Asia Consumer Anecdotes-171110

INDUSTRY OVERVIEW
17 NOVEMBER 2010
Asia Consumer Anecdotes

Chinese government to unveil a series of price controls
Food retailers with strong franchises are in the best position
Rising inflationary expectations favour discretionaries
Dynasty Fine Wines: Raising its growth trajectory
Back to price controls

Michele Mak, CFA
+852 2825 1105
michele.mak@asia.bnpparibas.com
Carol Chan
+852 2825 1821
carol.t.chan@asia.bnpparibas.com

Chinas 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-food
prices gained 1.6% y-y. In order to curb rising inflationary pressures, it
has been reported that the Chinese government will unveil a series of
food price controls as well as crack down on agricultural commodities
speculation. The suggested scope seems to be even more elaborate
than the last round of price controls implemented in January 2008.
Food retailers with strong franchises are in the best position to benefit
from the rising food price inflation. Within the consumer staples space,
we believe the less essential and more discretionary product
producers are the safer place to be at the moment. Snack food producers
such as Want Want are less likely to see price intervention from the
government. In the same token, wines and spirits producers are also less
likely to be affected by government price caps. In fact, this has been one
of 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-end
retailers 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. We are less keen on the mass market brand retailers 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 recent market correction. We see this as an opportunity to
accumulate on the stronger consumer franchises. Top picks in the sector
include: Want Want, Hengan, Ajisen, GOME and Huiyin.
Dynasty (828.HK, NR) is one of the top three grape wine producers in the
China market. The company is 44.8% owned by Tianjin Development
and 27.0% owned by Remy Pacifique. The company produces a wide
spectrum of products under the Dynasty brand, with Dynasty Dry Red
being its best seller and contributing 36% of revenue.
With the change in its business strategy since 2H09, the company has
been actively: 1) raising its sales and promotion efforts, 2) developing
new markets, and 3) revamping its existing sales distribution channels.
During 1H10, Dynastys net profit growth accelerated to 18%, from 9% in
FY09. Turnover growth also accelerated from 9% growth in FY09 to 14%
growth in 1H10. Managements target is to achieve above industry
average 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). The
counter is trading on 33x 2010 consensus P/E and 27x for 2011. The
company was in a net cash position as at end-June.
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THIS MATERIAL HAS BEEN APPROVED FOR U.S DISTRIBUTION. IMPORTANT DISCLOSURES CAN BE FOUND IN THE DISCLOSURES APPENDIX.
MICHELE MAK, CFA
ASIA CONSUMER ANECDOTES
17 NOVEMBER 2010

Chinas 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-food prices gained 1.6% y-y.
In order to curb rising inflationary pressures, it has been reported that the Chinese
government will unveil a series of food price controls as well as crack down on
agricultural commodities speculation. The suggested scope seems to be even more
elaborate than the last round of price controls implemented in January 2008, which
mainly involved: grain products including instant noodles, edible oil, meat, milk, eggs
and liquefied petroleum gas. At the time, the governments focus was very much on
controlling the leading F&B enterprises, and required them to apply for official approval
for any price increases. This time, however, there seems to be greater emphasis on
controlling the surge in upstream agricultural product price increases. While upstream
prices are much more difficult to contain, it is probably a more balanced approach to
address the root cause of the current food price inflation problem.
Exhibit 1: Performance Of Major F&B Companies After Price Control
Company name
China Foods
China Mengniu
China Yurun
BBG
Share price
code
15-Jan-08
15-Feb-08
Change
(LC)
(LC)
(%)
506 HK
5.90
5.38
(9)
2319 HK
25.66
20.83
(19)
(16)
1068 HK
10.92
9.15
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 companies
have 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 expected
to put pressure on the performance of consumer staples names in general. Within the
consumer staples space, the less essential and more discretionary product
producers are the safer place to be at the moment. The governments measures will
mainly be focused on basic foodstuff rather than on discretionary products. For
instance, snack food producers like Want Want are less likely to see price intervention
from the government. In the same token, wines and spirits producers are also less likely
to be affected by government price caps. In fact, wines and spirits producers have been
one of the most resilient sub-segments within the consumer space.
Under the current environment, food retailers with strong franchises are in the best
position to benefit from the rising food price inflation. In general, it is easier for retailers
to 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 to
drive positive operating leverage for these operators. In addition, in the event where
government does impose price caps, the stronger retail chains would be in a better
position to push back price increases by suppliers.
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010
Exhibit 2: Lianhua & Wumarts Operating Margins

(%)
16
Lianhua - Operating profit margin

Wumart - Operating profit margin
14
China CPI: Food y-y
12
10
8
6
4
2
0
2003
2004
2005
2006
2007
2008
2009
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, such
as 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 that
while top-line growth is likely to remain strong for most retailers, some players are
already cautioning the rise in labour and rental rates. In general, retailers with higher
percentage of commercial property ownership, such as Golden Eagle and Intime, should
be able to enjoy more stable cost structure as well as potential value appreciation on
their commercial property portfolio. Branded retailers with strong brand presence and a
high percentage of their stores leased on concession basis, such as Belle, should also
have more stable rental cost structure. We are less keen on the mass market brand
retailers 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 recent
market 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).

Strong French connection
Dynasty (828.HK, NR) is one of the top three grape wine producers in the China
market. The company is 44.8% owned by Tianjin Development and 27.0% owned by
Remy Pacifique. The origins of Dynasty dated back to 1980 when Dynasty was
established 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 to
set higher prices for its red wines and also obtain higher margins for its red wine
products. Red wines, with gross margins of 53.0% in FY09, accounted for 83% of the
companys sales. White wines, with gross margins of 40.4% in FY09, accounted for
16% of the companys sales.
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010
Exhibit 3: Major Grape Wine Producers In China

Yantai Changyu Pioneer Wine Company Limited
Dynasty Fine Wines Group Limited
Year-ended 31 Dec
Year-ended 31 Dec
2008
2009
(RMB m)
(RMB m)
Turnover
3,453
4,199
Turnover
Gross profit
2,417
3,008
Gross profit
722
70.0
71.6
Gross profit margin (%)
53.0
1,176
1,472
34.1
35.1
Net profit
895
1,127
Net profit margin (%)
25.9
26.8

Operating profit
Operating profit margin (%)
2008
China Foods Limited: Great Wall Wines

