Table of Contents
2H is not likely to show a major recovery but that is no
surprise to us............................................................................................ 4
Changes to our estimates ....................................................................... 4
For discretionary we believe weak expectations are already
priced in..................................................................................................... 6
Outlook from J.P. Morgan macro team.................................................. 7
Long-term drivers for consumption still in place................................. 7
Company section - Discretionary.........................................................18
Company section – Staples ..................................................................37
Appendix 1: Forward PE charts: Retailers ..........................................62
Appendix 2: Forward PE charts: Staples.............................................65
Appendix 3: Raw material price charts ................................................68
Companies ..............................................................................................71
Ajisen China Holdings Ltd ..................................................................................72
Anta Sports Products Ltd.....................................................................................75
Belle International Holdings Ltd. ........................................................................78
Cafe de Coral Holdings Ltd.................................................................................81
China Foods Ltd ..................................................................................................84
China Lilang Ltd..................................................................................................87
China Mengniu Dairy Co. Ltd. ............................................................................91
China Resources Enterprise.................................................................................94
China Yurun Food Group ....................................................................................97
Chow Tai Fook Jewellery Company Ltd. ..........................................................100
Dairy Farm International Holdings Limited ......................................................103
Giordano ............................................................................................................106
Golden Eagle Retail Group Ltd .........................................................................109
Hengan International Group Ltd........................................................................112
I.T Ltd................................................................................................................115
L'Occitane International SA ..............................................................................118
Li Ning Co Ltd ..................................................................................................121
Lifestyle International Holdings ........................................................................124
Parkson Retail Group Ltd ..................................................................................127
Ports Design.......................................................................................................130
Sa Sa International Holdings Limited................................................................133
Tibet 5100 Water Resources Holdings Ltd........................................................136
Tingyi (Cayman Islands) Holding Corp ............................................................139
Tsingtao Brewery – A & H................................................................................142
Trinity Limited ..................................................................................................146
Uni-President China Holdings Ltd ....................................................................149
Want Want China Holdings Ltd ........................................................................152
Xtep International Holdings Limited.................................................................155