Asia Consumer Anecdotes-171110

8/6/2019 Asia Consumer Anecdotes-171110

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17 NOVEMBER 2010 INDUSTRY OVERVIEW

Asia Consumer Anecdotes

Chinese government to unveil a series of price controlsFood retailers with strong franchises are in the best positionRising inflationary expectations favour discretionariesDynasty Fine Wines: Raising its growth trajectory

Back to price controlsRising inflationary expectations favour discretionariesChinas October CPI came in at 4.4% y-y or 0.7% m-m, much stronger than expectation. Food prices accelerated 10.1% y-y, while non-foodprices gained 1.6% y-y. In order to curb rising inflationary pressures, ithas been reported that the Chinese government will unveil a series of food price controls as well as crack down on agricultural commoditiesspeculation. The suggested scope seems to be even more elaboratethan the last round of price controls implemented in January 2008.

Food retailers with strong franchises are in the best position to benefitfrom the rising food price inflation. Within the consumer staples space,we believe the less essential and more discretionary productproducers are the safer place to be at the moment. Snack food producerssuch as Want Want are less likely to see price intervention from thegovernment. In the same token, wines and spirits producers are also lesslikely to be affected by government price caps. In fact, this has been oneof the most resilient sub-segments within the consumer space.

Consumer discretionary names should continue to benefit from strong

consumer confidence and rising inflationary expectations. High-endretailers should be in a better position to benefit than mass-marketretailers, as their clientele are generally less sensitive to rising prices for basic goods. We are less keen on the mass market brand retailers astheir ability to pass on rising costs to consumers is more restricted.

Most consumer stocks have come off on the back of their high valuationsin the recent market correction. We see this as an opportunity toaccumulate on the stronger consumer franchises. Top picks in the sector include: Want Want, Hengan, Ajisen, GOME and Huiyin.

Dynasty Fine Wines: Raising its growth trajectoryDynasty (828.HK, NR) is one of the top three grape wine producers in theChina market. The company is 44.8% owned by Tianjin Development

and 27.0% owned by Remy Pacifique. The company produces a widespectrum of products under the Dynasty brand, with Dynasty Dry Redbeing its best seller and contributing 36% of revenue.

With the change in its business strategy since 2H09, the company hasbeen actively: 1) raising its sales and promotion efforts, 2) developingnew markets, and 3) revamping its existing sales distribution channels.During 1H10, Dynastys net profit growth accelerated to 18%, from 9% inFY09. Turnover growth also accelerated from 9% growth in FY09 to 14%growth in 1H10. Managements target is to achieve above industryaverage growth trend in the coming few years.

According to consensus estimates, Dynasty is expected to see a 17%increase in 2010 net profit to HKD182m (diluted EPS: HKD0.14) and 19%

increase in 2011 net profit to HKD216m (diluted EPS: HKD0.17). Thecounter is trading on 33x 2010 consensus P/E and 27x for 2011. Thecompany was in a net cash position as at end-June.

Michele Mak, CFA+852 2825 [email protected]

Carol Chan+852 2825 [email protected]

PREPARED BY BNP PARIBAS SECURITIES ASIA THIS MATERIAL HAS BEEN APPROVED FOR U.S DISTRIBUTION. IMPORTANT DISCLOSURES CAN BE FOUND IN THE DISCLOSURES APPENDIX.

PREPARED BY BNP PARIBAS SECURITIES ASIA THIS MATERIAL HAS BEEN APPROVED FOR U.S DISTRIBUTION. IMPORTANT DISCLOSURES CAN BE FOUND IN THE DISCLOSURES APPENDIX.
mailto:[email protected]:[email protected]:[email protected]:[email protected]


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MICHELE MAK, CFA ASIA CONSUMER ANECDOTES 17 NOVEMBER 2010

2 BNP PARIBAS

Rising inflationary expectations favour discretionariesChinas October CPI came in at 4.4% y-y or 0.7% m-m, much stronger thanexpectation. Food prices accelerated 10.1% y-y, while non-food prices gained 1.6% y-y.In order to curb rising inflationary pressures, it has been reported that the Chinesegovernment will unveil a series of food price controls as well as crack down onagricultural commodities speculation. The suggested scope seems to be even more

elaborate than the last round of price controls implemented in January 2008, whichmainly involved: grain products including instant noodles, edible oil, meat, milk, eggsand liquefied petroleum gas. At the time, the governments focus was very much oncontrolling the leading F&B enterprises, and required them to apply for official approvalfor any price increases. This time, however, there seems to be greater emphasis oncontrolling the surge in upstream agricultural product price increases. While upstreamprices are much more difficult to contain, it is probably a more balanced approach toaddress the root cause of the current food price inflation problem.

Exhibit 1: Performance Of Major F&B Companies After Price Control

BBG Share price

Company name code 15-Jan-08 15-Feb-08 Change

(LC) (LC) (%)

China Foods 506 HK 5.90 5.38 (9)China Mengniu 2319 HK 25.66 20.83 (19)

China Yurun 1068 HK 10.92 9.15 (16)

Henan Shuanghui 000895 CH 56.35 53.13 (6)

Inner Mongolia Yili 600887 CH 27.98 20.76 (26)

Tingyi 322 HK 11.36 10.68 (6)

Uni-President China 220 HK 5.70 4.44 (22)

Source: Bloomberg

In 2008, share prices of major F&B companies corrected by 6-26% in the month after the government price controls were announced. Although quite a few F&B companieshave taken the opportunity to put through a round of price hikes recently, near-term

concerns over the possibility of a fresh round of government price controls is expectedto put pressure on the performance of consumer staples names in general. Within theconsumer staples space, the less essential and more discretionary productproducers are the safer place to be at the moment. The governments measures willmainly be focused on basic foodstuff rather than on discretionary products. For instance, snack food producers like Want Want are less likely to see price interventionfrom the government. In the same token, wines and spirits producers are also less likelyto be affected by government price caps. In fact, wines and spirits producers have beenone of the most resilient sub-segments within the consumer space.

Under the current environment, food retailers with strong franchises are in the bestposition to benefit from the rising food price inflation. In general, it is easier for retailersto raise product prices when consumers inflationary expectations are already high.Higher food prices will drive stronger same-store-sales growth, which in turn will help todrive positive operating leverage for these operators. In addition, in the event wheregovernment does impose price caps, the stronger retail chains would be in a better position to push back price increases by suppliers.


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Exhibit 2: Lianhua & Wumarts Operating Margins

0

2

4

6

8

10

12

14

16

2003 2004 2005 2006 2007 2008 2009

Lianhua - Operating profit margin

Wumart - Operating profit margin

China CPI: Food y-y

(%)

Sources: Company data; National Bureau of Statistics; BNP Paribas

Consumer discretionary names should continue to benefit from strong consumer confidence and rising inflationary expectations. In this regard, high-end retailers, suchas Trinity, should be in a better position to benefit than mass-market retailers, as their clientele are generally less sensitive to rising prices for basic goods. Note also thatwhile top-line growth is likely to remain strong for most retailers, some players arealready cautioning the rise in labour and rental rates. In general, retailers with higher percentage of commercial property ownership, such as Golden Eagle and Intime, shouldbe able to enjoy more stable cost structure as well as potential value appreciation ontheir commercial property portfolio. Branded retailers with strong brand presence and ahigh percentage of their stores leased on concession basis, such as Belle, should alsohave more stable rental cost structure. We are less keen on the mass market brandretailers as their ability to pass on rising costs to consumers is more restricted.

Most consumer stocks have come off on the back of their high valuations in the recentmarket correction. We see this as an opportunity to accumulate on the stronger consumer franchises. Top picks in the sector include: Want Want (151.HK, HK$6.93,BUY), Hengan (1044.HK, HK$67.75, BUY), Ajisen (538.HK, HK$12.80, BUY), GOME(493.HK, HK$3.00, BUY) and Huiyin (1280.HK, HK$2.06, BUY).

Dynasty Fine Wines: Raising its growth trajectoryStrong French connection

Dynasty (828.HK, NR) is one of the top three grape wine producers in the Chinamarket. The company is 44.8% owned by Tianjin Development and 27.0% owned byRemy Pacifique. The origins of Dynasty dated back to 1980 when Dynasty wasestablished as a Sino-French JV between Tianjin City Grape Garden and Remy Martin.The company produces a wide spectrum of more than 50 products under the Dynasty

brand, with Dynasty Dry Red being its best seller and contributing 36% of total revenue.Due to Chinese consumers prevalent preference for red wines, the company is able toset higher prices for its red wines and also obtain higher margins for its red wineproducts. Red wines, with gross margins of 53.0% in FY09, accounted for 83% of thecompanys sales. White wines, with gross margins of 40.4% in FY09, accounted for 16% of the companys sales.


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Exhibit 3: Major Grape Wine Producers In China

Yantai Changyu Pioneer Wine Company Limited Dynasty Fine Wines Group Limited China Foods Limited: Great Wall Wines

Year-ended 31 Dec 2008 2009 Year-ended 31 Dec 2008 2009 Year-ended 31 Dec 2008 2009 (RMB m) (RMB m) (HKD m) (HKD m) (HKD m) (HKD m)

Turnover 3,453 4,199 Turnover 1,361 1,483 Turnover 2,790 3,197

Gross profit 2,417 3,008 Gross profit 722 756 Gross profit 1,599 1,854

Gross profit margin (%) 70.0 71.6 Gross profit margin (%) 53.0 51.0 Gross profit margin (%) 57.3 58.0

Operating profit 1,176 1,472 Operating profit 217 213

Operating prof it margin (%) 34.1 35.1 Operating prof it margin (%) 16.0 14.4

Net profit 895 1,127 Net profit 143 156

Net profit margin (%) 25.9 26.8 Net profit margin (%) 10.5 10.5

Source: Company data

Change in strategic focus since 2H09

Over the years, Dynasty has delivered fairly stable earnings growth of around 10% p.a.as the companys strategy was more focused on wine production rather than sales anddistribution. With the addition of Mr. Jean-Marie Laborde (previously chairman and CEOof Moet et Chandon) onto its board in February 2009, the company decided to realignits business strategy to become more market focused in 2H09. Since then, thecompany has significantly increased its sales and promotions effort. Dynasty now putsgreater emphasis on media advertising, public relationships, event sponsorships andexhibitions, as well as joint promotions with distributors to raise consumer awareness.In addition, the company is also moving more aggressively to develop the SouthernChina and Northern China markets. Historically, Eastern China accounted for over 70%of the companys sales. With the companys efforts to push sales in new markets,Eastern China now accounts for less than 60% of sales according to management.

Initial successes showing through in 1H10

To achieve better market penetration for its products, Dynasty is in the process of doinga thorough review of the performance its existing distributors. According tomanagement, the whole strategic initiative to revamp its sales and distribution networkwill take 3 years to complete. However, the initial benefits of the companys hard workare already starting to show. During 1H10, the companys net profit growth acceleratedto 18%, from 9% achieved in FY09. Turnover growth also accelerated from 9% growthin FY09 to 14% growth in 1H10. Gross profit margin has remained stable at 50% in1H10 as the prices of grapes and grape juice (40% of COGS) has remained relativelystable according to management. In addition, the companys distribution costs werecontained at around 26% despite the increased sales effort. In fact, the companysoperating margin actually improved by 0.6ppt to 19.8% in 1H10. Management currentlyexpects the growth momentum to be maintained for the rest of this year. Going forward,

Dynasty expects the domestic wine industry to grow at 13-18% in the coming five years.Managements target is to achieve above industry average growth trend in the comingfew years.

According to consensus estimates, Dynasty is expected to see a 17% increase in 2010net profit to HKD182m (diluted EPS: HKD0.14) and 19% increase in 2011 net profit toHKD216m (diluted EPS: HKD0.17). The counter is trading on 33x 2010 consensus P/Eand 27x for 2011. The company was in net cash position as at end-June.


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Exhibit 4: Dynasty Forward P/E Band Chart

0.00

1.00

2.00

3.00

4.00

5.00

6.00

Jan-06 Sep-06 May-07 Jan-08 Sep-08 May-09 Jan-10 Sep-10

(HKD)

10x

15x

20x

25x

30x

Sources: Bloomberg; BNP Paribas

Exhibit 5: Upcoming IPOs

Upcoming IPO Information

Stock code Company name Company description Listing date Place of listingOfferprice

(LC)

312 HK Shirble Department Store Retail department stores and supermarkets 17-Nov-10 Hong Kong 1.85-2.55

1086 HK Goodbaby Group Producers of baby strollers 24-Nov-10 Hong Kong 3.70-4.90

1117 HK Modern Farming Operates dairy farms 26-Nov-10 Hong Kong 2.89-3.69

002507 CH Chongqing Fuling Zhacai Group Produces pickled mustard products, mustard sauce and otherappetizers

na Shanghai na

002503 CH Dongguan Souyute Fashion Women's clothing, menswear and casual wear na Shanghai na

002515 CH Jinzi Ham Ham products and various fermented meat products and low-

temperature meat

na Shanghai na

MII SP Mewah International Inc Produces palm, coconut, soybean, canola, sunflower, andcorn oil

na Singapore na

4135489Z IJ Midi Utama Indonesia Tbk PT The company operates convenience stores in Indonesia na Indonesia na

PRADAZ HK Prada SpA Designs and markets luxury clothing and accessories na Hong Kong na

WGWCDZ CH Wenfeng Great World ChainDevelopment Corp

Department store, supermarket and household appliancesretail chain

na Shanghai na

ZBGCLZ CH Zhejiang Busen Garments Designs, produces and sells men's clothing na Shengzhen na

Sources: Company data


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Exhibit 6: Recent IPO Performance

Listed IPO Information

Stock code Company name Company descriptionListing

datePlace of

listingListing

price

Lastclosing

priceAcc

change(LC) (LC) (%)

238 HK Evergreen InternationalHoldings

High-end business formal and casual menswear 4-Nov-10 Hong Kong 4.60 5.37 17

1230 HK Yashili InternationalHoldings

Operates milk processing plants and produces dairyproducts

1-Nov-10 Hong Kong 4.20 3.24 (23)

1007 HK Global Dairy Holdings Produces both milk formula products and whole milkproducts

28-Oct-10 Hong Kong 4.39 3.56 (19)