2009
Year-ended 31 Dec
2008
2009
(HKD m)
(HKD m)
Turnover
2,790
3,197
756
Gross profit
1,599
1,854
51.0
57.3
58.0
(HKD m) (HKD m)
1,361
1,483
Operating profit
217
213
Operating profit margin (%)
16.0
14.4
Net profit
143
156
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 and
distribution. With the addition of Mr. Jean-Marie Laborde (previously chairman and CEO
of Moet et Chandon) onto its board in February 2009, the company decided to realign
its business strategy to become more market focused in 2H09. Since then, the
company has significantly increased its sales and promotions effort. Dynasty now puts
greater emphasis on media advertising, public relationships, event sponsorships and
exhibitions, as well as joint promotions with distributors to raise consumer awareness.
In addition, the company is also moving more aggressively to develop the Southern
China 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 doing
a thorough review of the performance its existing distributors. According to
management, the whole strategic initiative to revamp its sales and distribution network
will take 3 years to complete. However, the initial benefits of the companys hard work
are already starting to show. During 1H10, the companys net profit growth accelerated
to 18%, from 9% achieved in FY09. Turnover growth also accelerated from 9% growth
in FY09 to 14% growth in 1H10. Gross profit margin has remained stable at 50% in
1H10 as the prices of grapes and grape juice (40% of COGS) has remained relatively
stable according to management. In addition, the companys distribution costs were
contained at around 26% despite the increased sales effort. In fact, the companys
operating margin actually improved by 0.6ppt to 19.8% in 1H10. Management currently
expects 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 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). The counter is trading on 33x 2010 consensus P/E
and 27x for 2011. The company was in net cash position as at end-June.
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010
Exhibit 4: Dynasty Forward P/E Band Chart

(HKD)
6.00
30x
5.00
25x
4.00
20x
3.00
15x
2.00
10x
1.00
0.00
Jan-06
Sep-06
May-07
Jan-08
Sep-08
May-09
Jan-10
Sep-10
Sources: Bloomberg; BNP Paribas
Exhibit 5: Upcoming IPOs

Upcoming IPO Information
Listing date
Place of listing
Offer
price
Retail department stores and supermarkets
17-Nov-10
Hong Kong
1.85-2.55
Goodbaby Group
Producers of baby strollers
24-Nov-10
Hong Kong
3.70-4.90
Modern Farming
Operates dairy farms
26-Nov-10
Hong Kong
2.89-3.69
Produces pickled mustard products, mustard sauce and other

appetizers
na
Shanghai
na
Dongguan Souyute Fashion
Women's clothing, menswear and casual wear
na
Shanghai
na
Jinzi Ham
Ham products and various fermented meat products and lowtemperature meat
na
Shanghai
na
Mewah International Inc
Produces palm, coconut, soybean, canola, sunflower, and

corn oil
na
Singapore
na
na
Stock code
Company name
Company description
312 HK
Shirble Department Store
1086 HK
1117 HK
002507 CH
Chongqing Fuling Zhacai Group
002503 CH
002515 CH
MII SP
(LC)
4135489Z IJ
Midi Utama Indonesia Tbk PT
The company operates convenience stores in Indonesia
na
Indonesia
PRADAZ HK
Prada SpA
Designs and markets luxury clothing and accessories
na
Hong Kong
na
WGWCDZ CH
Wenfeng Great World Chain

Development Corp
Department store, supermarket and household appliances

retail chain
na
Shanghai
na
ZBGCLZ CH
Zhejiang Busen Garments
Designs, produces and sells men's clothing
na
Shengzhen
na
Sources: Company data
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010
Exhibit 6: Recent IPO Performance

Listed IPO Information
Acc
change
(%)
17
Stock code
Company name
Company description
238 HK
Evergreen International
Holdings
Yashili International
Holdings
Global Dairy Holdings
High-end business formal and casual menswear
4-Nov-10
Hong Kong
Operates milk processing plants and produces dairy

products
Produces both milk formula products and whole milk
products
Operates a chain of department stores and
supermarkets
Casual menswear
Manufactures clothing and apparel for international
sportswear companies
Manufactures and supplies fresh noodles
Designs, manufactures, brands and retails apparel
The Company is a retailer of health care products
and egoods
Operates a shiitake mushroom cultivation base in
Fujian Province
Food solutions company with operations in all stages
of food manufacturing
Sourcing management, manufacturing, and trading
garment products
Manufactures and retails clothing for children from
newborns to 14 years old
Processes and markets both traditional and herbal
teas
Imports and wholesales a variety of textile and
apparel products
Chinese maker of cosmetic facial masks
1-Nov-10
Hong Kong
4.20
3.24
(23)
28-Oct-10
Hong Kong
4.39
3.56
(19)
21-Oct-10
Hong Kong
5.93
6.20
15-Oct-10
15-Oct-10
Shenzhen
Shenzhen
26.60
10.90
29.34
14.25
10
31
14-Oct-10
12-Oct-10
12-Oct-10
Hong Kong
Natl India
JASDAQ
0.25
135.00
1,400
0.41
68.35
801
64
(49)
(43)
8-Oct-10
Singapore
0.22
0.27
20
7-Oct-10
Indonesia
5,395
5,350
(1)
5-Oct-10
Hong Kong
0.60
0.89
48
29-Sep-10
Hong Kong
4.98
6.75
36
29-Sep-10
Hong Kong
3.12
3.54
13
28-Sep-10
Korea SE
35,000
77,700
122
24-Sep-10
Hong Kong
3.30
5.76
75
15-Sep-10
Shenzhen
35.00
62.62
79
15-Sep-10
13-Sep-10
GreTai Sec M
Korea SE
40.00
90,000
52.20
95,000
31
6
23-Aug-10
Kuala Lumpur
0.39
0.33
(15)
20-Aug-10
Shenzhen
11.90
24.27
104
18-Aug-10
Shenzhen
5.80
23.00
297
18-Aug-10
16-Aug-10
10-Aug-10
Natl India
Kuala Lumpur
Shenzhen
660.00
0.50
24.00
573.20
0.41
32.42
(13)
(18)
35
5-Aug-10
28-Jul-10
Singapore
Bangkok
0.22
4.90
0.23
7.00
2
43
16-Jul-10
Shenzhen
14.20
25.45
79
13-Jul-10
Shenzhen
28.98
81.00
180
9-Jul-10
Indonesia
210.00
270.00
29
8-Jul-10
Shenzhen
14.38
15.22
7-Jul-10
28-Jun-10
Indonesia
Indonesia
350.00
1,275
420.00
2,925
20
129
24-Jun-10
JASDAQ
4,200
2,980
(29)
21-Jun-10
Hong Kong
2.38
5.91
148
11-Jun-10
Hong Kong
2.06
3.95
92
1007 HK
1700 HK
002485 CH
002486 CH
Springland International
Holdings
Sinoer Men's Wear
Shanghai Challenge Textile
8269 HK
CANT IN
7818 JP
Wealth Glory Holdings

