TOC

Raw Material Price Trend – Apparel & Footwear 5

• China Department Store SSS Performance 7

• China Sportswear & Footwear SSS Performance 11

• China Sportswear Order Book Growth vs. Actual Sales Growth 12

• Correlation Between MS Retail Sales Lead Indicator vs Sales Performance of 13

Key Retail Names

• Sector and Stock Performance

 Sector Performance Indices 16

 Ranking by Share Performance 17

 Stock Price Performance Table 18

• Sector and Stock Valuation

 Sector Valuation 19

 Valuation Table 20

 Ranking by P/E 25

 P/E Charts 26

 2011E P/E vs. 2009-11E EPS Growth 35

 2010E EV/ Sales vs. 2009-11E Sales Growth 36

 2010E EV/Sales vs. 2010E EBIT Margin 37

• Calendar of Events 38