【出版时间及名称】：2010年4月巴西食品零售行业研究报告
        【作者】：汇丰银行
        【文件格式】：pdf
        【页数】：44
        【目录或简介】：


Growth in Brazil is key for Carrefour,
Casino, and Walmart as they face
limited expansion in their home markets
 In this report, we analyze the possible
growth opportunities for these players
in Brazil and for Grupo Pão de Açúcar
 We expect the top two players to grow
sales by 15% pa in the next three years
Brazil has become a very important destination for investors
over the past few years and will likely maintain this position
over the foreseeable future. However, for international
retailers, Brazil has been a strategic market for longer, for
Carrefour since 1975. In this note, we explore how retailers
there stand to benefit from the robust consumer spending
expansion that is currently underway in Brazil, which offers
sustained growth.
Carrefour. Brazil represented 9.5% of group sales in 2009
with an estimated EBIT margin of 4.5%. We believe the next
few years will confirm Carrefour’s long term commitment to
the Brazilian market and put an end to the recurrent rumor of
a potential disposal. Carrefour‘s management expects Brazil
to account for 20% of Carrefour sales by 2015.
Casino. The main reason behind our positive investment
view on Casino is the group’s emerging markets growth,
especially in Brazil, accounting already for 15.6% of group
sales in 2010e. In our view, investors have not fully
recognized the value of the 34% GPA stake. This might
change when the market focuses more on Casino’s option to
take full control of GPA in 2012.
Grupo Pão de Açúcar (GPA). We are strong supporters of the
GPA story especially the company’s strong presence in the Sao
Paulo region. Its investment in hard lines gives GPA a strong
new growth avenue, in our view. We rate PCAR5 shares
Overweight and we have a BRL74 target price.
Wal-Mart Stores. We expect Walmart’s international
expansion to accelerate over coming years, and Brazil should be
one of the company’s most important markets going forward.
Although the smallest of the three players in Brazil, it has the
deepest pockets. We rate Walmart shares Overweight and we
have a USD68 target price.

Food Retailing in Brazil 5
Company profiles 13
Carrefour 14
Casino 18
Grupo Pão de Açúcar 22
Wal-Mart Stores Inc 27
Disclosure appendix 38
Disclaimer 43