【出版时间及名称】：2010年4月全球可乐行业研究报告
        【作者】：汇丰银行
        【文件格式】：pdf
        【页数】：40
        【目录或简介】：
Coca-Cola Co.’s decision to buy Coca-
Cola Enterprises’ North American
operations signifies a strategic shift by
the brand owner and a pronounced effort
to revitalize a struggling business
 In 2010, beverage industry leaders will be
those that are well-positioned to manage
through market challenges and capitalize
on regional growth opportunities
 We believe there is greater upside
potential in owning bottlers, Coca-Cola
Enterprises and Coca-Cola FEMSA; we
reiterate our Neutral ratings on Coca-Cola
Co. and Coca-Cola Hellenic
In late February, Coca-Cola Co. announced its plans to buy
Coca-Cola Enterprises’ North American operations for a value
of USD13.6bn. According to Coca-Cola Co., this move
represents a natural and logical evolution of its more mature,
domestic business, which has been impacted by changing
consumer behavior, a pullback in spending, an evolving retail
environment, and continued cost pressure.
In light of this announcement, we believe Coca-Cola
Enterprises will be a near-term beneficiary as it can now focus
on its growing Western European business, while Coca-Cola
Co. will become solely responsible for revitalizing its North
American business. Longer-term, we believe Coca-Cola Co.
may look to spin off this business when better health returns,
and Coca-Cola FEMSA may look to add this repaired market to
its healthy Latin America operations.
We remain favorable on beverage companies with solid
fundamentals that can manage through market weakness and
operate in regions where there continues to be good growth
potential. In our view, Coca-Cola Enterprises and Coca-Cola
FEMSA fit this description, while Coca-Cola Co. and Coca-
Cola Hellenic have greater challenges ahead due to their focus
on reviving struggling markets. We are therefore reiterating our
Overweight ratings on Coca-Cola Enterprises and Coca-Cola
FEMSA and now have Neutral ratings on Coca-Cola Co. and
Coca-Cola Hellenic (V-flag removed), each with a revised
target price.