Contents
Investment summary .................................................................................................. 3
Consumption has been holding up ............................................................................. 4
Stimulus measures to further boost consumption ................................................. 6
The winning formula: ESM.................................................................................... 7
Sales..................................................................................................................... 7
Margins ................................................................................................................. 9
Balance sheet comparison.................................................................................. 10
Cash flow comparison......................................................................................... 11
Valuation comparison.......................................................................................... 11
Sector outlook........................................................................................................... 13
Food & Beverage ................................................................................................ 13
Sportswear.......................................................................................................... 13
Retail................................................................................................................... 14
Company Briefs…..................................................................................................... 15
Anta Sports ......................................................................................................... 16
Cafe de Coral...................................................................................................... 20
China Dongxiang................................................................................................. 24
China Green (Holdings) Ltd. ............................................................................... 28
China Hongxing Sports Ltd ................................................................................. 32
China Huiyuan .................................................................................................... 36
China Mengniu.................................................................................................... 40
China Resources Enterprise ............................................................................... 44
China Yurun Food............................................................................................... 48
China Zaino......................................................................................................... 52
Giordano International......................................................................................... 56
Golden Eagle ...................................................................................................... 60
Li Ning Co Ltd ..................................................................................................... 64
Lifestyle International .......................................................................................... 68
Parkson Retail..................................................................................................... 72
People's Food Holdings Ltd ................................................................................ 76
Ports Design Ltd.................................................................................................. 80
Sa Sa International.............................................................................................. 84
Stella International .............................................................................................. 88
Tingyi .................................................................................................................. 92
Want Want China Holdings Ltd ........................................................................... 96
Xingquan International ...................................................................................... 100
Xinyu Hengdeli.................................................................................................. 104
Appendices…......................................................................................................... 109
Appendix 1: Valuation at a glance..................................................................... 110
Appendix 2: Price performance......................................................................... 111
Appendix 3: Profitability & efficiency ................................................................. 112
Appendix 4: Key operating statistics ................................................................. 113
Appendix 5: International commodity price trends ............................................ 114