1700 HK Springland InternationalHoldings

Operates a chain of department stores andsupermarkets

21-Oct-10 Hong Kong 5.93 6.20 5

002485 CH Sinoer Men's Wear Casual menswear 15-Oct-10 Shenzhen 26.60 29.34 10002486 CH Shanghai Challenge Textile Manufactures clothing and apparel for international

sportswear companies15-Oct-10 Shenzhen 10.90 14.25 31

8269 HK Wealth Glory Holdings Manufactures and supplies fresh noodles 14-Oct-10 Hong Kong 0.25 0.41 64CANT IN Cantabil Retail India Designs, manufactures, brands and retails apparel 12-Oct-10 Natl India 135.00 68.35 (49)7818 JP Transaction The Company is a retailer of health care products

and egoods12-Oct-10 JASDAQ 1,400 801 (43)

YGR SP Yamada Green Resources Operates a shiitake mushroom cultivation base inFujian Province

8-Oct-10 Singapore 0.22 0.27 20

ICBP IJ Indofood CBP SuksesMakmur TBK PT

Food solutions company with operations in all stagesof food manufacturing

7-Oct-10 Indonesia 5,395 5,350 (1)

1682 HK Ford Glory Group Holdings Sourcing management, manufacturing, and tradinggarment products

5-Oct-10 Hong Kong 0.60 0.89 48

1698 HK Boshiwa InternationalHolding

Manufactures and retails clothing for children fromnewborns to 14 years old

29-Sep-10 Hong Kong 4.98 6.75 36

926 HK Besunyen Holdings Processes and markets both traditional and herbalteas

29-Sep-10 Hong Kong 3.12 3.54 13

081660 KS Fila Korea Imports and wholesales a variety of textile andapparel products

28-Sep-10 Korea SE 35,000 77,700 122

1633 HK Magic HoldingsInternational

Chinese maker of cosmetic facial masks 24-Sep-10 Hong Kong 3.30 5.76 75

002477 CH Henan Chuying Agro-pastoral

Produces poultry products and engages in feedproduction

15-Sep-10 Shenzhen 35.00 62.62 79

4429 TT G-fun Industrial Corp Manufactures and sells coated and laminated fabrics 15-Sep-10 GreTai Sec M 40.00 52.20 31057050 KS Hyundai Home Shopping

Network CorpRetails through TV home shopping channels and theInternet shopping mall

13-Sep-10 Korea SE 90,000 95,000 6

FPHB MK Focus Point Holdings Bhd Operates eye care centers and also franchises eyecare centers

23-Aug-10 Kuala Lumpur 0.39 0.33 (15)

300106 CH Xinjiang Western AnimalHusbandry

Operates feed production plants, cattle farming andslaughtering house

20-Aug-10 Shenzhen 11.90 24.27 104

002461 CH Guangzhou ZhujiangBrewery

Brews and sells beers, hops, bottle lid andbeverages

18-Aug-10 Shenzhen 5.80 23.00 297

BJCOR IN Bajaj Corp Hair products retailers 18-Aug-10 Natl India 660.00 573.20 (13)BRIB MK Berjaya Retail Bhd Operates retail stores and sells consumer durables 16-Aug-10 Kuala Lumpur 0.50 0.41 (18)002458 CH Shandong Yisheng

Livestock & PoultryBreeding

Farms and breeds livestock and poultry 10-Aug-10 Shenzhen 24.00 32.42 35

CSF SP Consciencefood Holding Produces instant noodles and snack noodles 5-Aug-10 Singapore 0.22 0.23 2OFM TB OfficeMate PCL Retails office supplies through a catalogue and over

the Internet28-Jul-10 Bangkok 4.90 7.00 43

002450 CH Beijing Kangde XinComposite Material

Develops, produces and sells laminating film andlaminating equipment

16-Jul-10 Shenzhen 14.20 25.45 79

002447 CH Dalian Yi Qiao MarineSeeds

Researches, breeds and cultivates marine products 13-Jul-10 Shenzhen 28.98 81.00 180

IPOL IJ Indopoly Swakarsa IndustryTbk PT

Offers packaging solutions for a wide range of foodand other products

9-Jul-10 Indonesia 210.00 270.00 29

300094 CH Zhanjiang Guolian AquaticProducts

Breeds, manufactures and sells seafood products 8-Jul-10 Shenzhen 14.38 15.22 6

GOLD IJ Golden Retailindo Tbk PT Operates department stores and retails clothing 7-Jul-10 Indonesia 350.00 420.00 20ROTI IJ Nippon Indosari Corpindo

Tbk PTProduces bread, cakes, bread pudding, lasagne, andother foods

28-Jun-10 Indonesia 1,275 2,925 129

3163 JP Total Medical Service Sells prescription medicine via the Sakura pharmacychain

24-Jun-10 JASDAQ 4,200 2,980 (29)

2228 HK Costin New MaterialsGroup

Manufactures non-woven fabrics along with chemicalfibers

21-Jun-10 Hong Kong 2.38 5.91 148

873 HK International TaifengHoldings

Manufactures and distributes cotton yarns andbedding products

11-Jun-10 Hong Kong 2.06 3.95 92

(Continued on next page)


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Exhibit 6: Recent IPO Performance (Contd)

Listed IPO Information

Stock code Company name Company descriptionListing

datePlace of

listingListing

price

Lastclosing

priceAcc

change

002425 CH Kaiser China Holding Manufactures ladies and men clothing and leatherproducts

8-Jun-10 Shenzhen 22.00 37.85 72

002427 CH Zhejiang Unifull IndustrialFiber

Manufactures, and sells raw materials used in thetextile industry

8-Jun-10 Shenzhen 13.50 19.47 44

KSTR MK K-Star Sports Manufactures and distributes sports footwear andleisure footwear

4-Jun-10 Kuala Lumpur 2.15 0.93 (57)

002419 CH Rainbow Department Store Operates retail department stores and franchisesshopping malls

1-Jun-10 Shenzhen 40.00 46.00 15

300087 CH Winall Hi-Tech Seed Researches, produces, processes and markets cropseed

26-May-10 Shenzhen 35.60 61.18 72

MNDN IN Mandhana Industries Manufactures, supplies and exports textile andapparel products

19-May-10 Natl India 130.00 271.75 109

002404 CH ZheJiang Jiaxin Silk Corp Develops, produces and sells silk, garment andapparel products

11-May-10 Shenzhen 22.00 19.81 (10)

973 HK L'Occitane International SA Manufactures and retails cosmetics and personalcare products

7-May-10 Hong Kong 15.08 21.75 44

002397 CH Hunan Mendale

Hometextile

Develops, manufactures, and sells household textile

products

29-Apr-10 Shenzhen 51.00 44.47 (13)

1863 HK Sijia Group Designs and manufactures polyester fabriccomposite materials

29-Apr-10 Hong Kong 3.28 4.55 39

002395 CH Wuxi Double ElephantMicro Fibre Material

Manufactures and sells artificial leather and syntheticleather

29-Apr-10 Shenzhen 25.00 27.24 9

GPR SP Global Palm ResourcesHoldings

Cultivates oil palms and harvests from oil palmplantation

29-Apr-10 Singapore 0.46 0.36 (23)

002394 CH Jiangsu Lianfa Textile Manufactures and sell woven fabric, apparel andtextile

23-Apr-10 Shenzhen 45.00 47.30 5

900110 KS East Asia SportsInternational

Manufactures and distributes sportswear 23-Apr-10 KOSDAQ 5,000 4,700 (6)

3161 JP AZEARTH Corp Wholesales protected gear for dioxine, asbestos andbird flu

16-Apr-10 JASDAQ 470.00 335.00 (29)

MINZ SP China Minzhong Food Corp Markets fresh vegetables domestically andprocesses vegetables

15-Apr-10 Singapore 1.20 1.25 4

002387 CH Blackcow Food Develops, manufactures and sells soy and grain

beverages

13-Apr-10 Shenzhen 27.00 39.75 47

002385 CH Beijing DabeinongTechnology Group

Produces and sells animal feeds, cultivates andpromotes seed products

9-Apr-10 Shenzhen 35.00 44.50 27

SGJ IN Shree Ganesh JewelleryHouse

Retails handcrafted hallmarked gold jewellery withprecious stones

9-Apr-10 Natl India 260.00 206.80 (20)

PRAD IN Pradip Overseas Manufactures textile products 5-Apr-10 Natl India 110.00 90.60 (18)

OVSE MK Oversea Enterprise Bhd Contemporary Chinese food with an emphasis onCantonese cuisine

1-Apr-10 Kuala Lumpur 0.23 0.15 (35)

1998 HK Flyke International Holdings Produces shoes for skateboarding, running and otherrecreational purposes

26-Mar-10 Hong Kong 1.90 1.86 (2)

1280 HK Huiyin HouseholdAppliances Holdings

Retailer and wholesaler for appliances andelectronics

25-Mar-10 Hong Kong 1.69 2.06 22

QMEI SP QingMei Group Holdings Produces and sells its products to athletic shoemanufacturers

17-Mar-10 Singapore 0.31 0.26 (16)

EMMB IN Emmbi Polyarns Produces woven sacks, plastic bags and printedpaper/file laminated sacks

24-Feb-10 Natl India 45.00 19.50 (57)

TJL IN Thangamayil Jewellery Operates a chain of retail jewellery stores in Maduari 19-Feb-10 Natl India 75.00 176.90 136

JUBI IN Jubilant Foodworks The Company owns and operates fast food chains 8-Feb-10 Natl India 145.00 585.60 304

953 HK Meike InternationalHoldings

Produces and distributes leisure sportswear productsunder the Meike brand

1-Feb-10 Hong Kong 1.43 1.82 27

002345 CH Guangdong Chj Industry Designs, develops, manufactures and sells jewelleries and accessories

28-Jan-10 Shenzhen 33.00 37.89 15

002344 CH Haining China LeatherMarket

Sales and leases out spaces of leather-productmarket

26-Jan-10 Shenzhen 20.00 61.55 208

002343 CH Zhejiang Hexin IndustryGroup

Develops, manufactures and sells synthetic leatherproducts

26-Jan-10 Shenzhen 31.00 30.90 (0)

002329 CH Guangxi Royal Dairy Produces, processes and sells liquid milk and liquiddairy products

6-Jan-10 Shenzhen 20.10 44.32 120

002330 CH Shandong Delisi Food Manufactures and sells frozen meat and lowtemperature meat products

6-Jan-10 Shenzhen 13.18 17.53 33

Sources: Bloomberg, Company data


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Exhibit 7: Economic Calendar

Estimated next

announcement date Country Economic statistics 2009 Jul-10 Aug-10 Sep-10 Oct-10

(y-y %) (y-y %) (y-y %) (y-y %) (y-y %)

18-Nov-10 Taiwan Visitor Arrivals 14.3 23.4 20.3 23.1 na

22-Nov-10 China Total retail sales of consumer goods 15.5 23.3 24.3 24.0 na

22-Nov-10 Hong Kong Visitor Arrivals 0.3 31.9 21.9 21.2 na

25-Nov-10 Japan Visitor Arrivals (18.7) 38.9 18.2 34.0 na

25-Nov-10 Japan Retail Sales (2.3) 3.8 4.3 1.2 na

26-Nov-10 Japan Consumer Price Index (1.4) (0.9) (0.9) (0.6) na

26-Nov-10 Philippines Visitor Arrivals (3.9) 24.6 na na na

26-Nov-10 South Korea Visitor Arrivals 13.1 23.9 19.8 12.7 na

26-Nov-10 US Visitor Arrivals (5.5) 24.3 na na na

29-Nov-10 Singapore Consumer Price Index 0.6 3.1 3.3 3.7 na

29-Nov-10 Taiwan Retail Sales 2.4 7.4 7.6 7.6 na

29-Nov-10 Thailand Visitor Arrivals (3.0) 14.2 8.9 14.5 na

30-Nov-10 South Korea Retail Sales 3.9 10.7 11.2 7.8 na

30-Nov-10 Thailand Retail Sales (4.2) 12.3 8.2 na na

1-Dec-10 Hong Kong Retail Sales - Value 0.6 19.2 17.1 17.2 na

1-Dec-10 Hong Kong Retail Sales - Volume (0.8) 16.2 14.9 15.8 na

1-Dec-10 Indonesia Visitor Arrivals 1.7 11.0 3.5 13.8 na

1-Dec-10 Singapore Visitor Arrivals (4.3) 24.1 18.0 18.5 na

1-Dec-10 South Korea Consumer Price Index 2.8 2.6 2.6 3.6 na

1-Dec-10 Thailand Consumer Price Index (0.8) 3.5 3.3 3.0 na

2-Dec-10 China Visitor Arrivals (2.7) 7.3 5.6 9.7 na

2-Dec-10 Malaysia Visitor Arrivals 7.2 10.5 3.4 0.0 na

2-Dec-10 EU Consumer Price Index 0.3 1.7 1.6 1.8 na

2-Dec-10 Hong Kong Consumer Price Index 0.5 1.4 3.0 2.6 na

2-Dec-10 India Consumer Price Index 10.9 11.3 9.9 9.8 na

2-Dec-10 Indonesia Retail Sales 11.0 24.6 32.0 21.1 na

2-Dec-10 Malaysia Consumer Price Index 0.6 1.9 2.1 1.8 na6-Dec-10 Philippines Consumer Price Index 3.2 3.87 3.99 3.6 na

6-Dec-10 Singapore Retail Sales (7.4) (1.3) (1.2) 0.3 na

6-Dec-10 Indonesia Consumer Price Index 6.4 6.2 6.4 5.8 5.7

6-Dec-10 Taiwan Consumer Price Index (0.9) 0.4 (0.6) (0.7) (0.2)

8-Dec-10 India Visitor Arrivals (3.3) 4.0 9.0 12.6 9.2

12-Dec-10 China Consumer Price Index (0.7) 3.3 3.5 3.6 4.4

15-Dec-10 US Retail Sales (7.3) 5.5 4.0 8.2 1.2

15-Dec-10 US Consumer Price Index (0.4) 1.2 1.2 1.1 1.1

Index points

Jul-10 Aug-10 Sep-10 Oct-10

26-Nov-10 China Consumer Confidence Index 107.80 107.30 104.4026-Nov-10 South Korea Consumer Confidence Index 112.00 110.00 109.00 108.00

26-Nov-10 US Consumer Confidence Index 51.00 53.20 48.60 50.20

3-Dec-10 Indonesia Consumer Confidence Index 105.70 104.00 107.60 112.00

10-Dec-10 Japan Consumer Confidence Index 43.40 42.50 41.40 41.10

11-Dec-10 Thailand Consumer Confidence Index 79.30 80.80 81.50 80.20

11-Dec-10 Taiwan Consumer Confidence Index 78.64 79.69 80.14 80.19

Source: Bloomberg, CEIC


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Exhibit 8: Hong Kong And China Share Price Performance

