本帖隐藏的内容

高盛——亚太地区餐饮业投资策略
Table of contents
Overview: Picking a long-term beneficiary  2
Peer comparison: Ajisen’s strong earnings growth is more sustainable, in our view 3
Footage expansion: Ajisen’s strategic alliance supports a stable long-term expansion process 6
Same store sales growth: Ajisen has the ability to lift per capita spending, while Gourmet Master may face sales decline 10
Operating margin: Ajisen’s margin to gradually expand due to operating leverage and economies of scale 13
Valuation: Initiate coverage on Ajisen with a Buy and Gourmet Master with a Neutral 16
Earnings: We forecast Ajisen’s earnings CAGR to reach 30% during 2011-2013 19
Sector: The oven is pre-heated  22
How does a restaurant chain maintain its quality and expand rapidly at the same time? 24
Ajisen Holdings Ltd. (0538.HK): Strong growth helped by footage expansion and store earnings improvement; initiate with Buy  25
Gourmet Master (2723.TW): Earnings growth below company guidance; initiate with Neutral 28

高盛——第二季度中国A股投资策略
Table of contents
Tightening pace to slow, positive for A-share market 2
Macro background: tightening measures showing effects;  frequency and intensity to moderate, positive for A-share market  3
Earnings risk is limited despite impact from policy tightening, upheavals in MENA  and the Japan earthquake 4
We maintain mid-year and year-end targets as valuation is unlikely to rise substantially despite strong earnings; stable market liquidity  5
Upgrade property/home appliance to Overweight, downgrade capital goods, insurance, container shipping and autos to Neutral  18
Reviewing sector recommendations: what worked and what didn’t 18
Upgrade property/home appliance to OW, downgrade capital goods/insurance/auto/container shipping to Neutral 18
Upgrade property/home appliances from Neutral to Overweight 18
Downgrade capital goods, auto, insurance and container shipping to Neutral 20
Maintain positioning of banks and others  21
Why we do not OW banks onshore as we do offshore? 21
The prices in the body of this report are based on the market close of March 30, 2011 unless specified otherwise.
The author would like to thank Chenjie Liu for his contribution to this report.