯坦利：中国食品饮料行业研究报告2009年8月

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Investment conclusion: We reiterate our Overweight
rating on China Foods and Changyu B shares, while
upgrading Changyu A from Underweight to Equalweight.
We raise our DCF-derived share price targets by
61-74% based on increased earnings growth forecasts
and a lower discount factor. Despite the run-up in the
prices of China Foods and Changyu B, the shares are
trading at respective 2010E P/Es of 17x and 18x – still
attractive valuations vs the food & beverage industry
2010E P/E of 23x, in our opinion, with further earnings
upside potential from a resumption in wine demand.
We increase our earnings estimates for Changyu,
which could be the first to leverage recovering wine
sales growth due to its solid leading position in the
high-end market and efficient channel management.
We foresee a longer term (2010-11) benefit to
volume leader China Foods’ wine sales, as it
continues its product upgrade efforts. Also factored into
our earnings revisions for China Foods is a stronger
turnaround in its edible oil/chocolate business and
higher beverage sales. Its exposure to soft drinks as
Coca Cola’s bottler should also help the company
capture the growth opportunity.
Our forecasts are conservative: Our 2009-10
forecasts are generally in line with consensus for
Changyu and 3-7% below consensus for China Foods.
We think there is still upside potential from potentially
stronger than forecast wine volume growth in 2H09.

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关键词：行业研究报告 食品饮料行业 摩根斯坦利 中国食品 饮料行业 conclusion Investment 摩根斯坦利 discount 中国食品

gouhen 1# bigfoot0516

太不厚道了吧

不错，谢谢分享

以后没事就过来看看    不看别的   就看看谁买

应该不是恨不恨的问题了，小数点给漏掉了吧

吃屎迟迟吃屎迟迟
本文来自: 人大经济论坛 详细出处参考：http://www.pinggu.org/bbs/viewth ... &from^^uid=374037

吃屎迟迟吃屎迟迟

本文来自: 人大经济论坛 详细出处参考：http://www.pinggu.org/bbs/viewth ... &from^^uid=570826

有没有搞错

LZ在做梦吧