【出版时间及名称】：2010年1月日本啤酒行业研究报告
        【作者】：瑞士信贷
        【文件格式】：pdf
        【页数】：37
        【目录或简介】：
Table of contents
1. Beer stocks: upside limited 3
(1) Need to be mindful of risks, not just expectations of realignment 3
(2) Valuation method: shift from EV/EBITDA to adjusted P/E 4
(3) Has become difficult to carry out Asahi/Kirin pair trades 5
(4) Next catalyst change to industry structure 6
2. Risk of FTC investigation being treated lightly 8
(1) Clarifying time line: a schedule that considers FTC involvement 8
(2) Basic view on rules for business combinations 10
(3) Method of calculating HHI, and safe harbor concept 11
(4) Market demarcation and HHI calculation assuming Kirin-Suntory merger 12
(5) Risk that difficult solutions will be required in the alcoholic beverage business 19
Individual companies
Kirin Holdings (2503 / 2503 JP) 21
Share price likely to be swayed by merger news, FTC directives; maintain NEUTRAL 21
Asahi Breweries (2502 / 2502 JP) 27
Stock at fair value, even if China investments go well; maintain NEUTRAL 27