Market3M avg

daily Share Absolute performance Relative performance

cap turnover price 1 WK 1M 3M YTD 1 WK 1M 3M YTD

(USD m) (USD m) (LC) (%) (%) (%) (%) (%) (%) (%) (%)

MSCI China Index MXCN Index 69.73 (4.0) (1.2) 11.7 7.4

F&B: Dried foods

Tingyi Cayman Islands Holding Corp 322 HK 13,821 15.89 19.18 (7.1) (1.7) 2.9 1.5 (3.1) (0.6) (8.8) (6.0)

Want Want China Holdings 151 HK 11,809 13.43 6.93 (8.0) (2.3) 9.1 31.5 (4.0) (1.1) (2.6) 24.0

Uni-President China Holdings 220 HK 2,326 2.16 5.01 (12.1) (5.8) 15.7 (9.9) (8.1) (4.6) 4.0 (17.3)

Hsu Fu Chi International HFCI SP 2,016 0.05 3.30 (2.4) 4.8 26.9 53.5 1.6 6.0 15.2 46.1

Hong Kong Food Investment Holdings 60 HK 41 0.13 1.23 (3.9) (12.8) 6.0 23.9 0.1 (11.6) (5.7) 16.4

Wealth Glory Holdings 8269 HK 29 - 0.41 17.1 2.5 - - 21.1 3.7 - -

F&B: Processed meat products

China Yurun Food Group 1068 HK 6,303 33.31 27.70 (13.6) (6.6) 2.2 22.1 (9.6) (5.4) (9.5) 14.7

Shenguan Holdings Group 829 HK 2,220 4.76 10.36 (5.3) 9.6 40.0 48.6 (1.3) 10.8 28.3 41.2

Henan Shuanghui Investment & Dev 000895 CH - - - - - - - - - - -

Zhongpin Inc HOGS US 777 1.11 22.07 (2.8) 5.5 50.2 41.4 1.2 6.7 38.5 34.0

People's Food Holdings PFH SP 606 0.05 0.70 (4.3) 5.5 50.2 41.4 (0.3) 6.7 38.5 34.0

Synear Food Holdings SYNF SP 249 0.29 0.24 (4.7) (2.1) (9.6) (25.4) (0.7) (0.9) (21.3) (32.8)

DaChan Food Asia 3999 HK 198 0.11 1.52 (3.8) (8.4) (6.7) (7.2) 0.2 (7.2) (18.5) (14.6)

F&B: Dairy

China Mengniu Dairy 2319 HK 4,786 19.91 21.35 (5.5) (9.0) (8.4) (22.5) (1.5) (7.8) (20.1) (29.9)

Inner Mongolia Yili Industrial 600887 CH 5,055 42.31 41.99 0.1 13.4 25.6 58.6 4.1 14.6 13.9 51.1

Bright Dairy & Food 600597 CH 1,519 15.98 9.61 (10.4) 2.9 4.3 0.8 (6.3) 4.1 (7.4) (6.6)

Yashili International Holdings 1230 HK 1,463 - 3.24 (9.2) - - - (5.2) - - -

Beijing Sanyuan Foods 600429 CH 1,050 11.39 7.88 (9.2) 5.1 25.1 (2.5) (5.2) 6.3 13.4 (9.9)

Natural Dairy NZ Holdings 462 HK 529 1.60 2.20 0.0 0.0 35.8 35.8 4.0 1.2 24.1 28.4

Global Dairy Holdings 1007 HK 464 - 3.56 (9.2) - - - (5.2) - - -

Ausnutria Dairy Corp 1717 HK 431 2.05 3.20 (9.6) (17.9) (30.9) (49.6) (5.6) (16.8) (42.6) (57.1)

F&B Juice & beverage

China Foods 506 HK 2,071 4.69 5.75 (8.6) (7.1) 2.3 (16.6) (4.6) (5.9) (9.4) (24.1)

V V Food & Beverage 600300 CH 1,665 20.78 6.61 (6.2) 8.2 2.5 (21.2) (2.2) 9.4 (9.2) (28.6)

Hebei Chengde Lolo 000848 CH 1,440 20.51 31.43 (2.7) 9.1 13.4 92.4 1.3 10.3 1.7 85.0

China Huiyuan Juice Group 1886 HK 1,054 2.77 5.53 2.2 0.9 (3.8) 1.1 6.2 2.1 (15.5) (6.4)

Vitasoy International Holdings 345 HK 838 0.50 6.38 (3.5) 3.6 4.1 21.8 0.5 4.8 (7.6) 14.4

Besunyen Holdings 926 HK 768 - 3.54 (0.8) (0.6) - - 3.2 0.6 - -

CPMC Holdings 906 HK 706 1.25 6.59 (3.1) (9.8) (6.0) (35.2) 0.9 (8.7) (17.7) (42.6)

Tianyi Fruit Holdings 756 HK 378 0.29 2.89 4.3 (0.7) 9.5 42.4 8.3 0.5 (2.2) 35.0

Yantai North Andre Juice 8259 HK 234 0.30 0.43 2.4 0.0 4.9 14.2 6.4 1.2 (6.8) 6.8

China Haisheng Juice Holdings 359 HK 177 0.93 1.09 (6.0) (0.9) 13.5 (0.2) (2.0) 0.3 1.8 (7.6)

Longrun Tea Group 2898 HK 154 0.23 0.83 9.2 (4.6) 66.0 (2.4) 13.2 (3.4) 54.3 (9.8)

Chevalier Pacific Holdings 508 HK 101 1.19 0.33 13.8 (16.5) (50.0) 54.9 17.8 (15.3) (61.7) 47.5

F&B: Brewery

Jiangsu Yanghe Brewery Joint-Stock 002304 CH 16,503 24.60 243.47 (1.7) 17.6 30.5 114.8 2.3 18.8 18.8 107.4

China Resources Enterprise 291 HK 10,130 19.05 32.75 (0.9) 2.3 7.4 17.6 3.1 3.5 (4.3) 10.1

Tsingtao Brewery 168 HK 7,127 9.60 40.90 (7.0) (8.6) 5.8 (4.5) (3.0) (7.4) (5.9) (11.9)

Chongqing Brewery 600132 CH 5,736 44.15 78.68 11.4 48.2 120.0 237.2 15.4 49.4 108.2 229.8

Beijing Yanjing Brewery-A 000729 CH 3,518 44.33 19.30 (7.7) (3.7) (9.2) 3.6 (3.6) (2.5) (20.9) (3.8)

Guangzhou Zhujiang Brewery 002461 CH 2,356 - 23.00 (14.2) (4.8) - - (10.2) (3.6) - -

Kingway Brewery Holdings 124 HK 422 0.73 1.91 (2.1) (8.2) 2.7 6.1 2.0 (7.0) (9.0) (1.3)

San Miguel Brewery Hong Kong 236 HK 58 0.01 1.20 (1.6) (3.2) 0.0 3.4 2.4 (2.0) (11.7) (4.0)

F&B: Winery

Yantai Changyu Pioneer Wine 200869 CH 6,631 4.09 97.50 1.2 0.9 14.7 44.1 5.2 2.1 3.0 36.6

Dynasty Fine Wines Group 828 HK 753 1.88 4.68 (1.7) 0.9 38.1 89.5 2.3 2.1 26.3 82.0



10/23


10 BNP PARIBAS

Exhibit 8: Hong Kong And China Share Price Performance (Contd)

Market3M avg

daily Share Absolute performance Relative performance cap turnover price 1 WK 1M 3M YTD 1 WK 1M 3M YTD

(USD m) (USD m) (LC) (%) (%) (%) (%) (%) (%) (%) (%)F&B: DistillersKweichow Moutai 600519 CH 25,189 81.89 177.19 6.8 10.8 15.9 5.3 10.8 11.9 4.2 (2.1)Wuliangye Yibin 000858 CH 21,350 123.61 37.34 0.9 14.3 20.5 18.6 4.9 15.5 8.8 11.2Luzhou Laojiao 000568 CH 9,198 58.89 43.80 2.6 28.5 26.6 15.0 6.6 29.7 14.9 7.6Shanxi Xinghuacun Fen Wine Factory 600809 CH 5,343 17.79 81.93 13.5 30.6 49.6 93.0 17.5 31.8 37.9 85.6Sichuan Swellfun 600779 CH 1,761 32.35 23.93 (13.9) 7.3 9.7 7.0 (9.9) 8.5 (2.0) (0.4)Zhejiang Guyuelongshan 600059 CH 1,473 28.17 15.40 (5.5) 9.7 26.2 58.7 (1.5) 10.9 14.5 51.3Anhui Gujing Distillery 200596 CH 1,431 1.43 47.20 (0.6) 25.4 47.5 149.0 3.4 26.6 35.8 141.5Anhui Golden Seed Winery 600199 CH 1,213 50.77 15.44 (9.1) 4.2 (8.9) 77.6 (5.1) 5.4 (20.6) 70.1Xinjiang Yilite Industry 600197 CH 1,104 20.27 16.62 (9.0) 1.7 (9.0) 28.0 (5.0) 2.9 (20.7) 20.6Silver base Group Holdings 886 HK 990 5.63 6.45 (6.5) 34.7 87.0 146.3 (2.5) 35.8 75.2 138.9China Tontine Wines Group 389 HK 412 6.03 1.86 (18.4) (7.0) 14.1 11.4 (14.4) (5.8) 2.4 4.0JLF Investment 472 HK 204 0.26 0.95 41.8 63.8 61.0 35.7 45.8 65.0 49.3 28.3

F&B: UpstreamQinghai Salt Lake Potash 000792 CH 7,227 80.12 62.51 (16.8) (9.9) 22.4 10.6 (12.8) (8.8) 10.6 3.2China Agri-Industries Holdings 606 HK 5,511 14.60 10.58 (8.3) (4.7) 6.2 4.9 (4.3) (3.5) (5.5) (2.5)Huabao International Holdings 336 HK 4,929 6.68 12.14 0.8 (7.6) 1.5 48.9 4.8 (6.4) (10.2) 41.5Heilongjiang Agriculture 600598 CH 4,008 56.64 14.97 (10.9) 3.2 4.3 (0.7) (6.9) 4.4 (7.4) (8.1)Sinofert Holdings 297 HK 3,794 9.55 4.19 (8.1) (10.3) 5.0 (3.5) (4.1) (9.1) (6.7) (10.9)China BlueChemical 3983 HK 3,342 5.47 5.62 (9.1) (10.5) 9.8 20.1 (5.1) (9.3) (1.9) 12.7Dalian Zhangzidao Fishery Group 002069 CH 3,295 53.22 48.35 (6.4) 9.0 24.7 159.7 (2.4) 10.2 13.0 152.2Beijing Dabeinong Technology Group 002385 CH 2,686 18.15 44.50 (13.8) (2.6) 10.9 - (9.8) (1.4) (0.8) -Chaoda Modern Agriculture Holdings 682 HK 2,792 21.14 6.48 (5.8) (7.4) (24.3) (21.9) (1.8) (6.2) (36.0) (29.4)Shenzhen Agricultural Products 000061 CH 2,591 30.38 22.38 (4.9) 4.4 20.8 62.2 (0.9) 5.6 9.1 54.8COFTunhe 600737 CH 2,293 30.36 15.14 (17.9) 1.5 8.1 (9.4) (13.9) 2.7 (3.6) (16.8)Sichuan New Hope Agribusiness 000876 CH 2,207 43.55 17.60 (11.2) 3.0 105.6 42.3 (7.2) 4.2 93.9 34.9Hsu Fu Chi International HFCI SP 2,016 0.05 3.30 (2.4) 4.8 26.9 53.5 1.6 6.0 15.2 46.1Gansu Ronghua Industry Group 600311 CH 1,901 79.18 18.96 (8.2) 68.4 100.6 61.8 (4.2) 69.6 88.9 54.3Shandong Denghai Seeds 002041 CH 1,842 18.08 69.49 (8.2) 3.1 12.1 99.9 (4.2) 4.3 0.4 92.4Fujian Sunner Development 002299 CH 1,989 14.33 32.20 0.9 14.1 4.3 29.3 4.9 15.3 (7.4) 21.9Xinjiang Guannong Fruit & Antler 600251 CH 1,452 30.39 26.63 (22.3) (13.9) 26.1 5.1 (18.3) (12.7) 14.4 (2.3)

Beijing Shunxin Agriculture 000860 CH 1,659 22.42 25.11 (9.7) 7.8 17.9 42.9 (5.7) 9.0 6.2 35.4Angel Yeast 600298 CH 2,064 12.08 44.78 17.0 24.7 14.7 50.3 21.0 25.9 3.0 42.9China Fishery Group CFG SP 1,669 0.09 2.16 (1.8) 0.5 21.3 60.4 2.2 1.7 9.6 52.9China Animal Husbandry Industry 600195 CH 1,527 18.98 25.99 (8.8) 5.2 (10.4) 28.9 (4.8) 6.4 (22.2) 21.5Shandong Homey Aquatic Dev 600467 CH 1,471 31.71 15.41 (3.3) 18.4 45.7 57.1 0.7 19.6 33.9 49.7Zhejiang Haitong Food Group 600537 CH 1,411 23.52 40.71 (6.9) 27.8 43.6 54.6 (2.9) 29.0 31.9 47.1Yuan Longping High-tech Agriculture 000998 CH 1,309 34.74 31.36 (0.9) 5.1 37.7 69.1 3.1 6.3 26.0 61.6Henan Chuying Agro-pastoral 002477 CH 1,259 - 62.62 (3.8) 23.3 - - 0.2 24.5 - -CP Pokphand 43 HK 1,586 1.14 1.06 9.3 60.6 76.7 84.0 13.3 61.8 65.0 76.6Nanning Sugar Industry 000911 CH 964 34.24 22.32 (20.5) (8.3) 11.2 (3.1) (16.5) (7.1) (0.5) (10.6)Zhengzhou Sanquan Foods 002216 CH 1,113 4.25 39.53 (2.2) 11.8 9.2 81.1 1.9 13.0 (2.5) 73.7China Green Holdings /Bermuda 904 HK 900 5.48 7.89 (5.3) 0.5 (9.3) 9.4 (1.3) 1.7 (21.0) 2.0Pacific Andes Resources Development PAH SP 733 0.22 0.34 (1.6) 0.0 11.1 21.2 2.4 1.2 (0.6) 13.8Pacific Andes International Holdings 1174 HK 557 0.48 1.41 (7.2) 1.4 13.7 (9.1) (3.2) 2.6 2.0 (16.6)Global Bio-Chem Technology Group 809 HK 557 2.66 1.33 (5.0) 3.9 (0.7) (19.1) (1.0) 5.1 (12.5) (26.6)

