UBS 瑞士银行：China Footwear Retail

06.11.30 (Full Report ６０ pages).pdf

Contents page
Summary and Investment Case 3
Industry analysis 5
— GDP growth fuels China’s footwear industry.................................................................. 5
— A flourishing China footwear market.............................................................................10
— Attractive growth potential in women’s footwear ...............................................................13
— The fragmented Chinese footwear industry ..................................................................14
Industry risks 16
Valuation and comparables 17
— Comparables................................................................................................................18
Company pages 21
— Hongguo International..................................................................................................22
— Investment case.....................................................................................................23
— Company risks .......................................................................................................26
— Financials ..............................................................................................................27
— Price target derivation ............................................................................................35
— Company background............................................................................................36
— Prime Success .............................................................................................................39
— Investment case.....................................................................................................40
— Company risks .......................................................................................................42
— Financials ..............................................................................................................43
— Price target derivation ............................................................................................50
— Company background............................................................................................51
Appendix 54
— Day tour: Hongguo (Nanjing, China).............................................................................54
— Day tour: Prime Success (Shanghai, China).................................................................55