【出版时间及名称】：JPM-SA RETAIL-WEEKLY VALUATION WATCH-100311
      【作者】：jpmorgan
      【文件格式】：pdf
      【页数】：24
      【目录或简介】：
Table 1: Trade idea performance history ...........................................................................................................................................3
Table 2: SA retailers’ valuation summary .........................................................................................................................................5
Table 3: Price to Net Asset Value comparison ..................................................................................................................................6
Table 4: Current vs. average 12 month forward Price to Net Asset Value .........................................................................................6
Table 5: Relative sector valuation comparison ..................................................................................................................................8
Table 6: Current vs. average 12 month forward P/E multiple valuation comparison during previous declining rate cycles..............8
Table 1: Foschini: Implied rating on clothing and general merchandise ............................................................................................9
Table 2: Woolworths: Implied market rating on Woolies clothing and general merchandise ............................................................9
Table 3: Truworths: Implied market rating on clothing......................................................................................................................9
Table 4: Mr Price: Implied market rating on clothing ......................................................................................................................10
Table 5: Furniture retailers (implied rating on financial services) and African Bank (implied rating on ABL financial services) ..10
Table 6: Massmart: Implied rating on food and liquor: ....................................................................................................................10
Table 7: Shoprite: implied rating on SA Supermarket business .......................................................................................................10
Table 8: Pick 'n Pay: implied rating on SA Supermarket business ...................................................................................................11
Figure 1: Clothing retailers' RoE vs. PNaV .......................................................................................................................................7
Figure 2: Furniture retailers' RoE vs. PNaV 7
Figure 3: Relative PNaV: Clothing retailers vs. Banks.......................................................................................................................7
Figure 4: Relative PNaV: Furniture retailers vs. Banks......................................................................................................................7
Figure 5: 1 Week share price performance ......................................................................................................................................11
Figure 6: 1 Month share price performance.....................................................................................................................................12
Figure 7: 3 Month share price performance.....................................................................................................................................12
Figure 8: 6 Month share price performance.....................................................................................................................................13
Figure 9 Clothing retailer’s PE comparison: SA vs Global Peers.....................................................................................................14
Figure 10 Clothing Retailers relative rating (12m fwd PE): SA vs. Developed Markets .................................................................14
Figure 11: Clothing Retailers relative rating (12m fwd PE): SA vs. Emerging Markets..................................................................15
Figure 12: Food retailer’s PE comparison (12m fwd PE): SA vs. Global Peers...............................................................................15
Figure 13: Food Retailers relative rating (12m fwd PE): SA vs. Developed Markets ......................................................................16
Figure 14: Food Retailers relative rating (12m fwd PE): SA vs. Emerging Markets........................................................................16
Figure 15: PE comparison: Massmart vs. Wal-Mex and Wal-Mart..................................................................................................17
Figure 16: MSM’s rating relative to global peers .............................................................................................................................17