China Starch Holdings 3838 HK 522 6.46 0.70 (2.8) (5.4) (17.6) 4.5 1.2 (4.2) (29.4) (2.9)Oceanus Group OCNUS SP 490 0.54 0.32 (4.1) (4.5) 3.3 (28.4) (0.1) (3.4) (8.4) (35.8)Heng Tai Consumables Group 197 HK 516 8.14 1.37 (4.9) 4.6 69.1 75.6 (0.9) 5.8 57.4 68.2Pine Agritech PAG SP - 0.20 0.20 0.0 0.0 11.1 21.2 4.0 1.2 (0.6) 13.8China Corn Oil 1006 HK 367 1.99 5.41 (5.4) (0.9) (8.0) (12.7) (1.4) 0.3 (19.7) (20.2)Xiwang Sugar Holdings 2088 HK 332 3.18 2.56 (7.6) (7.2) 16.4 (4.0) (3.6) (6.1) 4.7 (11.4)Global Sweeteners Holdings 3889 HK 237 0.46 1.60 (4.2) (8.0) 6.7 (5.1) (0.2) (6.9) (5.0) (12.5)LAM Soon Hong Kong 411 HK 229 0.02 7.28 (2.8) (2.7) 7.1 67.7 1.2 (1.5) (4.7) 60.3Asia Cassava Resources Holdings 841 HK 126 0.92 2.44 (5.1) (4.3) 7.0 19.4 (1.1) (3.1) (4.7) 11.9Vedan International Holdings 2317 HK 126 0.19 0.64 (3.0) (1.5) (5.9) (16.7) 1.0 (0.3) (17.6) (24.1)China Flavors & Fragrances 3318 HK 119 0.05 1.90 (2.6) (2.6) 12.4 15.7 1.4 (1.4) 0.6 8.3Golden Resources Development Intl 677 HK 112 0.40 0.56 (1.8) (9.7) 1.8 14.5 2.3 (8.5) (9.9) 7.1China Essence Group CESS SP 103 0.01 0.34 6.3 4.6 25.9 - 10.3 5.8 14.2 -First Natural Foods Holdings 1076 HK 45 - 0.30 0.0 0.0 0.0 0.0 4.0 1.2 (11.7) (7.4)Hop Hing Group Holdings 47 HK 28 0.02 0.43 (10.4) (10.4) 8.9 32.3 (6.4) (9.2) (2.9) 24.9

Ever Fortune International Holdings 875 HK 14 - 0.04 0.0 0.0 0.0 0.0 4.0 1.2 (11.7) (7.4)(Continued on next page)


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11 BNP PARIBAS


Market3M avg



(USD m) (USD m) (LC) (%) (%) (%) (%) (%) (%) (%) (%)

Staples: Household & personal care products

Hengan International Group 1044 HK 10,698 18.52 67.75 (7.1) (4.9) (3.1) 19.8 (3.1) (3.7) (14.9) 12.4

L'Occitane International SA 973 HK 4,143 6.18 21.75 (4.4) (0.7) 28.9 - (0.4) 0.5 17.1 -

BaWang International Group Holding 1338 HK 1,260 8.58 3.36 (8.9) (8.7) (21.3) (36.1) (4.9) (7.5) (33.0) (43.5)

Henan Rebecca Hair Products 600439 CH 1,398 29.49 12.55 1.1 14.8 17.1 29.7 5.1 16.0 5.4 22.2

Vinda International Holdings 3331 HK 1,232 8.78 10.20 (0.2) (1.4) 18.5 88.4 3.8 (0.2) 6.8 81.0

Magic Holdings International 1633 HK 617 - 5.76 (3.5) 11.6 - - 0.5 12.8 - -

Natural Beauty Bio-Technology 157 HK 617 0.31 2.39 (3.2) 30.6 68.3 80.9 0.8 31.8 56.6 73.5

Ming Fai International Holdings 3828 HK 256 1.80 3.12 2.0 (4.0) 15.6 138.0 6.0 (2.8) 3.8 130.6

Water Oasis Group 1161 HK 134 0.42 1.36 0.7 4.6 14.3 (2.3) 4.7 5.8 2.6 (9.7)

FAVA International Holdings 8108 HK 34 0.06 0.16 (2.5) (8.8) 11.5 31.4 1.5 (7.6) (0.2) 23.9

China AU Group Holdings 8176 HK 34 0.50 0.40 1.3 (17.5) (2.4) (49.4) 5.3 (16.3) (14.2) (56.8)

Organized retail: Department storesGolden Eagle Retail Group 3308 HK 5,525 7.97 22.05 0.7 13.3 15.0 40.3 4.7 14.5 3.3 32.9

Parkson Retail Group 3368 HK 4,899 8.93 13.52 0.0 (0.6) 0.3 0.4 4.0 0.6 (11.4) (7.1)

Lifestyle International Holdings 1212 HK 4,128 2.68 19.06 (1.9) (1.1) 8.9 34.1 2.2 0.0 (2.8) 26.7

Shanghai Bailian Group 600631 CH 2,733 10.33 16.48 (6.4) 19.4 19.4 (8.5) (2.4) 20.6 7.7 (16.0)

Beijing Wangfujing Department Store 600859 CH 2,954 15.98 46.96 0.8 5.5 20.1 28.3 4.8 6.7 8.4 20.9

Rainbow Department Store 002419 CH 2,772 11.87 46.00 (5.8) 13.4 15.1 - (1.8) 14.6 3.4 -

Intime Department Store Group 1833 HK 2,618 9.23 11.52 (8.0) (1.0) 32.4 63.1 (4.0) 0.2 20.7 55.7

Dashang Group 600694 CH 2,560 24.14 57.87 4.9 9.3 19.0 32.2 8.9 10.5 7.3 24.7

Maoye International Holdings 848 HK 2,380 2.74 3.59 (1.4) 5.6 11.5 69.5 2.6 6.8 (0.2) 62.1

Springland International Holdings 1700 HK 1,999 - 6.20 (7.6) - - - (3.6) - - -

New World Department Store China 825 HK 1,609 1.75 7.40 (4.1) (3.1) 9.3 6.2 (0.1) (2.0) (2.4) (1.2)

Guangzhou Friendship Group 000987 CH 1,549 12.23 28.65 (5.1) 3.5 2.8 4.6 (1.1) 4.7 (8.9) (2.8)

Wuhan Department Store Group 000501 CH 1,557 9.42 20.38 (1.6) 4.5 10.8 37.1 2.4 5.7 (1.0) 29.7

Chongqing Department Store 600729 CH 1,645 6.16 53.53 3.1 9.6 5.3 34.0 7.1 10.8 (6.4) 26.6

PCD Stores 331 HK 1,357 6.41 2.49 (5.7) 4.2 3.8 (16.7) (1.7) 5.4 (8.0) (24.1)

Wuhan Zhongbai Group 000759 CH 1,441 24.17 14.05 (0.3) 16.1 6.8 21.0 3.7 17.3 (4.9) 13.6

Hefei Department Store Group 000417 CH 1,470 8.78 20.35 5.4 18.3 7.1 39.7 9.4 19.5 (4.6) 32.3

Shanghai New World 600628 CH 1,052 24.30 13.13 (9.3) 1.1 (1.6) (12.3) (5.3) 2.3 (13.4) (19.8)

Chengshang Group 600828 CH 1,170 4.94 21.24 1.4 13.2 12.4 70.9 5.4 14.3 0.7 63.4

Wuxi Commercial Mansion GrandOrient

600327 CH 1,057 11.91 13.45 (3.0) 10.7 22.8 50.8 1.0 11.9 11.1 43.3

Yinchuan Xinhua Department Store 600785 CH 1,062 9.40 34.00 1.9 2.1 (3.0) 45.0 5.9 3.3 (14.7) 37.5

Shanghai Yimin Commercial 600824 CH 829 19.20 7.52 (10.7) 1.3 (5.4) (18.8) (6.7) 2.5 (17.1) (26.2)

Wing On Co International 289 HK 560 0.14 14.70 (0.5) (0.3) 3.7 43.1 3.5 0.9 (8.0) 35.7

Sincere 244 HK 69 1.35 0.93 (17.0) 38.8 97.9 232.1 (13.0) 40.0 86.2 224.7

Jiahua Stores Holdings 602 HK 52 0.02 0.39 (8.3) (2.5) (1.3) 1.3 (4.3) (1.3) (13.0) (6.1)

Organized retail: Food retailers

Dairy Farm International Holdings DFI SP 11,015 0.12 8.16 1.0 3.9 9.1 39.7 5.0 5.1 (2.6) 32.3

Wumart Stores Inc 8277 HK 3,177 1.91 19.70 1.8 4.3 19.1 62.1 5.8 5.5 7.4 54.7

Lianhua Supermarket Holdings 980 HK 2,676 2.23 33.35 0.0 (0.3) 10.6 44.2 4.0 0.9 (1.1) 36.7

Beijing Hualian Hypermarket 600361 CH 868 20.25 11.88 (7.0) (2.1) 6.9 25.7 (3.0) (1.0) (4.8) 18.3

Shanghai Friendship Group Inc 900923 CH 1,011 0.13 2.14 7.3 48.8 48.8 44.7 11.3 50.0 37.1 37.2

Aeon Stores Hong Kong 984 HK 570 0.08 17.00 (2.3) 0.0 34.9 37.3 1.7 1.2 23.2 29.8

Beijing Jingkelong 814 HK 499 0.68 9.39 (4.2) 4.9 (1.3) 52.0 (0.2) 6.1 (13.0) 44.6

CP Lotus Corp 121 HK 302 0.14 0.26 (7.3) (8.9) 0.0 24.4 (3.3) (7.7) (11.7) 17.0

Convenience Retail Asia 8052 HK 301 0.22 3.19 0.9 4.6 28.8 67.4 5.0 5.8 17.1 59.9



12/23


12 BNP PARIBAS


Market.3m avg



(USD m) (USD m) (LC) (%) (%) (%) (%) (%) (%) (%) (%)

Organized retail: Home appliance retailers

Suning Appliance 002024 CH 15,048 94.87 14.28 (5.6) (5.0) 3.0 3.4 (1.5) (3.8) (8.7) (4.1)

GOME Electrical Appliances Holdings 493 HK 6,457 67.72 3.00 11.5 19.0 37.0 6.4 15.5 20.2 25.3 (1.0)

Huiyin Household Appliances Holdings 1280 HK 279 1.84 2.06 (6.4) 0.5 10.2 - (2.4) 1.7 (1.6) -

Combest Holdings 8190 HK 167 0.10 0.41 (6.9) 1.3 15.7 313.3 (2.9) 2.4 4.0 305.8

Home appliance manufacturers

GD Midea Holding 000527 CH 7,473 56.64 15.90 (10.8) (7.1) 14.6 3.4 (6.8) (5.9) 2.8 (4.0)

Gree Electric Appliances Inc 000651 CH 6,817 87.04 16.06 (12.0) (5.8) 8.5 (14.7) (7.9) (4.6) (3.2) (22.1)

Qingdao Haier 600690 CH 5,542 29.15 27.49 2.5 15.2 17.9 12.4 6.5 16.4 6.2 5.0

TCL Corp 000100 CH 2,349 22.98 3.68 (10.0) (5.9) (9.1) (28.3) (6.0) (4.7) (20.8) (35.7)

Haier Electronics Group 1169 HK 1,948 5.27 7.11 (3.3) 8.4 34.2 40.2 0.7 9.6 22.4 32.8

Hisense Electric 600060 CH 1,715 32.18 13.14 (11.1) (0.3) (4.1) (23.0) (7.1) 0.9 (15.8) (30.5)

Sichuan Changhong Electric 600839 CH 1,647 24.27 3.84 (11.1) (8.4) (5.9) (12.2) (7.1) (7.2) (17.6) (19.6)Skyworth Digital Holdings 751 HK 1,445 25.79 4.36 (6.4) (14.7) (14.0) (44.5) (2.4) (13.5) (25.7) (51.9)

Hisense Kelon Electrical Holdings 921 HK 683 1.71 3.91 (2.7) (3.2) (1.0) 1.0 1.3 (2.0) (12.7) (6.4)

Konka Group 200016 CH 491 1.82 3.16 (9.7) (4.5) (0.9) (16.5) (5.7) (3.3) (12.7) (23.9)

Chigo Holding 449 HK 452 1.88 4.57 (8.4) 1.6 5.4 20.3 (4.4) 2.7 (6.3) 12.9

TCL Multimedia Technology Holdings 1070 HK 437 4.87 3.12 (9.6) (7.7) (6.0) (62.5) (5.6) (6.5) (17.7) (70.0)

Organized retail: Jewelry & accessories

Hengdeli Holdings 3389 HK 2,514 12.57 4.45 3.7 1.1 16.5 52.8 7.7 2.3 4.8 45.3

Chow Sang Sang Holdings 116 HK 1,743 3.18 19.96 (10.5) 10.2 27.0 119.9 (6.5) 11.3 15.3 112.5

Hubei Eastern Gold Jade 600086 CH 1,484 44.25 27.96 0.6 24.5 167.6 187.4 4.7 25.7 155.8 179.9

Luk Fook Holdings International 590 HK 1,464 4.05 23.05 (5.7) 36.2 77.3 250.4 (1.7) 37.4 65.6 242.9

Lao Feng Xiang 900905 CH 907 0.35 2.71 0.3 17.5 22.6 45.1 4.3 18.6 10.9 37.7

Emperor Watch & Jewellery 887 HK 825 3.90 1.13 (14.4) 31.4 82.3 149.4 (10.4) 32.6 70.5 142.0

Dickson Concepts International 113 HK 342 1.32 7.13 (3.6) 14.8 30.3 83.7 0.4 16.0 18.6 76.2

Asia Commercial Holdings 104 HK - - 3.64 (3.7) - - - 0.3 - - -

Ming Fung Jewellery Group 860 HK 261 1.91 0.81 (8.0) 12.5 52.8 45.4 (3.9) 13.7 41.1 38.0

Tse Sui Luen Jewellery International 417 HK 224 0.70 8.25 (9.8) 9.7 33.3 264.6 (5.8) 10.9 21.6 257.1

