【出版时间及名称】：2010年1月澳大利亚食品饮料行业研究报告
        【作者】：德意志银行
        【文件格式】：pdf
        【页数】：48
        【目录或简介】：
Table of Contents
DB Australia consumer team............................................................ 3
Top sector picks................................................................................. 4
Sector themes played out, stock picking more important ........................................................4
Myer (Buy, price target $4.60) ..................................................................................................4
WES (Buy, price target $38.11).................................................................................................5
Goodman Fielder (Buy, price target $1.80) ...............................................................................5
Foster’s (Buy, price target $6.20)..............................................................................................5
Billabong (Buy, price target $12.75) ..........................................................................................6
JB Hi-Fi (Buy, price target $22.75) ............................................................................................6
Stock trends and valuation............................................................... 7
DB Consumer Index vs. market ................................................................................................7
Sub-sector performance ...........................................................................................................8
Earnings trends .........................................................................................................................9
PE multiples ............................................................................................................................10
Valuation metrics by stock ......................................................................................................11
Summary of earnings..............................................................................................................11
DB vs. consensus ...................................................................................................................12
Macro outlook and trends .............................................................. 13
Global GDP and inflation forecasts .........................................................................................13
Consumption and consumer confidence ................................................................................13
Income growth and indebtedness ..........................................................................................14
Employment...........................................................................................................................15
Inflation ..................................................................................................................................15
Currency trends ............................................................................... 17
International comparisons.............................................................. 18
Beverages ...............................................................................................................................18
Retail ......................................................................................................................................19
Recent research ............................................................................... 20
Wesfarmers Ltd – Higher coal prices positive for earnings; retain Buy (12-Jan-2010) ............20
Discretionary Retail – 1H10 Reporting Season Guide (07-Jan-2010).......................................20
Foster's – Champagne taste on a beer budget (18-Dec-2009)................................................21
Myer – A jen-erous discount - initiating coverage with a Buy (15-Dec-2009) ..........................21
Goodman Fielder Ltd – Shedding the fat (10-Dec-2009) .........................................................22
Billabong – Big wave surfing (04-Dec-2009)............................................................................22
Metcash Limited -- 1H10 result - Fresh growth (01-Dec-2009) ...............................................23
Wesfarmers Ltd -- Bunnings locks in NSW growth (27-Nov-2009) .........................................23
Harvey Norman -- Leverage on track (23-Nov-2009) ...............................................................24
Foster's -- Seeing the wood for the trees; Upgrade to Buy (13-Nov-2009) .............................25
David Jones -- 1Q10 sales: rivalry reignited (05-Nov-2009).....................................................25
Coca-Cola Amatil Ltd -- Robust 3Q09 trading but no change to guidance (04-Nov-2009).......26
Woolworths -- 1Q10 sales - all in moderation (20-Oct-2009) ..................................................26
JB Hi-Fi Ltd -- 1Q10 sales - Hi-Fi(ve) (14-Oct-2009) .................................................................27
Upcoming events............................................................................. 28
Company pages ............................................................................... 29
Appendix A....................................................................................... 44
Guidance summary .................................................................................................................44
Appendix B....................................................................................... 45