Cantabil Retail India
Transaction
YGR SP
Yamada Green Resources
ICBP IJ
Indofood CBP Sukses

Makmur TBK PT
Ford Glory Group Holdings
1682 HK
1698 HK
926 HK
Boshiwa International
Holding
Besunyen Holdings
081660 KS
Fila Korea
1633 HK
Magic Holdings
International
Henan Chuying Agropastoral
G-fun Industrial Corp
Hyundai Home Shopping
Network Corp
Focus Point Holdings Bhd
002477 CH
4429 TT
057050 KS
FPHB MK
300106 CH
002461 CH
BJCOR IN
BRIB MK
002458 CH
CSF SP
OFM TB
002450 CH
002447 CH
IPOL IJ
300094 CH
GOLD IJ
ROTI IJ
3163 JP
2228 HK
873 HK
Xinjiang Western Animal

Husbandry
Guangzhou Zhujiang
Brewery
Bajaj Corp
Berjaya Retail Bhd
Shandong Yisheng
Livestock & Poultry
Breeding
Consciencefood Holding
OfficeMate PCL
Beijing Kangde Xin
Composite Material
Dalian Yi Qiao Marine
Seeds
Indopoly Swakarsa Industry
Tbk PT
Zhanjiang Guolian Aquatic
Products
Golden Retailindo Tbk PT
Nippon Indosari Corpindo
Tbk PT
Total Medical Service
Costin New Materials
Group
International Taifeng
Holdings
Produces poultry products and engages in feed

production
Manufactures and sells coated and laminated fabrics
Retails through TV home shopping channels and the
Internet shopping mall
Operates eye care centers and also franchises eye
care centers
Operates feed production plants, cattle farming and
slaughtering house
Brews and sells beers, hops, bottle lid and
beverages
Hair products retailers
Operates retail stores and sells consumer durables
Farms and breeds livestock and poultry
Produces instant noodles and snack noodles

Retails office supplies through a catalogue and over
the Internet
Develops, produces and sells laminating film and
laminating equipment
Researches, breeds and cultivates marine products
Offers packaging solutions for a wide range of food
and other products
Breeds, manufactures and sells seafood products
Operates department stores and retails clothing
Produces bread, cakes, bread pudding, lasagne, and
other foods
Sells prescription medicine via the Sakura pharmacy
chain
Manufactures non-woven fabrics along with chemical
fibers
Manufactures and distributes cotton yarns and
bedding products
Place of
listing
Last
closing
price
(LC)
5.37
Listing
price
(LC)
4.60
1230 HK
Listing
date
(Continued on next page)
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010
Exhibit 6: Recent IPO Performance (Contd)

Listed IPO Information
Listing
date
Place of
listing
Listing
price
Last
closing
price
Acc
change
Stock code
Company name
Company description
002425 CH
Kaiser China Holding
Manufactures ladies and men clothing and leather

products
8-Jun-10
Shenzhen
22.00
37.85
72
002427 CH
Zhejiang Unifull Industrial

Fiber
Manufactures, and sells raw materials used in the

textile industry
8-Jun-10
Shenzhen
13.50
19.47
44
KSTR MK
K-Star Sports
Manufactures and distributes sports footwear and

leisure footwear
4-Jun-10
Kuala Lumpur
2.15
0.93
(57)
002419 CH
Rainbow Department Store
Operates retail department stores and franchises

shopping malls
1-Jun-10
Shenzhen
40.00
46.00
15
300087 CH
Winall Hi-Tech Seed
Researches, produces, processes and markets crop

seed
26-May-10
Shenzhen
35.60
61.18
72
MNDN IN
Mandhana Industries
Manufactures, supplies and exports textile and

apparel products
19-May-10
Natl India
130.00
271.75
109
002404 CH
ZheJiang Jiaxin Silk Corp
Develops, produces and sells silk, garment and

apparel products
11-May-10
Shenzhen
22.00
19.81
(10)
973 HK
L'Occitane International SA
Manufactures and retails cosmetics and personal

care 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 fabric

composite materials
29-Apr-10
Hong Kong
3.28
4.55
39
002395 CH
Wuxi Double Elephant

Micro Fibre Material
Manufactures and sells artificial leather and synthetic

leather
29-Apr-10
Shenzhen
25.00
27.24
GPR SP
Global Palm Resources

Holdings
Cultivates oil palms and harvests from oil palm

plantation
29-Apr-10
Singapore
0.46
0.36
(23)
002394 CH
Jiangsu Lianfa Textile
Manufactures and sell woven fabric, apparel and

textile
23-Apr-10
Shenzhen
45.00
47.30
900110 KS
East Asia Sports

International
Manufactures and distributes sportswear
23-Apr-10
KOSDAQ
5,000
4,700
(6)
3161 JP
AZEARTH Corp
Wholesales protected gear for dioxine, asbestos and

bird flu
16-Apr-10
JASDAQ
470.00
335.00
(29)
MINZ SP
China Minzhong Food Corp
Markets fresh vegetables domestically and

processes vegetables
15-Apr-10
Singapore
1.20
1.25
002387 CH
Blackcow Food
Develops, manufactures and sells soy and grain

beverages
13-Apr-10
Shenzhen
27.00
39.75
47
002385 CH
Beijing Dabeinong
Technology Group
Produces and sells animal feeds, cultivates and

promotes seed products
9-Apr-10
Shenzhen
35.00
44.50
27
SGJ IN
Shree Ganesh Jewellery

House
Retails handcrafted hallmarked gold jewellery with

precious 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 on

Cantonese cuisine
1-Apr-10
Kuala Lumpur
0.23
0.15
(35)
1998 HK
Flyke International Holdings
Produces shoes for skateboarding, running and other

recreational purposes
26-Mar-10
Hong Kong
1.90
1.86
(2)
1280 HK
Huiyin Household
Appliances Holdings
Retailer and wholesaler for appliances and

electronics
25-Mar-10
Hong Kong
1.69
2.06
22
QMEI SP
QingMei Group Holdings
Produces and sells its products to athletic shoe

manufacturers
17-Mar-10
Singapore
0.31
0.26
(16)
EMMB IN
Emmbi Polyarns
Produces woven sacks, plastic bags and printed

paper/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 International
Holdings
Produces and distributes leisure sportswear products

under 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 Leather

Market
Sales and leases out spaces of leather-product

market
26-Jan-10
Shenzhen
20.00
61.55
208
002343 CH
Zhejiang Hexin Industry

Group
Develops, manufactures and sells synthetic leather

products
26-Jan-10
Shenzhen
31.00
30.90
(0)
002329 CH
Guangxi Royal Dairy
Produces, processes and sells liquid milk and liquid