Oriental Watch Holdings 398 HK 222 1.61 4.32 (9.1) 11.3 72.1 166.0 (5.0) 12.5 60.4 158.6

King Fook Holdings 280 HK 177 4.95 3.16 (0.3) 50.5 232.6 303.1 3.7 51.7 220.9 295.6

Artini China 789 HK 82 0.31 0.50 (5.7) (3.8) (15.3) (51.9) (1.7) (2.7) (27.0) (59.3)

Stelux Holdings International 84 HK 96 0.07 0.78 (3.7) 23.8 47.2 70.7 0.3 25.0 35.5 63.3

Eternite International 8351 HK 37 0.15 0.50 0.0 (3.8) 81.8 35.1 4.0 (2.7) 70.1 27.7

Noble Jewelry Holdings 475 HK 50 0.20 1.44 20.0 35.8 144.1 203.2 24.0 37.0 132.4 195.7

Organized retail: CosmeticsSA SA International Holdings 178 HK 1,342 3.68 7.45 (0.5) 8.6 24.8 49.6 3.5 9.8 13.1 42.2

Bonjour Holdings 653 HK 517 5.95 1.36 (2.9) (9.3) 17.7 124.1 1.1 (8.1) 6.0 116.6

BAL Holdings 8079 HK 16 0.98 0.29 76.8 90.8 0.0 (83.6) 80.8 92.0 (11.7) (91.0)

Organized retail: Specialty stores

Shanghai Pharmaceuticals Holding 601607 CH 7,173 39.12 23.90 3.4 19.3 19.6 71.8 7.4 20.5 7.9 64.4

Shanghai Yuyuan Tourist Mart 600655 CH 3,189 62.58 14.73 (15.1) (10.1) (0.6) (2.7) (11.0) (8.9) (12.3) (10.1)

Man Wah Holdings 1999 HK 1,621 2.27 12.94 (5.0) 29.4 41.4 - (1.0) 30.6 29.7 -

Xinhua Winshare Publishing and Media 811 HK 653 0.82 4.46 (5.5) 0.0 7.7 50.3 (1.5) 1.2 (4.0) 42.9

Culture Landmark Investment 674 HK 288 0.08 0.23 0.4 (9.6) (3.4) 18.4 4.5 (8.4) (15.1) 11.0

Modern Beauty Salon Holdings 919 HK 100 0.14 1.07 17.6 24.4 86.7 80.7 21.6 25.6 75.0 73.3



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13 BNP PARIBAS


Market.3m avg


(USD m) (USD m) (LC) (%) (%) (%) (%) (%) (%) (%) (%)Organized retail: Restaurants & catering

Ajisen China Holdings 538 HK 1,767 3.93 12.80 (10.4) (6.3) 38.8 96.6 (6.4) (5.1) 27.1 89.2Cafe de Coral Holdings 341 HK 1,527 1.13 21.05 (5.6) (6.4) 9.0 21.2 (1.6) (5.3) (2.8) 13.7Little Sheep Group 968 HK 688 0.70 5.17 1.0 (2.5) 15.9 22.3 5.0 (1.3) 4.2 14.8Tao Heung Holdings 573 HK 357 0.06 2.72 (6.2) (9.0) (9.3) (12.4) (2.2) (7.8) (21.0) (19.8)China Energy Development Holdings 228 HK 250 1.66 0.45 4.7 (9.2) 9.9 3.5 8.7 (8.0) (1.8) (3.9)Fairwood 52 HK 165 0.31 10.20 (2.1) 5.6 24.1 37.7 1.9 6.8 12.4 30.3G-Vision International Holdings 657 HK 103 0.06 0.41 (2.4) 5.1 9.3 135.6 1.6 6.3 (2.4) 128.2Tack Hsin Holdings 611 HK 156 0.84 3.31 25.9 63.9 128.3 94.7 29.9 65.1 116.6 87.3Vongroup 318 HK 77 0.31 0.10 (3.8) (3.8) 6.3 (46.9) 0.2 (2.6) (5.5) (54.3)

Brands: ApparelLi & Fung 494 HK 22,520 41.15 43.45 2.5 3.5 13.7 37.9 6.5 6.5 2.0 30.5Esprit Holdings 330 HK 6,879 41.90 41.40 (4.6) (6.7) (9.8) (17.6) (0.6) (5.5) (21.5) (25.0)Shanghai Metersbonwe Fashion &Accessories

002269 CH 4,900 7.65 32.40 (0.6) 25.1 32.0 46.1 3.4 26.3 20.3 38.7

Youngor Group 600177 CH 3,947 29.31 11.77 (11.8) (8.4) (5.3) (15.4) (7.8) (7.2) (17.0) (22.9)Bosideng International Holdings 3998 HK 3,759 9.68 3.75 (4.1) 4.7 45.9 124.1 (0.1) 5.9 34.2 116.7Haining China Leather Market 002344 CH 2,596 11.11 61.55 15.3 35.0 61.7 - 19.3 36.2 50.0 -Boshiwa International Holding 1698 HK 1,807 - 6.75 (7.0) (4.8) - - (3.0) (3.6) - -China Lilang 1234 HK 1,753 5.44 11.32 (5.2) 15.6 0.3 50.4 (1.2) 16.8 (11.5) 43.0Trinity 891 HK 1,580 5.24 7.76 (3.8) (3.7) 23.7 113.5 0.2 (2.6) 12.0 106.0Ports Design 589 HK 1,561 5.69 21.35 (4.0) 8.0 2.4 (8.6) (0.0) 9.2 (9.3) (16.0)Fujian Septwolves Industry 002029 CH 1,479 7.43 34.70 (0.1) 8.7 51.6 148.5 3.9 9.9 39.9 141.1Your-Mart 002277 CH 1,430 27.08 27.18 (2.7) 18.1 10.9 43.2 1.4 19.3 (0.8) 35.8Zhejiang Baoxiniao Garment 002154 CH 1,309 9.33 29.59 (2.7) 19.2 11.2 32.1 1.3 20.4 (0.5) 24.6IT 999 HK 1,042 7.48 6.76 (9.9) 25.7 107.4 368.8 (5.9) 26.8 95.7 361.4Giordano International 709 HK 937 2.08 4.86 1.3 0.4 17.9 124.4 5.3 1.6 6.2 117.0Glorious Sun Enterprises 393 HK 491 0.23 3.59 (1.4) 4.7 20.9 31.0 2.6 5.9 9.2 23.5Theme International Holdings 990 HK 462 0.54 0.98 (2.0) 5.4 14.0 (21.6) 2.0 6.6 2.2 (29.0)

YGM Trading 375 HK 417 0.79 20.50 (13.5) 54.4 78.3 233.7 (9.5) 55.6 66.5 226.3Goldlion Holdings 533 HK 405 0.32 3.20 (4.5) 2.9 16.4 66.9 (0.5) 4.1 4.7 59.5Embry Holdings 1388 HK 362 0.80 6.90 (8.1) 7.8 50.3 75.3 (4.1) 9.0 38.6 67.8Hang Ten Group Holdings 448 HK 232 1.20 1.83 9.6 37.6 60.5 278.1 13.6 38.8 48.8 270.7Bossini International Hldg 592 HK 164 2.71 0.79 (9.2) 5.8 25.8 100.0 (5.2) 6.9 14.1 92.6Bauhaus International Holdings 483 HK 173 0.37 3.73 (4.6) 19.9 30.1 164.2 (0.6) 21.1 18.3 156.7Time Infrastructure Holdings 686 HK 151 1.28 1.60 3.9 17.6 128.6 182.7 7.9 18.8 116.9 175.3Veeko International Holdings 1173 HK 100 0.75 0.38 (1.3) 1.3 49.0 155.0 2.7 2.5 37.3 147.6Moiselle International 130 HK 89 1.27 2.45 (8.9) 2.5 20.1 177.5 (4.9) 3.7 8.4 170.0Top Form International 333 HK 89 0.52 0.64 0.0 1.6 18.5 31.1 4.0 2.8 6.8 23.7Joyce Boutique Holdings 647 HK 103 1.18 0.49 12.6 38.0 50.8 178.4 16.6 39.2 39.1 171.0Best Miracle International 8272 HK 77 0.77 0.25 2.1 (26.3) (5.0) (55.1) 6.1 (25.1) (16.7) (62.5)Crocodile Garments 122 HK 57 0.77 0.71 10.9 20.3 26.8 79.7 14.9 21.5 15.1 72.3U-RIGHT International Holdings 627 HK 6 - 0.01 0.0 0.0 0.0 0.0 4.0 1.2 (11.7) (7.4)

Brands: FootwearBelle International Holdings 1880 HK 15,861 34.56 14.58 (2.0) 2.1 10.2 63.6 2.0 3.3 (1.6) 56.2Yue Yuen Industrial Holdings 551 HK 5,700 8.18 26.80 (6.5) (6.9) 8.1 23.6 (2.5) (5.8) (3.6) 16.1Daphne International Holdings 210 HK 1,851 3.79 8.76 (4.2) (5.2) 16.5 42.1 (0.2) (4.0) 4.8 34.7Stella International Holdings 1836 HK 1,625 0.67 15.86 (3.8) (1.7) 9.4 18.7 0.2 (0.5) (2.3) 11.3Pou Sheng International Holdings 3813 HK 703 0.90 1.27 (2.3) 10.4 19.8 9.5 1.7 11.6 8.1 2.1Le Saunda Holdings 738 HK 306 1.48 3.71 (15.5) (17.6) 14.2 110.2 (11.5) (16.4) 2.4 102.8Kingmaker Footwear Holdings 1170 HK 137 0.58 1.60 (7.0) (3.0) 3.9 81.2 (3.0) (1.8) (7.8) 73.8Walker Group Holdings 1386 HK 122 0.05 1.52 (5.0) (1.3) 7.8 11.8 (1.0) (0.1) (3.9) 4.3Pegasus International Holdings 676 HK 117 0.00 1.24 0.0 (0.8) (2.4) (9.4) 4.0 0.4 (14.1) (16.8)Symphony Holdings /Hong Kong 1223 HK 87 0.03 0.39 (2.5) (1.3) (2.5) (6.6) 1.5 (0.1) (14.2) (14.0)KTP Holdings 645 HK 56 0.14 1.28 (1.5) (7.9) 10.3 64.1 2.5 (6.7) (1.4) 56.7



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14 BNP PARIBAS


Market.3m avg


(USD m) (USD m) (LC) (%) (%) (%) (%) (%) (%) (%) (%)Brands: SportswearAnta Sports Products 2020 HK 4,619 15.31 14.36 (6.5) (11.0) (4.1) 28.5 (2.5) (9.8) (15.8) 21.0China Dongxiang Group 3818 HK 2,989 11.93 4.09 (9.1) (10.1) (6.9) (28.5) (5.1) (8.9) (18.6) (36.0)Li Ning 2331 HK 2,855 21.79 21.05 (10.0) (13.2) (19.8) (27.2) (6.0) (12.0) (31.5) (34.6)XTEP International Holdings 1368 HK 1,875 5.32 6.68 (4.8) (1.9) 14.4 59.3 (0.8) (0.7) 2.7 51.8361 Degrees International 1361 HK 1,758 6.01 6.59 (8.3) (12.7) 5.3 47.6 (4.3) (11.5) (6.4) 40.1Peak Sport Products 1968 HK 1,521 6.42 5.62 (9.4) (18.0) (1.9) 35.0 (5.3) (16.8) (13.6) 27.5China Hongxing Sports CHHS SP 356 0.79 0.17 (8.3) (10.8) 3.1 (10.9) (4.3) (9.6) (8.6) (18.3)Meike International Holdings 953 HK 244 0.93 1.82 (7.6) (6.7) 21.3 - (3.6) (5.5) 9.6 -Flyke International Holdings 1998 HK 192 0.34 1.86 (7.0) (4.6) (0.5) - (3.0) (3.4) (12.2) -China Sports International CSPORT SP 85 0.12 0.12 (4.2) (8.0) 9.5 (34.3) (0.2) (6.8) (2.2) (41.7)

TextilesSunvim Group 002083 CH 1,566 62.12 11.08 (12.4) (7.8) 7.4 22.2 (8.4) (6.6) (4.3) 14.7Jiangsu Sunshine 600220 CH 1,561 58.88 5.81 (12.0) (8.5) 0.3 0.3 (8.0) (7.3) (11.4) (7.1)Ningbo Shanshan 600884 CH 1,417 58.51 22.89 (14.9) 6.6 25.7 36.4 (10.9) 7.8 14.0 28.9

