【出版时间及名称】：2010年1月南非零售行业研究报告
        【作者】：摩根大通
        【文件格式】：PDF
        【页数】：73
        【目录或简介】：
Table of Contents
Valuation summary ..................................................................3
Trading update summary.........................................................5
Executive summary..................................................................6
Imminent pick-up in food inflation paves way for re-rating of
food retailers...........................................................................12
Attractive global valuation, could support a sharp re-rating
in SA Food retailers................................................................15
Food inflation may soon be turning the corner ...................16
Macro picture: discretionary spending still under pressure
.................................................................................................20
Valuation, recommendation and target prices.....................21
Current implied rating within hybrid retailers......................26
Risks to target prices and recommendations......................28
Clicks Group ...........................................................................30
Foschini...................................................................................32
JD Group .................................................................................36
Lewis Group............................................................................41
Massmart.................................................................................43
Mr Price Group Limited..........................................................47
Pick n Pay ...............................................................................49
Shoprite...................................................................................53
Spar .........................................................................................57
Truworths................................................................................59
Woolworths Holdings.............................................................61