Contents
1H09 F&B sector review
3
Cost decline to kill two birds with one stone
7
Crop price surge looks unlikely
12
Food and beverage sales to rebound in 2H09
16
Investment strategy
21
Company analysis
Nongshim (004370 KS) : Maintain BUY, TP W270,000
CJ CheilJedang (097950 KS) : Maintain BUY, TP W210,000
Orion (001800 KS) : Maintain BUY, TP W260,000
26
28
30