Texwinca Holdings 321 HK 1,549 2.15 8.89 (4.6) 4.2 14.0 26.7 (0.6) 5.4 2.3 19.2Zhejiang Huafeng Spandex 002064 CH 1,382 40.96 12.43 (15.7) (5.5) 19.1 31.0 (11.7) (4.3) 7.4 23.6Luolai Home Textile 002293 CH 1,501 5.51 71.01 (2.6) 5.9 18.4 75.4 1.4 7.0 6.7 68.0Shenzhou International Group 2313 HK 1,394 2.76 8.68 (4.6) (10.4) (9.6) (11.2) (0.6) (9.2) (21.3) (18.6)Luthai Textile 200726 CH 998 2.13 7.78 (11.6) 10.5 20.2 23.1 (7.6) 11.7 8.5 15.7Jiangsu Huaxicun 000936 CH 999 30.91 8.87 (18.8) (7.7) 22.9 46.1 (14.8) (6.5) 11.2 38.7Black Peony Group 600510 CH 1,177 10.00 9.82 (11.2) (0.5) (12.7) (19.7) (7.2) 0.7 (24.4) (27.2)Yantai Spandex 002254 CH 1,176 23 .31 29.90 (9.2) 3.1 22.4 36.0 (5.2) 4.3 10.7 28.5Weiqiao Textile 2698 HK 991 2.82 6.43 (4.6) 4.4 26.1 25.8 (0.6) 5.6 14.4 18.4Pacific Textile Holdings 1382 HK 797 0.82 4.31 (2.9) (4.2) (2.7) (9.9) 1.1 (3.0) (14.4) (17.3)Texhong Textile Group 2678 HK 706 1.05 6.19 (7.3) 34.3 27.1 605.0 (3.3) 35.5 15.4 597.6Shanghai Nine Dragon 900955 CH 615 0.16 0.47 (6.9) 4.9 8.8 (0.6) (2.9) 6.1 (3.0) (8.1)Costin New Materials Group 2228 HK 610 3.27 5.91 (0.7) 40.7 86.4 - 3.3 41.9 74.7 -International Taifeng Holdings 873 HK 509 1.72 3.95 (12.6) (7.9) 110.1 - (8.6) (6.7) 98.4 -Sijia Group 1863 HK 486 1.35 4.55 (3.8) 27.1 31.9 - 0.2 28.3 20.2 -Wai Chun Mining Industry Group 660 HK 508 0.53 0.26 3.2 4.9 (16.4) 87.5 7.2 6.1 (28.1) 80.1China Ting Group Holdings 3398 HK 332 0.27 1.23 (3.1) (6.8) (4.1) 5.5 0.9 (5.6) (15.8) (1.9)Victory City International Holdings 539 HK 285 1.87 1.82 (5.7) (3.2) 9.6 20.9 (1.7) (2.0) (2.1) 13.5Win Hanverky Holdings 3322 HK 190 0.22 1.16 (4.9) (2.5) 13.9 4.6 (0.9) (1.3) 2.2 (2.8)Eagle Nice International Holdings 2368 HK 170 0.83 2.64 (4.7) 3.5 28.8 (16.9) (0.7) 4.7 17.1 (24.4)Kam Hing International Holdings 2307 HK 149 0.41 1.39 (6.1) 5.3 1.5 (31.9) (2.1) 6.5 (10.3) (39.3)Fountain SET Holdings 420 HK 131 0.37 1.28 (3.8) (3.0) 4.1 4.1 0.2 (1.8) (7.6) (3.4)Hua Lien International Holding 969 HK 129 0.23 0.80 (3.6) 11.1 17.6 (26.6) 0.4 12.3 5.9 (34.0)High Fashion International 608 HK 111 0.06 2.85 (3.7) 0.7 9.6 84.6 0.3 1.9 (2.1) 77.2Tack Fat Group 928 HK 114 - 0.40 0.0 0.0 0.0 0.0 4.0 1.2 (11.7) (7.4)Luen Thai Holdings 311 HK 102 0.09 0.80 0.0 1.3 0.0 7.4 4.0 2.5 (11.7) (0.0)Huafeng Group Holdings 364 HK 89 0.59 0.48 0.0 (1.0) 18.8 6.7 4.0 0.1 7.0 (0.7)Tristate Holdings 458 HK 87 0.03 2.52 3.3 17.8 29.2 88.5 7.3 18.9 17.5 81.1Addchance Holdings 3344 HK 73 0.05 1.28 8.5 10.3 11.3 5.6 12.5 11.5 (0.4) (1.8)

Tungtex Holdings 518 HK 64 0.04 1.41 (1.4) (2.1) (0.6) (6.6) 2.6 (0.9) (12.3) (14.0)Co-Prosperity Holdings 707 HK 56 0.09 0.37 2.8 (2.6) 2.8 (43.9) 6.8 (1.4) (8.9) (51.4)Ford Glory Group Holdings 1682 HK 50 - 0.89 (10.1) (2.2) - - (6.1) (1.0) - -Yangtzekiang Garment 294 HK 49 0.03 1.82 0.0 2.8 13.8 28.6 4.0 4.0 2.0 21.2Mainland Headwear Holdings 1100 HK 45 0.02 0.87 (4.4) 4.8 13.0 (3.0) (0.4) 6.0 1.3 (10.4)Guangdong Tannery 1058 HK 40 0.05 0.58 (9.4) (17.1) 46.8 36.5 (5.4) (16.0) 35.1 29.0Kingdom Holdings 528 HK 55 0.04 0.69 6.2 38.0 25.5 89.0 10.2 39.2 13.7 81.6Jiangchen International Holdings 8305 HK 48 0.02 1.01 7.4 29.5 42.3 44.3 11.5 30.7 30.5 36.9Art Textile Technology International 565 HK 34 0.04 0.25 (2.0) (2.0) 3.3 0.0 2.0 (0.8) (8.4) (7.4)Chanco International Group 264 HK 28 0.01 0.68 4.6 11.5 28.3 20.1 8.6 12.7 16.6 12.7Carry Wealth Holdings 643 HK 24 0.14 0.51 2.0 (3.8) 29.1 34.2 6.0 (2.6) 17.4 26.8Easyknit Enterprises Holdings 616 HK 22 0.03 0.47 16.0 23.7 27.0 46.9 20.1 24.9 15.3 39.4Pak Tak International 2668 HK 17 0.00 0.55 3.8 (6.8) 10.0 31.0 7.8 (5.6) (1.7) 23.5Ching Hing Holdings 692 HK 17 0.83 0.24 (38.4) (13.8) (52.6) (94.6) (34.4) (12.6) (64.3) (102.0)

Zhejiang Yonglong Enterprises 8211 HK 11 - 0.08 0.0 0.0 0.0 0.0 4.0 1.2 (11.7) (7.4)Source: Bloomberg


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15 BNP PARIBAS

Exhibit 9: Hong Kong And China Valuation Table

BBG Mkt Share P/E EPS growth P/BV Yield ROE

Company code cap price 11E 12E 11E 12E 11E 12E 11E 12E 11E 12E

(USD m) (LC) (x) (x) (%) (%) (x) (x) (%) (%) (%) (%)

F&B: Dried foods

Tingyi Cayman Islands Holding Corp 322 HK 13,821 19.18 25.8 21.5 21.5 19.8 6.9 5.8 1.9 2.2 28.4 28.8

Want Want China Holdings Ltd 151 HK 11,809 6.93 24.2 20.8 27.6 16.2 9.2 8.3 2.8 3.6 40.7 43.3Uni-President China Holdings Ltd 220 HK 2,326 5.01 19.8 16.0 24.7 23.5 2.2 2.0 2.3 2.8 11.0 12.9

F&B: Processed meat products

China Yurun Food Group Ltd 1068 HK 6,303 27.70 18 .0 14.8 18.5 21.3 3.5 2.9 1.6 2.0 21.6 22.3

Shenguan Holdings Group Ltd 829 HK 2,220 10.36 21.6 16.7 32.2 29.4 5.9 4.7 1.8 2.4 32.4 33.3

Zhongpin Inc HOGS US 777 22.07 11.2 9.3 22.3 19.8 1.8 1.5 - - 16.9 18.0

Synear Food Holdings Ltd SYNF SP 249 0.24 9.3 8.6 18.2 7.7 - - - - - -

F&B: Dairy

China Mengniu Dairy Co Ltd 2319 HK 4,786 21.35 19.2 16.2 25.1 18.5 3.1 2.7 1.2 1.5 17.6 17.8

Inner Mongolia Yili Industrial 600887 CH 5,055 41.99 32.3 25.7 28.8 26.0 6.5 5.3 0.5 0.6 22.1 22.2

Bright Dairy & Food Co Ltd 600597 CH 1,519 9.61 40.4 31.7 24.6 27.3 3.8 - 1.2 1.6 8.0 8.0

Beijing Sanyuan Foods Co Ltd 600429 CH 1,050 7.88 - - - - - - - - - -

Ausnutria Dairy Corp Ltd 1717 HK 431 3.20 12.7 10.0 19.4 27.0 1.8 1.5 2.3 3.0 16.3 17.8

F&B Juice & beverage

China Foods Ltd 506 HK 2,071 5.75 24.0 19.9 34.1 20.4 2.4 2.2 1.4 1.7 10.8 12.2

V V Food & Beverage Co Ltd 600300 CH 1,665 6.61 - - - - - - - - - -

Hebei Chengde Lolo Co 000848 CH 1,440 31.43 35.0 27.9 25.6 25.3 11.3 - 1.3 1.6 33.5 36.3

China Huiyuan Juice Group Ltd 1886 HK 1,054 5.53 26.2 19.4 90.5 34.8 1.2 1.1 0.8 1.2 4.8 6.1

Vitasoy International Holdings Ltd 345 HK 838 6.38 19.4 16.6 14.8 16.9 3.9 3.5 5.0 6.7 21.6 23.4

Besunyen Holdings Co 926 HK 768 3.54 19.6 14.8 210.0 32.3 2.8 2.5 3.3 4.3 16.2 18.4

CPMC Holdings Ltd 906 HK 706 6.59 16.8 13.9 31.4 20.9 1.8 1.6 1.0 1.2 11.1 12.1

Tianyi Fruit Holdings Ltd 756 HK 378 2.89 11.5 9.9 20.7 16.3 - - - - 22.4 20.9

Yantai North Andre Juice Co 8259 HK 234 0.43 - - - - 1.2 - 2.7 - - -

China Haisheng Juice Holdings Co Ltd 359 HK 177 1.09 - - - - 0.9 - - - - -

Chevalier Pacific Holdings Ltd 508 HK 101 0.33 - - - - - - - - - -

F&B: Brewery

Jiangsu Yanghe Brewery Joint-Stock 002304 CH 16,503 243.47 37.3 27.5 41.9 35.7 11.0 7.8 - - 31.4 30.7

China Resources Enterprise Ltd 291 HK 10,130 32.75 30.3 24.8 23.8 22.4 2.6 2.4 1.5 1.7 8.4 9.4

Tsingtao Brewery Co Ltd 168 HK 7,127 40.90 25.2 21.5 19.2 17.0 4.3 3.8 1.1 1.2 18.4 18.8

Chongqing Brewery Co 600132 CH 5,736 78.68 155.2 144.4 16.0 7.5 26.9 24.1 - - 15.1 13.2

Beijing Yanjing Brewery-A 000729 CH 3,518 19.30 22.6 19.1 22.2 18.3 2.5 2.4 1.4 1.9 10.6 11.5

Guangzhou Zhujiang Brewery Co Ltd 002461 CH 2,356 23.00 113.3 90.2 20.1 25.6 4.4 4.2 - - 3.7 4.1

F&B: Winery

Yantai Changyu Pioneer Wine Co 200869 CH 6,631 97.50 25.2 20.4 24.3 23.1 9.4 7.8 2.1 2.9 40.8 40.3

Dynasty Fine Wines Group Ltd 828 HK 753 4.68 26.9 24.1 20.8 11.5 2.8 2.6 1.8 2.0 10.7 11.5

F&B: Distillers

Kweichow Moutai Co Ltd 600519 CH 25,189 177.19 25.1 20.9 24.7 20.4 6.9 5.5 1.1 1.4 29.3 28.2

Wuliangye Yibin Co Ltd 000858 CH 21,350 37.34 23.4 19.7 27.6 18.8 6.0 4.8 0.7 0.8 26.3 25.6

Luzhou Laojiao Co Ltd 000568 CH 9,198 43.80 23.8 18.4 22.3 29.2 10.3 7.8 2.4 2.9 43.8 41.6

Shanxi Xinghuacun Fen Wine Factory 600809 CH 5,343 81.93 43.1 32.0 40.7 34.7 13.4 10.3 1.2 1.5 34.8 38.3

Sichuan Swellfun Co Ltd 600779 CH 1,761 23.93 25.5 20.1 20.7 26.6 - - - - 34.1 -

Zhejiang Guyuelongshan 600059 CH 1,473 15.40 49.8 38.7 25.6 28.8 4 .7 3.9 - - 9.4 11.0

Anhui Gujing Distillery Co Ltd 200596 CH 1,431 47.20 24.0 17.4 49.3 37.7 - - - - - -

Anhui Golden Seed Winery Co Ltd 600199 CH 1,213 15.44 28.2 21.8 55.7 29.2 - - - - 22.0 18.1

Xinjiang Yilite Industry Co Ltd 600197 CH 1,104 16.62 36.1 29.9 40.7 20.7 - - - - - -

Silver base Group Holdings Ltd 886 HK 990 6.45 12.2 9.3 22.4 31.1 4.2 3.8 4.2 4.8 35.5 33.6

China Tontine Wines Group Ltd 389 HK 412 1.86 10.4 8.7 20.5 19.6 1.6 1.5 1.9 2.5 17.6 18.2



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16 BNP PARIBAS

Exhibit 9: Hong Kong And China Valuation Table (Contd)



(USD m) (LC) (x) (x) (%) (%) (x) (x) (%) (%) (%) (%)

F&B: Upstream

Qinghai Salt Lake Potash Co 000792 CH 7,227 62.51 22.9 21.2 39.9 8.0 9.4 8.0 1.5 1.3 40.2 40.5China Agri-Industries Holdings Ltd 606 HK 5,511 10.58 12 .4 10.6 20.7 16.9 1.9 1.6 1.9 2.2 16.0 16.5

Huabao International Holdings Ltd 336 HK 4,929 12.14 20 .2 16.4 21.3 22.7 6.3 5.0 1.8 2.1 35.9 34.5

Heilongjiang Agriculture Co Ltd 600598 CH 4,008 14.97 - - - - - - - - - -

Sinofert Holdings Ltd 297 HK 3,794 4.19 16.4 13.1 47.0 25.1 1.7 1.6 1.1 1.3 11.9 14.0

China BlueChemical Ltd 3983 HK 3,342 5.62 12.1 10.0 44.2 21.4 1.8 1.6 2.4 2.9 15.3 15.7

Dalian Zhangzidao Fishery Group Co Ltd 002069 CH 3,295 48.35 42.4 29.8 29.3 42.5 7.6 6.4 - - 20.8 21.5

Beijing Dabeinong Technology Group 002385 CH 2,686 44.50 32.8 24.5 44.7 33.9 4.9 4.3 0.9 1.1 15.1 17.7

Chaoda Modern Agriculture Holdings Ltd 682 HK 2,792 6.48 3.9 3.1 17.0 27.0 0.7 0.5 2.0 3.0 20.9 20.3

Shenzhen Agricultural Products Co Ltd 000061 CH 2,591 22.38 - - - - - - - - - -

COFCO Tunhe Co Ltd 600737 CH 2,293 15.14 - - - - 4.2 3.7 - - 14.3 16.4

Sichuan New Hope Agribusiness Co Ltd 000876 CH 2,207 17.60 24.2 17.1 17.1 41.7 - - - - - -

Hsu Fu Chi International Ltd HFCI SP 2,016 3.30 21.9 19.3 4.1 13.6 - - - - 21.5 21.1

Gansu Ronghua Industry Group Co Ltd 600311 CH 1,901 18.96 45.5 22.0 304.9 106.2 9.6 6.7 - - 30.9 30.4

Shandong Denghai Seeds Co Ltd 002041 CH 1,842 69.49 39.8 33.0 44.9 20.6 10.7 8.7 1.0 1.2 22.8 25.0

Fujian Sunner Development Co Ltd 002299 CH 1,989 32.20 32.1 25.0 52.5 28.4 6.2 5.1 - - 17.4 19.5

