中国：零售：百货店
高盛高华
PDF
41
Table of contents
Six initiations: Stock-picking focus on cash earnings and returns 2
Valuation: Director’s Cut cross-checked with EV/EBITDA 5
A&H operating comparison 1: Similar sales productivity and gross margin 12
A&H operating comparison 2: A-share asset turnover higher but returns lower due to high expenses 14
China department store sector: Good growth, attractive model, but lack of differentiation 17
Beijing Wangfujing Department Store (600859.SS): Initiate with Buy, on Conviction List 23
Shanghai Bailian Group (600631.SS): Initiate with Buy 27
Dashang Group (600694.SS): Initiate with Neutral 31
Guangzhou Friendship Group (000987.SZ): Initiate with Neutral 33
Wuhan Department Store Group (000501.SZ): Initiate with Neutral 35
Your-mart Co. (002277.SZ): Initiate with Sell 37
Disclosures 39