【出版时间及名称】：2010年2月台湾证券市场投资策略报告
        【作者】：凯基证券
        【文件格式】：PDF
        【页数】：38
        【目录或简介】：

Riding on strong buying power in China
􀂄 Rosy outlook for China’s consumer spending in 2010
Retail sales in China held up well in 2009 (up 15.5%) despite the global economic downturn.
Stimulus measures provided crucial support. Entering 2010, with China seeking balanced
economic growth, promoting domestic consumption will be on the front burner. In addition
to external policies, we expect internal factors to support consumption growth in China,
such as an improved labor market, urbanization, rising consumer credit and the growing
number of young adults with higher purchasing power. We expect retail sales to grow
19.1% in China in 2010.
􀂄 Retail, beverage & auto markets to benefit from more consumer spending
China is proactively pushing its urbanization program, especially in medium-sized and
smaller cities. We think urbanization will boost consumer activity over the medium term and
expect consumer spending in second-tier and third-tier cities to increase strongly, benefiting
the retail sector. Moreover, China lags other Asian countries and developed western nations
in terms of per-capita beverage consumption and car ownership. This large gap means there
is good potential for growth in these markets. Rapid economic growth and rising disposable
income will stimulate demand for discretionary items such as beverages and cars.
􀂄 We recommend retail, beverage & auto stocks with China exposure
Among China-concept stocks, our top picks are Les Enphants (2911.TW, NT$29.1, OP),
President Chain Store (2912.TW, NT$72.6, OP), Ruentex Industries (2915.TW, NT$49.6, N),
Taiwan Hon Chuan (9939.TW, NT$49.8, OP), Yulon Nissan Motor (2227.TW, NT$57.0, OP),
Tong Yang (1319.TW, NT$46.7, OP), Hu Lane (6279.TW, NT$56.7, OP) and Ta Yih Industrial
(1521.TW, NT$38.5, N).