Xinjiang Guannong Fruit & Antler Group 600251 CH 1,452 26.63 22.0 30.3 188.8 (27.5) - - - - - -

Beijing Shunxin Agriculture Co 000860 CH 1,659 25.11 25.9 19.2 31.2 35.3 3.3 3.1 - - 13.2 16.5

Angel Yeast Co Ltd 600298 CH 2,064 44.78 31.7 24.8 31.3 28.0 6.5 5.2 - - 20.8 20.3

China Fishery Group Ltd CFG SP 1,669 2.16 10.7 9.6 9.9 10.9 2.1 1.8 2.9 3.1 23.7 20.0

China Animal Husbandry Industry Co 600195 CH 1,527 25.99 26.1 22.2 25.2 17.7 5.6 4.7 - - 20.0 19.3

Shandong Homey Aquatic Development 600467 CH 1,471 15.41 48.2 40.9 45.5 17.8 6.0 5.3 0.7 0.9 11.9 13.2

Zhejiang Haitong Food Group Co Ltd 600537 CH 1,411 40.71 28.8 23.0 24.1 25.1 7.3 6.3 2.6 3.4 31.9 34.6

Yuan Longping High-tech Agriculture Co 000998 CH 1,309 31.36 76.7 48.8 42.0 57.2 7.6 6.6 - - 9.8 13.3

Henan Chuying Agro-pastoral Co Ltd 002477 CH 1,259 62.62 45.7 32.2 54.2 42.1 - - - - 30.7 35.5

Nanning Sugar Industry Co Ltd 000911 CH 964 22.32 26.4 37.4 17.5 (29.3) 4.2 4.3 - - 14.3 8.8Zhengzhou Sanquan Foods Co Ltd 002216 CH 1,113 39.53 50.4 37.9 27.9 32.9 6.6 - - - 13.1 14.0

China Green Holdings Ltd/Bermuda 904 HK 900 7.89 8.0 6.6 20.9 20.7 1.4 1.2 3.5 4.2 21.3 21.2

Pacific Andes Resources Development Ltd PAH SP 733 0.34 6.5 6.0 2.1 8.5 0.9 0.8 2.8 2.9 13.9 13.8

Pacific Andes International Holdings Ltd 1174 HK 557 1.41 5.3 4.4 17.0 19.8 0.8 0.8 4.7 5.9 13.8 15.5

Global Bio-Chem Technology Group Co 809 HK 557 1.33 8.8 7.7 10.1 13.2 0.4 0.5 1.4 1.7 5.4 6.8

China Starch Holdings Ltd 3838 HK 522 0.70 15.4 10.3 5.4 48.7 2.1 1.9 1.8 2.8 - -

Oceanus Group Ltd OCNUS SP 490 0.32 6.0 4.7 75.3 27.8 1.3 1.1 1.1 1.9 23.3 23.4

Pine Agritech Ltd PAG SP - 0.20 (102.4) (204.7) - (50.0) - - - - - -

China Corn Oil Co Ltd 1006 HK 367 5.41 12.9 11.6 56.5 11.1 1.8 1.6 - - - -

Xiwang Sugar Holdings Co Ltd 2088 HK 332 2.56 8.1 7.3 21.1 11.1 1.0 1.0 3.9 4.5 12.6 12.6

Global Sweeteners Holdings Ltd 3889 HK 237 1.60 7.0 7.3 54.1 (3.5) 0.8 0.8 2.2 3.1 11.6 11.1

Asia Cassava Resources Holdings Ltd 841 HK 126 2.44 3.9 - 43.9 - - - 6.1 - 39.0 -China Flavors & Fragrances Co Ltd 3318 HK 119 1.90 9.9 5.8 (8.3) 69.7 - - - - - -

China Essence Group Ltd CESS SP 103 0.34 3.2 2.8 31.6 13.4 - - 0.8 0.8 15.1 13.7

Staples: Household & personal care products

Hengan International Group Co Ltd 1044 HK 10,698 67.75 25.5 21.0 24.3 21.6 7.3 6.4 2.4 3.0 29.5 32.3

L'Occitane International SA 973 HK 4,143 21.75 24.5 20.6 19.1 18.7 5.0 4.3 1.1 1.2 22.6 23.1

BaWang International Group Holding Ltd 1338 HK 1,260 3.36 20.6 15.8 59.1 30.0 3.5 3.1 1.8 2.4 22.0 24.4

Henan Rebecca Hair Products Co Ltd 600439 CH 1,398 12.55 27.1 20.7 42.9 30.9 - - 0.8 - 16.4 -

Vinda International Holdings Ltd 3331 HK 1,232 10.20 17.5 14.3 29.5 22.4 3.3 2.8 1.5 1.7 20.3 21.6

Magic Holdings International Ltd 1633 HK 617 5.76 28.8 21.1 7.2 36.3 3.7 3.1 0.8 0.8 16.7 18.8

Ming Fai International Holdings Ltd 3828 HK 256 3.12 9.5 6.7 73.7 40.9 1.7 1.4 4.5 6.4 19.0 20.9



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17 BNP PARIBAS




(USD m) (LC) (x) (x) (%) (%) (x) (x) (%) (%) (%) (%)

Organized retail: Department stores

Golden Eagle Retail Group Ltd 3308 HK 5,525 22.05 29.1 22.9 29.6 27.5 8.7 7.2 1.5 1.9 33.3 34.8

Parkson Retail Group Ltd 3368 HK 4,899 13.52 24.6 20.2 22.7 21.7 6.2 5.2 1.9 2.3 27.2 28.2Lifestyle International Holdings Ltd 1212 HK 4,128 19.06 22 .9 20.9 14.6 9.5 4.1 3.6 1.7 1.7 18.4 18.2

Shanghai Bailian Group Co Ltd 600631 CH 2,733 16.48 31.2 27.3 8.8 14.0 2.4 2.2 1.1 1.2 8.8 9.8

Beijing Wangfujing Department Store Group 600859 CH 2,954 46.96 29.6 24.1 29.2 22.7 5.3 4.6 1.0 1.3 17.9 19.1

Rainbow Department Store Co Ltd 002419 CH 2,772 46.00 28.8 23.9 30.9 20.2 4.8 4.2 0.4 0.5 18.4 19.3

Intime Department Store Group Co Ltd 1833 HK 2,618 11.52 25.6 20.5 22.9 24.6 4.0 3.5 1.6 2.0 18.1 21.1

Dashang Group Co Ltd 600694 CH 2,560 57.87 49.5 41.5 78.6 19.2 - - - - - -

Maoye International Holdings Ltd 848 HK 2,380 3.59 22.4 16.2 24.5 38.7 3.7 3.2 1.4 2.0 17.3 19.9

New World Department Store China Ltd 825 HK 1,609 7.40 16.6 14.0 19.3 18.4 2.2 2.0 2.7 3.3 15.7 17.2

Guangzhou Friendship Group Co Ltd 000987 CH 1,549 28.65 24.4 19.0 24.3 28.4 5.8 4.8 1.7 2.2 23.6 25.5

Wuhan Department Store Group Co Ltd 000501 CH 1,557 20.38 28.7 23.4 21.2 22.8 4.3 3.6 - 0.2 17.7 18.3

Chongqing Department Store 600729 CH 1,645 53.53 41.8 29.7 28.9 40.6 8.1 6.7 - - 18.9 19.2

PCD Stores Ltd 331 HK 1,357 2.49 22.4 17.1 26.7 31.6 3.3 2.9 1.9 2.3 16.3 18.6

Wuhan Zhongbai Group Co Ltd 000759 CH 1,441 14.05 28.0 22.8 23.7 23.0 4.1 3.7 1.1 1.2 15.8 17.0Hefei Department Store Group Co Ltd 000417 CH 1,470 20.35 30.3 26.0 25.2 16.8 5.3 4.5 0.7 0.8 20.2 20.8

Shanghai New World Co Ltd 600628 CH 1,052 13.13 25.8 23.3 10.9 10.8 - - - - 11.3 11.5

Chengshang Group Co Ltd 600828 CH 1,170 21.24 30.2 21.6 67.6 39.9 8.8 6.4 0.6 1.0 29.2 31.0

Wuxi Commercial Mansion Grand Orient 600327 CH 1,057 13.45 25.9 22.8 23.8 13.5 5.7 4.7 0.3 0.6 22.9 22.8

Yinchuan Xinhua Department Store Co Ltd 600785 CH 1,062 34.00 23.5 19.4 21.6 21.1 4.8 3.8 - - 22.9 23.7

Shanghai Yimin Commercial Co Ltd 600824 CH 829 7.52 35.8 31.3 16.7 14.3 - - - - - -

Organized retail: Food retailers

Dairy Farm International Holdings Ltd DFI SP 11,015 8.16 23.8 24.0 11.7 (0.9) 12.0 - 2.4 1.8 54.3 -

Wumart Stores Inc 8277 HK 3,177 19.70 31.4 25.6 22.9 22.9 6.0 5.3 1.4 1.8 21.9 24.0

Lianhua Supermarket Holdings Co Ltd 980 HK 2,676 33.35 24.1 20.6 18.5 17.0 5.3 4.7 1.5 1.5 24.3 24.2

Beijing Hualian Hypermarket 600361 CH 868 11.88 41.4 36.0 40.0 15.0 3.0 2.8 1.0 1.1 10.0 10.8

Aeon Stores Hong Kong Co Ltd 984 HK 570 17.00 14.0 12.7 10.0 10.7 3.1 2.7 3.6 3.9 23.0 22.8

Beijing Jingkelong Co Ltd 814 HK 499 9.39 16.0 13.0 14.8 23.3 1.9 - 2.8 3.9 12.8 15.4

Organized retail: Home appliance retailers

Suning Appliance Co Ltd 002024 CH 15,048 14.28 19.2 15.7 28.8 22.7 4.5 3.6 0.7 1.0 23.5 22.9

GOME Electrical Appliances Holdings Ltd 493 HK 6,457 3.00 18.0 14.9 20.2 20.3 2.5 2.2 1.5 1.8 16.3 16.6

Huiyin Household Appliances Holdings 1280 HK 279 2.06 12.2 10.4 31.8 17.2 1.6 1.5 0.9 0.9 13.8 15.0

Home appliance manufacturers

GD Midea Holding Co Ltd 000527 CH 7,473 15.90 13.0 11.2 19.4 16.5 3.7 3.0 2.2 2.5 24.9 24.2

Gree Electric Appliances Inc 000651 CH 6,817 16.06 10.6 9.2 16.8 14.7 2.8 2.3 2.8 5.1 26.9 24.7

Qingdao Haier Co Ltd 600690 CH 5,542 27.49 16.2 14.4 23.8 12.6 3.4 2.9 1.5 1.9 21.0 21.1

TCL Corp 000100 CH 2,349 3.68 19.3 15.7 15.1 22.5 1.6 1.5 0.5 1.6 8.3 11.2

Haier Electronics Group Co Ltd 1169 HK 1,948 7.11 13 .8 12.9 37.1 6.4 4.2 2.8 0.8 1.0 37.6 30.0

Hisense Electric Co Ltd 600060 CH 1,715 13.14 14.5 12.0 22.0 21.0 1.6 1.4 1.5 1.8 12.8 14.1

Sichuan Changhong Electric Co Ltd 600839 CH 1,647 3.84 25.6 36.6 32.7 (30.0) - - - - - -

Skyworth Digital Holdings Ltd 751 HK 1,445 4.36 6.8 6.3 17.3 7.3 1.3 1.2 4.7 4.9 23.5 20.3

Chigo Holding Ltd 449 HK 452 4.57 6.3 6.0 7.8 4.8 1.1 1.0 4.4 5.1 18.5 17.0

TCL Multimedia Technology Holdings Ltd 1070 HK 437 3.12 9.0 6.4 - 39.5 0.9 0.8 4.7 5.7 7.6 11.3

Organized retail: Jewelry & accessories

Hengdeli Holdings Ltd 3389 HK 2,514 4.45 23.7 19.0 17.5 24.8 3.3 2.9 1.3 1.7 16.4 17.7

Chow Sang Sang Holdings International 116 HK 1,743 19.96 17.5 14.7 20.0 19.3 2.4 2.1 2.0 2.4 13.4 14.5

Luk Fook Holdings International Ltd 590 HK 1,464 23.05 14.0 11.7 22.6 19.4 4.2 3.4 3.0 3.6 33.7 33.5

Lao Feng Xiang Co Ltd 900905 CH 907 2.71 - - - - - - - - - -

Emperor Watch & Jewellery Ltd 887 HK 825 1.13 15.3 11.0 64.4 39.2 2.8 2.4 9.3 5.4 20.5 25.3

Ming Fung Jewellery Group Ltd 860 HK 261 0.81 12.5 5.8 13.0 115.4 - - - - - -

Oriental Watch Holdings 398 HK 222 4.32 9.6 - 22.1 - 1.0 - 2.1 - 11.4 -

King Fook Holdings 280 HK 177 3.16 15.6 - 17.6 - - - 0.7 - 8.6 -(Continued on next page)


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(USD m) (LC) (x) (x) (%) (%) (x) (x) (%) (%) (%) (%)

Organized retail: Cosmetics

SA SA International Holdings Ltd 178 HK 1,342 7.45 19.3 16.2 21.9 19.3 7.7 7.0 4.9 5.8 43.2 46.2Bonjour Holdings Ltd 653 HK 517 1.36 15.8 12.4 28.4 27.9 15.1 11.3 5.1 6.3 92.8 86.9

Organized retail: Specialty stores

Shanghai Pharmaceuticals Holding Co Ltd 601607 CH 7,173 23.90 27.2 22.4 26.8 21.4 4.5 3.9 0.8 - 14.0 14.6

Shanghai Yuyuan Tourist Mart Co Ltd 600655 CH 3,189 14.73 24.3 20.6 23.0 18.3 - - - - 15.0 15.2

Man Wah Holdings Ltd 1999 HK 1,621 12.94 11.9 10.2 22.2 17.1 3.1 2.5 2.3 2.6 27.7 27.0

Xinhua Winshare Publishing and Media Co 811 HK 653 4.46 8.7 8.7 18.9 - - - 8.6 8.9 12.4 12.2

Organized retail: Restaurants & catering

Ajisen China Holdings Ltd 538 HK 1,767 12.80 25.2 20.1 27.6 25.6 4.7 4.1 1.8 2.3 18.6 20.7

Cafe de Coral Holdings Ltd 341 HK 1,527 21.05 19.3 16.9 12.0 13.8 3.8 3.5 3.7 4.4 21.2 22.6

