CLSA里昂证券-China Consumer Discretionary Sector outlook 中国百货零售业行业展望报告 （2009年5月11日）

 Looking into 2010
With strong balance sheets, improved earnings visibility for 2H09
onwards and increased risk appetite of investors, we have based our new
valuation of consumer discretionary plays on 2010 earnings, rather than
on a 12-month rolling basis as previously. Our previous forecasts have
already factored in a recovery of same store sales (SSS) in 2H09, followed
by accelerated SSS growth in 2010. Despite target price upgrades, our
earnings forecasts are largely unchanged. Golden Eagle is still our top
pick in the China department store sector and we continue to prefer Anta
and Dongxiang to Li Ning in the China sportswear space.