dairy products
6-Jan-10
Shenzhen
20.10
44.32
120
002330 CH
Shandong Delisi Food
Manufactures and sells frozen meat and low

temperature meat products
6-Jan-10
Shenzhen
13.18
17.53
33
Sources: Bloomberg, Company data
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010
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
0.6
3.1
3.3
3.7
na
29-Nov-10
Taiwan
Retail Sales
29-Nov-10
Thailand
Visitor Arrivals
2.4
7.4
7.6
7.6
na
(3.0)
14.2
8.9
14.5
30-Nov-10
South Korea
na
Retail Sales
3.9
10.7
11.2
7.8
30-Nov-10
na
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
2.8
2.6
2.6
3.6
na
1-Dec-10
Thailand
(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
0.3
1.7
1.6
1.8
na
2-Dec-10
Hong Kong
0.5
1.4
3.0
2.6
na
2-Dec-10
India
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
0.6
1.9
2.1
1.8
na
6-Dec-10
Philippines
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
6.4
6.2
6.4
5.8
5.7
6-Dec-10
Taiwan
(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
(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
(0.4)
1.2
1.2
1.1
1.1
Index points
26-Nov-10
China
Jul-10
Aug-10
Sep-10
Consumer Confidence Index
107.80
107.30
104.40
Oct-10
26-Nov-10
South Korea
112.00
110.00
109.00
26-Nov-10
US
51.00
53.20
48.60
108.00
50.20
3-Dec-10
Indonesia
105.70
104.00
107.60
112.00
10-Dec-10
Japan
43.40
42.50
41.40
41.10
11-Dec-10
Thailand
79.30
80.80
81.50
80.20
11-Dec-10
Taiwan
78.64
79.69
80.14
80.19
Source: Bloomberg, CEIC
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010
Exhibit 8: Hong Kong And China Share Price Performance
MSCI China Index
Market
3M avg
daily
Share
cap
turnover
price
1 WK
1M
3M
YTD
1 WK
1M
3M
YTD
(USD m)
(USD m)
(LC)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
69.73
(4.0)
(1.2)
11.7
7.4
(6.0)
MXCN Index
Absolute performance
Relative performance
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)
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)
HFCI SP
2,016
0.05
3.30
(2.4)
4.8
26.9
53.5
1.6
6.0
15.2
46.1
60 HK
41
0.13
1.23
(3.9)
(12.8)
6.0
23.9
0.1
(11.6)
(5.7)
16.4
8269 HK
29
0.41
17.1
2.5
21.1
3.7
1068 HK
6,303
33.31
27.70
(13.6)
(6.6)
2.2
22.1
(9.6)
(5.4)
(9.5)
14.7
829 HK
2,220
4.76
10.36
(5.3)
9.6
40.0
48.6
(1.3)
10.8
28.3
41.2
000895 CH
HOGS US
777
1.11
22.07
(2.8)
5.5
50.2
41.4
1.2
6.7
38.5
34.0
Hsu Fu Chi International

Hong Kong Food Investment Holdings
Wealth Glory Holdings
F&B: Processed meat products
China Yurun Food Group
Shenguan Holdings Group
Henan Shuanghui Investment & Dev
Zhongpin Inc
People's Food Holdings
Synear Food Holdings
DaChan Food Asia
PFH SP
606
0.05
0.70
(4.3)
5.5
50.2
41.4
(0.3)
6.7
38.5
34.0
SYNF SP
249
0.29
0.24
(4.7)
(2.1)
(9.6)
(25.4)
(0.7)
(0.9)
(21.3)
(32.8)
3999 HK
198
0.11
1.52
(3.8)
(8.4)
(6.7)
(7.2)
0.2
(7.2)
(18.5)
(14.6)
(29.9)
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)
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)
1230 HK
1,463
3.24
(9.2)
(5.2)
600429 CH
1,050
11.39
7.88
(9.2)
5.1
25.1
(2.5)
(5.2)
6.3
13.4
(9.9)
28.4
Yashili International Holdings

Beijing Sanyuan Foods
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
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
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)
35.0
China Huiyuan Juice Group
Tianyi Fruit Holdings

Yantai North Andre Juice
China Haisheng Juice Holdings
Longrun Tea Group
Chevalier Pacific Holdings
756 HK
378
0.29
2.89
4.3
(0.7)
9.5
42.4
8.3
0.5
(2.2)
8259 HK
234
0.30
0.43
2.4
0.0
4.9
14.2
6.4
1.2
(6.8)
6.8
359 HK
177
0.93
1.09
(6.0)
(0.9)
13.5
(0.2)
(2.0)
0.3
1.8
(7.6)
2898 HK
154
0.23
0.83
9.2
(4.6)
66.0
(2.4)
13.2
(3.4)
54.3
(9.8)
508 HK
101
1.19
0.33
13.8
(16.5)
(50.0)
54.9
17.8
(15.3)
(61.7)
47.5
107.4
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
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)
200869 CH
6,631
4.09
97.50
1.2
0.9
14.7
44.1
5.2
2.1
3.0
36.6
828 HK
753
1.88
4.68
(1.7)
0.9
38.1
89.5
2.3
2.1
26.3
82.0
F&B: Winery
Yantai Changyu Pioneer Wine
Dynasty Fine Wines Group
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010
Exhibit 8: Hong Kong And China Share Price Performance (Contd)