Little Sheep Group Ltd 968 HK 688 5.17 19.4 16.3 26.0 19.3 3.9 3.6 2.1 2.6 21.3 24.9

Fairwood Ltd 52 HK 165 10.20 10.5 - 14.7 - 2.5 - 5.9 - 25.6 -

Brands: Apparel

Li & Fung Ltd 494 HK 22,520 43.45 25.0 20.9 30.6 19.6 7.6 7.0 3.2 3.8 31.1 33.5

Esprit Holdings Ltd 330 HK 6,879 41.40 12.0 10.6 5.2 13.3 2 .7 2.4 5.4 6.1 24.5 24.0

Shanghai Metersbonwe Fashion &Accessories Co Ltd

002269 CH 4,900 32.40 31.9 24.1 38.4 32.3 7.6 6.2 1.1 1.5 27.1 27.3

Youngor Group Co Ltd 600177 CH 3,947 11.77 12.8 10.5 18.0 21.7 - - - - - -

Bosideng International Holdings Ltd 3998 HK 3,759 3.75 17.1 15.1 14.7 13.6 3.5 3.4 5.2 6.0 20.6 22.2

Haining China Leather Market Co Ltd 002344 CH 2,596 61.55 46.7 36.8 73.0 26.9 - - - - - -

China Lilang Ltd 1234 HK 1,753 11.32 21.3 17.0 31.9 25.5 5 .5 4.8 1.9 2.3 26.9 28.0

Trinity Ltd 891 HK 1,580 7.76 27.6 21.4 39.8 28.8 5.2 4.7 2.1 2.8 19.7 23.3

Ports Design Ltd 589 HK 1,561 21.35 17.7 14.5 16.6 22.6 5.5 4.7 3.6 4.4 34.9 35.9Fujian Septwolves Industry Co Ltd 002029 CH 1,479 34.70 27.6 21.6 29.2 28.0 5.2 4.3 0.8 1.0 18.8 19.9

Your-Mart Co Ltd 002277 CH 1,430 27.18 30.6 24.1 34.4 27.4 3.4 3.0 1.1 1.4 12.4 14.0

Zhejiang Baoxiniao Garment Co Ltd 002154 CH 1,309 29.59 28.2 22.8 25.3 23.5 4.1 3.5 0.7 0.9 12.5 14.1

IT Ltd 999 HK 1,042 6.76 19.5 15.9 23.2 22.1 4.0 3.5 2.3 2.7 22.1 22.1

Giordano International Ltd 709 HK 937 4.86 14.7 13.3 10.3 10.6 3.1 2.9 5.0 5.8 21.1 22.0

Glorious Sun Enterprises Ltd 393 HK 491 3.59 11.2 9.0 10.3 25.0 1.7 1.6 5.7 6.4 14.5 16.5

Embry Holdings Ltd 1388 HK 362 6.90 14.8 12.1 27.4 22.6 2 .3 2.0 2.4 2.9 16.0 17.5

Hang Ten Group Holdings Ltd 448 HK 232 1.83 9.9 - 12.9 - 1.8 - 4.0 - 19.0 -

Brands: Footwear

Belle International Holdings Ltd 1880 HK 15,861 14.58 25.5 21.2 22.9 20.7 5.4 4.7 1.4 1.6 22.2 23.4

Yue Yuen Industrial Holdings Ltd 551 HK 5,700 26.80 10.4 - 14.5 - 1.6 1.5 4.2 4.6 15.2 15.4

Daphne International Holdings Ltd 210 HK 1,851 8.76 16.0 13.0 29.0 23.0 4.2 3.4 1.6 2.0 30.0 29.4

Stella International Holdings Ltd 1836 HK 1,625 15.86 12.5 10.2 15.5 22.0 1.9 1.7 5.2 6.0 15.3 17.4

Pou Sheng International Holdings Ltd 3813 HK 703 1.27 11.7 - 43.6 - 0.9 0.8 - - 6.7 8.0

Le Saunda Holdings Ltd 738 HK 306 3.71 12.0 9.5 26.4 26.4 2.2 1.9 4.3 6.2 19.3 22.0

Walker Group Holdings Ltd 1386 HK 122 1.52 202.7 - 32.2 - - - 0.1 - - -



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19 BNP PARIBAS




(USD m) (LC) (x) (x) (%) (%) (x) (x) (%) (%) (%) (%)

Brands: Sportswear

Anta Sports Products Ltd 2020 HK 4,619 14.36 16.9 14.0 21.9 20.6 4.6 4.0 3.6 4.2 28.9 29.9China Dongxiang Group Co 3818 HK 2,989 4.09 11.0 9.6 12.8 15.5 2.2 2.1 6.3 7.0 21.7 22.9

Li Ning Co Ltd 2331 HK 2,855 21.05 14.7 12.6 15.3 17.2 4.6 3.8 2.8 3.3 34.3 33.0

XTEP International Holdings 1368 HK 1,875 6.68 13.4 11.1 20.3 20.6 3.3 2.9 4.5 5.3 26.0 27.1

361 Degrees International Ltd 1361 HK 1,758 6.59 10.2 8.5 16.3 20.2 2.4 2.0 4.6 4.6 27.8 26.5

Peak Sport Products Co Ltd 1968 HK 1,521 5.62 10.3 8.4 23.9 22.9 2.4 2.1 3.6 4.4 25.2 26.1

China Hongxing Sports Ltd CHHS SP 356 0.17 15.1 15.4 9.8 (1.8) - - 1.9 - 3.0 3.0

Meike International Holdings Ltd 953 HK 244 1.82 6.8 4.6 64.3 47.8 2.0 1.4 3.2 4.5 - -

Flyke International Holdings Ltd 1998 HK 192 1.86 6.1 4.3 30.0 42.3 - - 5.0 6.9 46.0 46.0

China Sports International Ltd CSPORT SP 85 0.12 - - - - - - - - - -

Textiles

Sunvim Group Co Ltd 002083 CH 1,566 11.08 23.1 29.2 51.9 (20.8) 3.5 - - - 9.2 -

Jiangsu Sunshine Co Ltd 600220 CH 1,561 5.81 - - - - - - - - - -

Ningbo Shanshan Co Ltd 600884 CH 1,417 22.89 33.7 21.1 46.9 59.3 2.5 2.2 - - 6.5 9.1

Texwinca Holdings Ltd 321 HK 1,549 8.89 9.3 8.3 14.8 12.7 2.1 2.0 7.1 7.9 25.1 25.8

Zhejiang Huafeng Spandex Co Ltd 002064 CH 1,382 12.43 19.3 14.8 26.1 30.6 - - - - - -

Luolai Home Textile Co Ltd 002293 CH 1,501 71.01 35.8 27.2 36.5 31.7 5.7 4.7 0.3 0.4 16.3 18.2

Shenzhou International Group Holdings 2313 HK 1,394 8.68 5.4 4.1 20.3 33.3 1.5 1.3 6.5 8.5 - -

Luthai Textile Co Ltd 200726 CH 998 7.78 - - - - - - 3.0 - - -

Jiangsu Huaxicun Co Ltd 000936 CH 999 8.87 17.6 16.8 117.2 4.8 3.7 3.2 1.5 1.6 21.2 18.8

Black Peony Group Co Ltd 600510 CH 1,177 9.82 - - - - - - - - - -

Yantai Spandex Co Ltd 002254 CH 1,176 29.90 22.9 19.1 28.0 19.7 4.1 3.9 29.0 46.2 15.5 16.8

Weiqiao Textile Co 2698 HK 991 6.43 - - - - 0.4 - 4.0 - - -

Pacific Textile Holdings Ltd 1382 HK 797 4.31 6.7 5.9 9.7 13.1 1.5 1.3 8.4 9.3 23.4 22.5

Texhong Textile Group Ltd 2678 HK 706 6.19 6.3 5.2 21.7 21.4 1.9 1.5 5.5 6.6 - -Costin New Materials Group Ltd 2228 HK 610 5.91 14.9 19.5 33.3 (23.5) - - 1.8 - - -

International Taifeng Holdings Ltd 873 HK 509 3.95 8.2 6.8 13.9 22.0 - - 4.1 5.3 22.2 22.2

Victory City International Holdings Ltd 539 HK 285 1.82 4.8 4.3 10.5 9.8 0.5 0.5 6.6 7.1 - -

Source: Bloomberg


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H I S T O R Y O F C H A N G E I N I N V E S T M E N T R A T I N G A N D / O R T A R G E T P R I C E

Want Want China (151 HK)

2.25

3.25

4.25

5.25

6.25

7.25

8.25

Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10

(HKD) Want Want China Target Price

Date Reco TP

24-Apr-08 BUY 3.57

Michele Mak started covering this stock from 26 May 2010 Price and TP are in local currency Valuation and risks: Our DCF-based target price of HKD6.70 translates into a target multiple of 25x 2011E P/E. Maintain BUY. Key downside risk to our TP is newly launched products fail to pick up.

Sources: Bloomberg, BNP Paribas

Hengan (1044 HK)

15.50

25.50

35.50

45.50

55.50

65.50

75.50

85.50

Nov-06 Nov-07 Nov-08 Nov-09 Nov-10

(HKD) Hengan Target Price

Date Reco TP

1-Nov-06 HOLD 18.00

8-Jan-09 BUY 28.50

Michele Mak started covering this stock from 11 May 2010 Price and TP are in local currency Valuation and risks : Key downside risk to our DCF-based target price are significantly higher raw-material price inflation from current levels


Ajisen (China) Hldgs (538 HK)

2.00

4.00

6.00

8.00

10.00

12.0014.00

16.00

Mar-07 Mar-08 Mar-09 Mar-10

(HKD) Ajisen (China) Hdgs Target Price

Date Reco TP

15-Feb-08 BUY 13.60

28-Apr-08 REDUCE 8.70

20-Jul-09 HOLD 5.60

23-Sep-09 BUY 7.00

Sarah Xing started covering this stock from 8 July 2010 Price and TP are in local currency Valuation and risks : Key risks to our PEG-based TP include managements execution capability during fast expansion and a slowdown in economic growth in China.



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21 BNP PARIBAS

GOME Electrical Appliances (493 HK)

0.50

1.50

2.50

3.504.50

5.50

6.50

Nov-06 Nov-07 Nov-08 Nov-09 Nov-10

(HKD) GOM E Electrical Target P rice

Date Reco TP

1-Nov-06 HOLD 5.73

14-May-08 BUY 5.75

Charlie Chen started covering this stock from 28 September 2010 Price and TP are in local currency Valuation and risks : Risk to our P/E based valuation is GOMEs expansion plan may not be implemented smoothly because of different business strategy of Directors. Different opinions in the Board may also distract GOMEs focus on its operations.


Huiyin Household Appliances (1280 HK)

1.401.601.802.002.202.402.602.803.00

3.20

Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10

(HKD) Huiyin Household App Target Price

Date Reco TP

28-Sep-10 BUY 2.55

Charlie Chen started covering this stock from 28 September 2010 Price and TP are in local currency

Valuation and risks: Our DCF-based target price of HKD2.55 is based on a target FY11E P/E of 15x. We see two major downside risks to our target price.1 Revenue of new stores may not ramp-up as quickly as we forecast. 2 Cannibalization between self-owned stores and franchise stores may be worse than we expect.



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22 BNP PARIBAS

D I S C L A I M E R S & D I S C L O S U R E S

Not rated (NR): BNP Paribas Securities (Asia) Limited (henceforth referred to as BNP Paribas Asia) does not cover the stocksreferenced in this report. No normative or subjective commentary is provided for companies referenced in this report. BNPParibas Asia does not provide research coverage for companies referenced in this report and no BNP Paribas Asia researchrecommendation or rating is attached to the companies. This information is provided solely for information purposes.

This report does not constitute a prospectus or other offering document or an offer or solicitation to buy or sell any securities or otherinvestments. The report content has been obtained from public sources believed to be reliable. Every effort has been made to update theContent as necessary, however, we make no warranties or representations as to the accuracy of the Content and assume no liability orresponsibility for any error or omission in the Content.

You should not consider anything to be an individualized recommendation to buy, sell, otherwise pursue or invest in any specific product orcompany. We do not give any advice or make any representations as to whether any content, information, technology or process discussedis suitable to you or will be profitable. Information contained in this report is published for reference purposes and is not to be relied upon asauthoritative or without the recipients own independent verification or taken in substitution for the exercise of judgment by the recipient.

When engaging in principal transactions, we will generally conduct our business without regard to the consequences of such conduct(adverse or otherwise) to you. Neither we, nor any of our affiliates, nor any of their respective directors, partners, officers, employees orrepresentatives accepts any liability whatsoever for any direct or consequential loss arising from any use of these materials or their content;and any of the foregoing may from time to time act as manager, co-manager or underwriter of a public offering or otherwise, in the capacityof principal or agent, deal in, hold or act as market makers or advisors, brokers or commercial and/or investment bankers in relation to thesecurities that are discussed herein. BNP Paribas Asia and its affiliates may (or may in the future) hold a position or act as a market makerin the companies discussed, or act as an advisor, manager, underwriter or lender to such companies. In no circumstances shall BNPParibas Asia or its affiliates be obliged to disclose any information that it has received on a confidential basis or to disclose the existencethereof.

This report was prepared for professional investors and is being distributed in Hong Kong by BNP Paribas Asia to persons whose businessinvolves the acquisition, disposal or holding of securities, whether as principal or agent. BNP Paribas Asia, a subsidiary of BNP Paribas, isregulated by the Securities and Futures Commission for the conduct of dealing in securities, advising on securities and providingautomated trading services.

This report is being distributed in the United Kingdom by BNP Paribas London Branch to persons who are not private customers as definedunder U.K. securities regulations. BNP Paribas London Branch, a branch of BNP Paribas, is regulated by the Financial Services Authorityfor the conduct of its designated investment business in the U.K.

This report may be distributed in the United States by BNP Paribas Asia or by BNP Paribas Securities Corp. Where this report has beendistributed by BNP Paribas Asia it is intended for distribution in the United States only to major institutional investors (as such term isdefined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) and is not intended for the use of any person or entity thatis not a major institutional investor. Where this report has been distributed by BNP Paribas Securities Corp, a U.S. broker dealer, it willhave been reviewed by a FINRA S16 qualified registered supervisory analyst or a S24 qualified and authorized person. All U.S. institutionalinvestors receiving this report should effect transactions in securities discussed in the report through BNP Paribas Securities Corp. BNPParibas Securities Corp. is a member of the New York Sto

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