【出版时间及名称】：2009年11月中国连锁百货行业研究报告
        【作者】：高盛
        【文件格式】：PDF
        【页数】：40
        【目录或简介】：

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
The prices in the body of this report are based on the market close of November 20, 2009.
The author would like to thank Fiona Lau for her contribution to this report.