Table of contents
Noodles and non-CSD to drive growth ........................ 3
Comparative valuation.............................................. 6
China F&B industry: no signs of a slowdown............... 8
Instant noodle consumption still growing................. 14
Soft drinks: to hold up in 2009................................. 20
Margin expansion for the leading players ................. 27
Consolidation - a theme in 2009............................... 29
Tingyi (322 HK); BUY............................... 38
Investment thesis ........................................................................ 39
Valuation ..................................................................................... 41
Earnings and operating outlook ................................................... 53
Instant noodles: still on a growth track ....................................... 56
Beverages: on the way up in 2009 ............................................... 71
Baked goods: too small to move the needle................................. 86
Refrigeration: good divestment.................................................... 89
Uni-President China; BUY (220 HK) ........ 106
Investment thesis .......................................................................107
Valuation ....................................................................................110
Earnings and operating outlook ..................................................124