Market
cap
(USD m)
3M avg
daily
turnover
(USD m)
Share
price
(LC)
1 WK
1M
3M
YTD
(%)
(%)
(%)
(%)
1 WK
1M
3M
YTD
(%)
(%)
(%)
(%)
F&B: Distillers
Kweichow Moutai
Wuliangye Yibin
Luzhou Laojiao
Shanxi Xinghuacun Fen Wine Factory
Sichuan Swellfun
Zhejiang Guyuelongshan
Anhui Gujing Distillery
Anhui Golden Seed Winery
Xinjiang Yilite Industry
Silver base Group Holdings
China Tontine Wines Group
JLF Investment
600519 CH
000858 CH
000568 CH
600809 CH
600779 CH
600059 CH
200596 CH
600199 CH
600197 CH
886 HK
389 HK
472 HK
25,189
21,350
9,198
5,343
1,761
1,473
1,431
1,213
1,104
990
412
204
81.89
123.61
58.89
17.79
32.35
28.17
1.43
50.77
20.27
5.63
6.03
0.26
177.19
37.34
43.80
81.93
23.93
15.40
47.20
15.44
16.62
6.45
1.86
0.95
6.8
0.9
2.6
13.5
(13.9)
(5.5)
(0.6)
(9.1)
(9.0)
(6.5)
(18.4)
41.8
10.8
14.3
28.5
30.6
7.3
9.7
25.4
4.2
1.7
34.7
(7.0)
63.8
15.9
20.5
26.6
49.6
9.7
26.2
47.5
(8.9)
(9.0)
87.0
14.1
61.0
5.3
18.6
15.0
93.0
7.0
58.7
149.0
77.6
28.0
146.3
11.4
35.7
10.8
4.9
6.6
17.5
(9.9)
(1.5)
3.4
(5.1)
(5.0)
(2.5)
(14.4)
45.8
11.9
15.5
29.7
31.8
8.5
10.9
26.6
5.4
2.9
35.8
(5.8)
65.0
4.2
8.8
14.9
37.9
(2.0)
14.5
35.8
(20.6)
(20.7)
75.2
2.4
49.3
(2.1)
11.2
7.6
85.6
(0.4)
51.3
141.5
70.1
20.6
138.9
4.0
28.3
F&B: Upstream
Qinghai Salt Lake Potash
China Agri-Industries Holdings
Huabao International Holdings
Heilongjiang Agriculture
Sinofert Holdings
China BlueChemical
Dalian Zhangzidao Fishery Group
Beijing Dabeinong Technology Group
Chaoda Modern Agriculture Holdings
Shenzhen Agricultural Products
COFTunhe
Sichuan New Hope Agribusiness
Hsu Fu Chi International
Gansu Ronghua Industry Group
Shandong Denghai Seeds
Fujian Sunner Development
Xinjiang Guannong Fruit & Antler
Beijing Shunxin Agriculture
Angel Yeast
China Fishery Group
China Animal Husbandry Industry
Shandong Homey Aquatic Dev
Zhejiang Haitong Food Group
Yuan Longping High-tech Agriculture
Henan Chuying Agro-pastoral
CP Pokphand
Nanning Sugar Industry
Zhengzhou Sanquan Foods
China Green Holdings /Bermuda
Pacific Andes Resources Development
Pacific Andes International Holdings
Global Bio-Chem Technology Group
China Starch Holdings
Oceanus Group
Heng Tai Consumables Group
Pine Agritech
China Corn Oil
Xiwang Sugar Holdings
Global Sweeteners Holdings
LAM Soon Hong Kong
Asia Cassava Resources Holdings
Vedan International Holdings
China Flavors & Fragrances
Golden Resources Development Intl
China Essence Group
First Natural Foods Holdings
Hop Hing Group Holdings
Ever Fortune International Holdings
000792 CH
606 HK
336 HK
600598 CH
297 HK
3983 HK
002069 CH
002385 CH
682 HK
000061 CH
600737 CH
000876 CH
HFCI SP
600311 CH
002041 CH
002299 CH
600251 CH
000860 CH
600298 CH
CFG SP
600195 CH
600467 CH
600537 CH
000998 CH
002477 CH
43 HK
000911 CH
002216 CH
904 HK
PAH SP
1174 HK
809 HK
3838 HK
OCNUS SP
197 HK
PAG SP
1006 HK
2088 HK
3889 HK
411 HK
841 HK
2317 HK
3318 HK
677 HK
CESS SP
1076 HK
47 HK
875 HK
7,227
5,511
4,929
4,008
3,794
3,342
3,295
2,686
2,792
2,591
2,293
2,207
2,016
1,901
1,842
1,989
1,452
1,659
2,064
1,669
1,527
1,471
1,411
1,309
1,259
1,586
964
1,113
900
733
557
557
522
490
516
367
332
237
229
126
126
119
112
103
45
28
14
80.12
14.60
6.68
56.64
9.55
5.47
53.22
18.15
21.14
30.38
30.36
43.55
0.05
79.18
18.08
14.33
30.39
22.42
12.08
0.09
18.98
31.71
23.52
34.74
1.14
34.24
4.25
5.48
0.22
0.48
2.66
6.46
0.54
8.14
0.20
1.99
3.18
0.46
0.02
0.92
0.19
0.05
0.40
0.01
0.02
-
62.51
10.58
12.14
14.97
4.19
5.62
48.35
44.50
6.48
22.38
15.14
17.60
3.30
18.96
69.49
32.20
26.63
25.11
44.78
2.16
25.99
15.41
40.71
31.36
62.62
1.06
22.32
39.53
7.89
0.34
1.41
1.33
0.70
0.32
1.37
0.20
5.41
2.56
1.60
7.28
2.44
0.64
1.90
0.56
0.34
0.30
0.43
0.04
(16.8)
(8.3)
0.8
(10.9)
(8.1)
(9.1)
(6.4)
(13.8)
(5.8)
(4.9)
(17.9)
(11.2)
(2.4)
(8.2)
(8.2)
0.9
(22.3)
(9.7)
17.0
(1.8)
(8.8)
(3.3)
(6.9)
(0.9)
(3.8)
9.3
(20.5)
(2.2)
(5.3)
(1.6)
(7.2)
(5.0)
(2.8)
(4.1)
(4.9)
0.0
(5.4)
(7.6)
(4.2)
(2.8)
(5.1)
(3.0)
(2.6)
(1.8)
6.3
0.0
(10.4)
0.0
(9.9)
(4.7)
(7.6)
3.2
(10.3)
(10.5)
9.0
(2.6)
(7.4)
4.4
1.5
3.0
4.8
68.4
3.1
14.1
(13.9)
7.8
24.7
0.5
5.2
18.4
27.8
5.1
23.3
60.6
(8.3)
11.8
0.5
0.0
1.4
3.9
(5.4)
(4.5)
4.6
0.0
(0.9)
(7.2)
(8.0)
(2.7)
(4.3)
(1.5)
(2.6)
(9.7)
4.6
0.0
(10.4)
0.0
22.4
6.2
1.5
4.3
5.0
9.8
24.7
10.9
(24.3)
20.8
8.1
105.6
26.9
100.6
12.1
4.3
26.1
17.9
14.7
21.3
(10.4)
45.7
43.6
37.7
76.7
11.2
9.2
(9.3)
11.1
13.7
(0.7)
(17.6)
3.3
69.1
11.1
(8.0)
16.4
6.7
7.1
7.0
(5.9)
12.4
1.8
25.9
0.0
8.9
0.0
10.6
4.9
48.9
(0.7)
(3.5)
20.1
159.7
(21.9)
62.2
(9.4)
42.3
53.5
61.8
99.9
29.3
5.1
42.9
50.3
60.4
28.9
57.1
54.6
69.1
84.0
(3.1)
81.1
9.4
21.2
(9.1)
(19.1)
4.5
(28.4)
75.6
21.2
(12.7)
(4.0)
(5.1)
67.7
19.4
(16.7)
15.7
14.5
0.0
32.3
0.0
(12.8)
(4.3)
4.8
(6.9)
(4.1)
(5.1)
(2.4)
(9.8)
(1.8)
(0.9)
(13.9)
(7.2)
1.6
(4.2)
(4.2)
4.9
(18.3)
(5.7)
21.0
2.2
(4.8)
0.7
(2.9)
3.1
0.2
13.3
(16.5)
1.9
(1.3)
2.4
(3.2)
(1.0)
1.2
(0.1)
(0.9)
4.0
(1.4)
(3.6)
(0.2)
1.2
(1.1)
1.0
1.4
2.3
10.3
4.0
(6.4)
4.0
(8.8)
(3.5)
(6.4)
4.4
(9.1)
(9.3)
10.2
(1.4)
(6.2)
5.6
2.7
4.2
6.0
69.6
4.3
15.3
(12.7)
9.0
25.9
1.7
6.4
19.6
29.0
6.3
24.5
61.8
(7.1)
13.0
1.7
1.2
2.6
5.1
(4.2)
(3.4)
5.8
1.2
0.3
(6.1)
(6.9)
(1.5)
(3.1)
(0.3)
(1.4)
(8.5)
5.8
1.2
(9.2)
1.2
10.6
(5.5)
(10.2)
(7.4)
(6.7)
(1.9)
13.0
(0.8)
(36.0)
9.1
(3.6)
93.9
15.2
88.9
0.4
(7.4)
14.4
6.2
3.0
9.6
(22.2)
33.9
31.9
26.0
65.0
(0.5)
(2.5)
(21.0)
(0.6)
2.0
(12.5)
(29.4)
(8.4)
57.4
(0.6)
(19.7)
4.7
(5.0)
(4.7)
(4.7)
(17.6)
0.6
(9.9)
14.2
(11.7)
(2.9)
(11.7)
3.2
(2.5)
41.5
(8.1)
(10.9)
12.7
152.2
(29.4)
54.8
(16.8)
34.9
46.1
54.3
92.4
21.9
(2.3)
35.4
42.9
52.9
21.5
49.7
47.1
61.6
76.6
(10.6)
73.7
2.0
13.8
(16.6)
(26.6)
(2.9)
(35.8)
68.2
13.8
(20.2)
(11.4)
(12.5)
60.3
11.9
(24.1)
8.3
7.1
(7.4)
24.9
(7.4)
10
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010

