2009年11月韩国食品加工配送行业研究报告

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【出版时间及名称】：2009年11月韩国食品加工配送行业研究报告
        【作者】：三星证券
        【文件格式】：pdf
        【页数】：36
        【目录或简介】：
Food materials distribution
New sector with all the right ingredients
 Initiating coverage at OVERWEIGHT—Industry to be dominated by large players:
Korea’s food materials distribution industry has recently undergone structural changes
favoring large corporations, which have ramped up efforts to strengthen capacity by
restructuring affiliates and/or securing financial resources through IPOs. Against this
backdrop, we initiate coverage of the industry at OVERWEIGHT and recommend buying
shares in the major players. Although the proportion of large corporations has remained
insignificant despite the attractive size of the market, we see the industry slowly being
dominated by firms commanding greater financial and organizational resources.
 B2B segment—industry realignment underway around large companies: The
business-to-business (B2B) segment, estimated to be worth KRW20t, is perceived as
a land of opportunity, in which the presence of large companies has been low due to
an absence of systematic distribution systems and the existence of a number of
structural problems—eg, issues related to tax evasion. However, the market should
become realigned around large players, given: 1) the growing trend toward chains and
larger restaurants; 2) improvements in transaction transparency on increased credit
card use; and 3) the enhanced pricing competitiveness that comes with the ability to
buy in bulk and purchase directly from local farms.
 B2C segment—growth to come from retailers raising proportions of PL
products: In the business-to-consumer segment, growth in the discount store market
is slowing, hampered by stiffening competition. To reinvigorate and differentiate
themselves, discount stores are seeking to expand their proportions of private label
(PL) products, such as home meal replacements (HMRs). Boding well for such
expansion are changes in Korea’s food consumption patterns—eg, increasing demand
for pre-processed foods driven by a rising proportion of one-or-two-person families and
the country’s aging society. Expanding their PL product businesses should benefit
most major food materials distributors, given their: 1) captive markets—eg, providing
catering services to affiliates and having access to affiliated retailers; and 2)
processing centers in urban areas.
 Retailers and manufacturers in race toward vertical integration: We expect
corporate groups to encourage M&A activity between their manufacturing and retailing
arms for greater synergy. Manufacturers will likely try to secure distribution networks
(downstream integration), while retailers will be looking toward vertical (upstream)
integration to strengthen manufacturing capabilities of subsidiaries, thus enhancing
market positioning and profitability. Retailers, which already have established
distribution networks, stand a better chance of success, in our view.
 Recommending BUY on all covered stocks: Our top picks in the food materials
distribution sector are: 1) Shinsegae Food, as its business diversification—economies
of scope—should ensure sustained growth and profitability improvement; and 2)
Hyundai H&S, as operating value should increase on synergies with affiliates. We also
like CJ Freshway, where M&A activity should boost top-line growth, and Lotte
Samkang, which is destined to become a distributor for the Lotte Group. All such
stocks have low liquidity, so we advise investors to treat them as part of a basket.

1. Initiating sector coverage at OVERWEIGHT ...................................................................................... 3
1-1. Structural changes in the industry .................................................................................................... 3
1-2. Two growth drivers ............................................................................................................................ 3
2. B2B—Industry realignment underway around large companies................................................... 4
2-1. Market size attractive ........................................................................................................................ 4
2-2. Why large companies now have little presence.............................................................................. 4
2-3. Industry structure changing in favor of large players ...................................................................... 5
3. B2C segment—Growth to come from retailers raising proportions of PL products.................. 9
3-1. Opportunities from changing retail environment ............................................................................. 9
3-2. Opportunities from changing consumption patterns ....................................................................... 9
3-3. Buying tiny amounts at convenience stores on the rise ............................................................... 11
4. Retailers and manufacturers in race toward vertical integration.................................................12
4-1. Retailers opting for upstream integration strategy ........................................................................ 12
4-2. Manufacturers to respond with downstream integration strategy ................................................ 12
4-3. Business strategy comparison between food materials distributors............................................ 13
5. Comparing players in the industry....................................................................................................15
5-1. Most operate catering businesses, backed by captive markets. ................................................. 15
5-2. Expecting stiff competition over first-mover advantage ................................................................ 15
5-2. Current status and future strategy, by company........................................................................... 16
5-3. Peer valuations ............................................................................................................................... 18
6. Risk factors...........................................................................................................................................19
7. Investment points
7-1. Hyundai H&S (005440) .................................................................................................................. 20
7-2. Shinsegae Food (031440).............................................................................................................. 23
7.4. Lotte Samkang (002270) ................................................................................................................ 26
7-3. CJ Freshway (051500) ................................................................................................................... 29
8. Appendices...........................................................................................................................................32

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关键词：行业研究报告 研究报告 食品加工 韩国食品 行业研究 研究报告 行业 韩国 配送 食品加工

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haodongxi