【出版时间及名称】:2010年3月日本食品行业研究报告
【作者】:瑞士信贷
【文件格式】:pdf
【页数】:34+69页
【目录或简介】:
Food/consumer goods sector
(China research)
SECTOR REVIEW
Tracking three medium-term trends in China
■
Summary: Kevin Yin of our Hong Kong research team released a report on
3 March, China Consumer Staples Sector: Tracking three medium-term
trends (we include a summary version of the report for your reference),
which goes beyond the vague industry view that ‘China = growth’ and details
three major trends that hold the key for forecasting the future of the above
industries and identifies likely winners. Japanese manufacturers of food and
consumer goods are expanding into China, either through greenfield
investment or acquisitions, and we present here some key dimensions for
evaluating Japanese firms’ moves into China from a medium- and long-term
perspective.
■
Three medium-term trends: Three medium-term trends we have identified
are: (1) growing consumption in rural areas driven by the Chinese
government’s policy of raising rural incomes and steps to boost
consumption; (2) initiatives under an inflationary environment that will test
the capacity of brands to maintain profit margins; and (3) growing concerns
about food safety and accelerating industry realignment.
■
Growing concerns about food safety a tailwind for Fuji Oil (2607,
OUTPERFORM, TP ¥1,580): Fuji Oil’s Singapore subsidiary Fuji Oil
Singapore sells nutritional fats to manufacturers of powdered infant formula
in South-East Asia and the infant formula produced using these ingredients
is sold not only in South-East Asia, but also in China. Powdered infant
formula replicates mother’s milk using ingredients other than mother’s milk
and is produced by blending a variety of minor constituents. Nutritional fats
are one of these minor constituents and manufacturers supplying these
types of ingredients exist throughout the world. Thus, there is nothing special
about the manufacturing process or production technology used to make Fuji
Oil Singapore’s nutritional fats. However, during 2008, there was an
outbreak in China of kidney stones in infants who had drunk powdered milk
produced by local Chinese dairy-product manufacturers. Some 22
companies in China were found to have sold dairy products tainted with
melamine, a toxic substance. The many problems involving food products
manufactured in China has thrown the spotlight on Fuji Oil Singapore, which
has a strong reputation for safety, especially in the field of infant formula.