Market
3M avg
daily
Share
cap
turnover
price
1 WK
1M
3M
YTD
1 WK
1M
3M
YTD
(USD m)
(USD m)
(LC)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
12.4
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)
973 HK
4,143
6.18
21.75
(4.4)
(0.7)
28.9
(0.4)
0.5
17.1
1338 HK
1,260
8.58
3.36
(8.9)
(8.7)
(21.3)
(36.1)
(4.9)
(7.5)
(33.0)
(43.5)
BaWang International Group Holding

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

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 stores

Golden 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

Shanghai Bailian Group
1212 HK
4,128
2.68
19.06
(1.9)
(1.1)
8.9
34.1
2.2
0.0
(2.8)
26.7
600631 CH
2,733
10.33
16.48
(6.4)
19.4
19.4
(8.5)
(2.4)
20.6
7.7
(16.0)
20.9
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
Rainbow Department Store
002419 CH
2,772
11.87
46.00
(5.8)
13.4
15.1
(1.8)
14.6
3.4
1833 HK
2,618
9.23
11.52
(8.0)
(1.0)
32.4
63.1
(4.0)
0.2
20.7
55.7
600694 CH
2,560
24.14
57.87
4.9
9.3
19.0
32.2
8.9
10.5
7.3
24.7
848 HK
2,380
2.74
3.59
(1.4)
5.6
11.5
69.5
2.6
6.8
(0.2)
62.1
1700 HK
1,999
6.20
(7.6)
(3.6)
825 HK
1,609
1.75
7.40
(4.1)
(3.1)
9.3
6.2
(0.1)
(2.0)
(2.4)
(1.2)
(2.8)
Intime Department Store Group

Dashang Group
Maoye International Holdings
Springland International Holdings
New World Department Store China
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)
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
(24.1)
PCD Stores
331 HK
1,357
6.41
2.49
(5.7)
4.2
3.8
(16.7)
(1.7)
5.4
(8.0)
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 Grand

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

Lianhua Supermarket Holdings
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
8052 HK
301
0.22
3.19
0.9
4.6
28.8
67.4
5.0
5.8
17.1
59.9
Convenience Retail Asia
11
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010

Market.
3m avg
daily
Share
cap
turnover
price
1 WK
1M
3M
YTD
1 WK
1M
3M
YTD
(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)
751 HK
1,445
25.79
4.36
(6.4)
(14.7)
(14.0)
(44.5)
(2.4)
(13.5)
(25.7)
(51.9)
921 HK
683
1.71
3.91
(2.7)
(3.2)
(1.0)
1.0
1.3
(2.0)
(12.7)
(6.4)
200016 CH
491
1.82
3.16
(9.7)
(4.5)
(0.9)
(16.5)
(5.7)
(3.3)
(12.7)
(23.9)
Skyworth Digital Holdings

Hisense Kelon Electrical Holdings
Konka Group
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
1070 HK
437
4.87
3.12
(9.6)
(7.7)
(6.0)
(62.5)
(5.6)
(6.5)
(17.7)
(70.0)
3389 HK
2,514
12.57
4.45
3.7
1.1
16.5
52.8
7.7
2.3
4.8
45.3
116 HK
1,743
3.18
19.96
(10.5)
10.2
27.0
119.9
(6.5)
11.3
15.3
112.5
600086 CH
1,484
44.25
27.96
0.6
24.5
167.6
187.4
4.7
25.7
155.8
179.9
590 HK
1,464
4.05
23.05
(5.7)
36.2
77.3
250.4
(1.7)
37.4
65.6
242.9
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
TCL Multimedia Technology Holdings

Organized retail: Jewelry & accessories
Hengdeli Holdings
Chow Sang Sang Holdings
Hubei Eastern Gold Jade
Luk Fook Holdings International
Lao Feng Xiang
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)
63.3
Stelux Holdings International
84 HK
96
0.07
0.78
(3.7)
23.8
47.2
70.7
0.3
25.0
35.5
8351 HK
37
0.15
0.50
0.0
(3.8)
81.8
35.1
4.0
(2.7)
70.1
27.7
475 HK
50
0.20
1.44
20.0
35.8
144.1
203.2
24.0
37.0
132.4
195.7
SA 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
8079 HK
16
0.98
0.29
76.8
90.8
0.0
(83.6)
80.8
92.0
(11.7)
(91.0)
Eternite International
Noble Jewelry Holdings
Organized retail: Cosmetics
BAL Holdings
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
12
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010

Market.
3m avg
daily
Share
cap
(USD m)
turnover
(USD m)
price
(LC)
1 WK
(%)
1M
(%)
3M
(%)
YTD
(%)
1 WK
(%)
1M
(%)
3M
(%)
YTD
(%)
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
89.2
Cafe de Coral Holdings

Little Sheep Group
341 HK
968 HK
1,527
688
1.13
0.70
21.05
5.17
(5.6)
1.0
(6.4)
(2.5)
9.0
15.9
21.2
22.3
(1.6)
5.0
(5.3)
(1.3)
(2.8)
4.2
13.7
14.8
Tao Heung Holdings

China Energy Development Holdings
573 HK
228 HK
357
250
0.06
1.66
2.72
0.45
(6.2)
4.7
(9.0)
(9.2)
(9.3)
9.9
(12.4)
3.5
(2.2)
8.7
(7.8)
(8.0)
(21.0)
(1.8)
(19.8)
(3.9)
Fairwood
G-Vision International Holdings
52 HK
657 HK
165
103
0.31
0.06
10.20
0.41
(2.1)
(2.4)
5.6
5.1
24.1
9.3
37.7
135.6
1.9
1.6
6.8
6.3
12.4
(2.4)
30.3
128.2
Tack Hsin Holdings
611 HK
156
0.84
3.31
25.9
63.9
128.3
94.7
29.9
65.1
116.6
87.3
Vongroup
318 HK
77
0.31
0.10
(3.8)
(3.8)
6.3
(46.9)
0.2
(2.6)
(5.5)
(54.3)
494 HK
22,520
41.15
43.45
2.5
3.5
13.7
37.9
6.5
6.5
2.0
30.5
330 HK
002269 CH
6,879
4,900
41.90
7.65
41.40
32.40
(4.6)
(0.6)
(6.7)
25.1
(9.8)
32.0
(17.6)
46.1
(0.6)
3.4
(5.5)
26.3
(21.5)
20.3
(25.0)
38.7
Brands: Apparel
Li & Fung
Esprit Holdings
Shanghai Metersbonwe Fashion &
Accessories
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

Haining China Leather Market
3998 HK
002344 CH
3,759
2,596
9.68
11.11
3.75
61.55
(4.1)
15.3
4.7
35.0
45.9
61.7
124.1
-
(0.1)
19.3
5.9
36.2
34.2
50.0
116.7
-
1698 HK
1234 HK
1,807
1,753
5.44
6.75
11.32
(7.0)
(5.2)
(4.8)
15.6
0.3
50.4
(3.0)
(1.2)
(3.6)
16.8
(11.5)
43.0
Trinity
Ports Design
Fujian Septwolves Industry
Your-Mart
891 HK
589 HK
002029 CH
002277 CH
1,580
1,561
1,479
1,430
5.24
5.69
7.43
27.08
7.76
21.35
34.70
27.18
(3.8)
(4.0)
(0.1)
(2.7)
(3.7)
8.0
8.7
18.1
23.7
2.4
51.6
10.9
113.5
(8.6)
148.5
43.2
0.2
(0.0)
3.9
1.4
(2.6)
9.2
9.9
19.3
12.0
(9.3)
39.9
(0.8)
106.0
(16.0)
141.1
35.8
Zhejiang Baoxiniao Garment

IT
002154 CH
999 HK
1,309
1,042
9.33
7.48
29.59
6.76
(2.7)
(9.9)
19.2
25.7
11.2
107.4
32.1
368.8
1.3
(5.9)
20.4
26.8
(0.5)
95.7
24.6
361.4
709 HK
393 HK
937
491
2.08
0.23
4.86
3.59
1.3
(1.4)
0.4
4.7
17.9
20.9
124.4
31.0
5.3
2.6
1.6
5.9
6.2
9.2
117.0
23.5
990 HK
375 HK
533 HK
1388 HK
448 HK
462
417
405
362
232
0.54
0.79
0.32
0.80
1.20
0.98
20.50
3.20
6.90
1.83
(2.0)
(13.5)
(4.5)
(8.1)
9.6
5.4
54.4
2.9
7.8
37.6
14.0
78.3
16.4
50.3
60.5
(21.6)
233.7
66.9
75.3
278.1
2.0
(9.5)
(0.5)
(4.1)
13.6
6.6
55.6
4.1
9.0
38.8
2.2
66.5
4.7
38.6
48.8
(29.0)
226.3
59.5
67.8
270.7
592 HK
164
2.71
0.79
(9.2)
5.8
25.8
100.0
(5.2)
6.9
14.1
92.6
483 HK
686 HK
1173 HK
130 HK
333 HK
647 HK
8272 HK
122 HK
627 HK
173
151
100
89
89
103
77
57
6
0.37
1.28
0.75
1.27
0.52
1.18
0.77
0.77
-
3.73
1.60
0.38
2.45
0.64
0.49
0.25
0.71
0.01
(4.6)
3.9
(1.3)
(8.9)
0.0
12.6
2.1
10.9
0.0
19.9
17.6
1.3
2.5
1.6
38.0
(26.3)
20.3
0.0
30.1
128.6
49.0
20.1
18.5
50.8
(5.0)
26.8
0.0
164.2
182.7
155.0
177.5
31.1
178.4
(55.1)
79.7
0.0
(0.6)
7.9
2.7
(4.9)
4.0
16.6
6.1
14.9
4.0
21.1
18.8
2.5
3.7
2.8
39.2
(25.1)
21.5
1.2
18.3
116.9
37.3
8.4
6.8
39.1
(16.7)
15.1
(11.7)
156.7
175.3
147.6
170.0
23.7
171.0
(62.5)
72.3
(7.4)
Belle International Holdings
1880 HK
15,861
34.56
14.58
(2.0)
2.1
10.2
63.6
2.0
3.3
(1.6)
56.2
Yue Yuen Industrial Holdings

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

China Lilang
Giordano International
Glorious Sun Enterprises
Theme International Holdings
YGM Trading
Goldlion Holdings
Embry Holdings
Hang Ten Group Holdings
Bossini International Hldg
Bauhaus International Holdings
Time Infrastructure Holdings
Veeko International Holdings
Moiselle International
Top Form International
Joyce Boutique Holdings
Best Miracle International
Crocodile Garments
U-RIGHT International Holdings
Brands: Footwear
13
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010
Brands: Sportswear
Anta Sports Products
China Dongxiang Group
Li Ning
XTEP International Holdings
361 Degrees International
Peak Sport Products
China Hongxing Sports
Meike International Holdings
Flyke International Holdings
China Sports International
Textiles
Sunvim Group
Jiangsu Sunshine
Ningbo Shanshan
Texwinca Holdings
Zhejiang Huafeng Spandex
Luolai Home Textile
Shenzhou International Group
Luthai Textile
Jiangsu Huaxicun
Black Peony Group
Yantai Spandex
Weiqiao Textile
Pacific Textile Holdings
Texhong Textile Group
Shanghai Nine Dragon
Costin New Materials Group
International Taifeng Holdings
Sijia Group
Wai Chun Mining Industry Group
China Ting Group Holdings
Victory City International Holdings
Win Hanverky Holdings
Eagle Nice International Holdings
Kam Hing International Holdings
Fountain SET Holdings
Hua Lien International Holding
High Fashion International
Tack Fat Group
Luen Thai Holdings
Huafeng Group Holdings
Tristate Holdings
Addchance Holdings
Tungtex Holdings
Co-Prosperity Holdings
Ford Glory Group Holdings
Yangtzekiang Garment
Mainland Headwear Holdings
Guangdong Tannery
Kingdom Holdings
Jiangchen International Holdings
Art Textile Technology International
Chanco International Group
Carry Wealth Holdings
Easyknit Enterprises Holdings
Pak Tak International
Ching Hing Holdings
Zhejiang Yonglong Enterprises
Market.
cap
(USD m)
3m avg
daily
turnover
(USD m)
Share
price
(LC)
1 WK
1M
3M
YTD
(%)
(%)
(%)
(%)
2020 HK
3818 HK
2331 HK
1368 HK
1361 HK
1968 HK
CHHS SP
953 HK
1998 HK
CSPORT SP
4,619
2,989
2,855
1,875
1,758
1,521
356
244
192
85
15.31
11.93
21.79
5.32
6.01
6.42
0.79
0.93
0.34
0.12
14.36
4.09
21.05
6.68
6.59
5.62
0.17
1.82
1.86
0.12
(6.5)
(9.1)
(10.0)
(4.8)
(8.3)
(9.4)
(8.3)
(7.6)
(7.0)
(4.2)
(11.0)
(10.1)
(13.2)
(1.9)
(12.7)
(18.0)
(10.8)
(6.7)
(4.6)
(8.0)
(4.1)
(6.9)
(19.8)
14.4
5.3
(1.9)
3.1
21.3
(0.5)
9.5
28.5
(28.5)
(27.2)
59.3
47.6
35.0
(10.9)
(34.3)
(2.5)
(5.1)
(6.0)
(0.8)
(4.3)
(5.3)
(4.3)
(3.6)
(3.0)
(0.2)
(9.8)
(8.9)
(12.0)
(0.7)
(11.5)
(16.8)
(9.6)
(5.5)
(3.4)
(6.8)
(15.8)
(18.6)
(31.5)
2.7
(6.4)
(13.6)
(8.6)
9.6
(12.2)
(2.2)
21.0
(36.0)
(34.6)
51.8
40.1
27.5
(18.3)
(41.7)
002083 CH
600220 CH
600884 CH
321 HK
002064 CH
002293 CH
2313 HK
200726 CH
000936 CH
600510 CH
002254 CH
2698 HK
1382 HK
2678 HK
900955 CH
2228 HK
873 HK
1863 HK
660 HK
3398 HK
539 HK
3322 HK
2368 HK
1,566
1,561
1,417
1,549
1,382
1,501
1,394
998
999
1,177
1,176
991
797
706
615
610
509
486
508
332
285
190
170
62.12
58.88
58.51
2.15
40.96
5.51
2.76
2.13
30.91
10.00
23.31
2.82
0.82
1.05
0.16
3.27
1.72
1.35
0.53
0.27
1.87
0.22
0.83
11.08
5.81
22.89
8.89
12.43
71.01
8.68
7.78
8.87
9.82
29.90
6.43
4.31
6.19
0.47
5.91
3.95
4.55
0.26
1.23
1.82
1.16
2.64
(12.4)
(12.0)
(14.9)
(4.6)
(15.7)
(2.6)
(4.6)
(11.6)
(18.8)
(11.2)
(9.2)
(4.6)
(2.9)
(7.3)
(6.9)
(0.7)
(12.6)
(3.8)
3.2
(3.1)
(5.7)
(4.9)
(4.7)
(7.8)
(8.5)
6.6
4.2
(5.5)
5.9
(10.4)
10.5
(7.7)
(0.5)
3.1
4.4
(4.2)
34.3
4.9
40.7
(7.9)
27.1
4.9
(6.8)
(3.2)
(2.5)
3.5
7.4
0.3
25.7
14.0
19.1
18.4
(9.6)
20.2
22.9
(12.7)
22.4
26.1
(2.7)
27.1
8.8
86.4
110.1
31.9
(16.4)
(4.1)
9.6
13.9
28.8
22.2
0.3
36.4
26.7
31.0
75.4
(11.2)
23.1
46.1
(19.7)
36.0
25.8
(9.9)
605.0
(0.6)
87.5
5.5
20.9
4.6
(16.9)
(8.4)
(8.0)
(10.9)
(0.6)
(11.7)
1.4
(0.6)
(7.6)
(14.8)
(7.2)
(5.2)
(0.6)
1.1
(3.3)
(2.9)
3.3
(8.6)
0.2
7.2
0.9
(1.7)
(0.9)
(0.7)
(6.6)
(7.3)
7.8
5.4
(4.3)
7.0
(9.2)
11.7
(6.5)
0.7
4.3
5.6
(3.0)
35.5
6.1
41.9
(6.7)
28.3
6.1
(5.6)
(2.0)
(1.3)
4.7
(4.3)
(11.4)
14.0
2.3
7.4
6.7
(21.3)
8.5
11.2
(24.4)
10.7
14.4
(14.4)
15.4
(3.0)
74.7
98.4
20.2
(28.1)
(15.8)
(2.1)
2.2
17.1
14.7
(7.1)
28.9
19.2
23.6
68.0
(18.6)
15.7
38.7
(27.2)
28.5
18.4
(17.3)
597.6
(8.1)
80.1
(1.9)
13.5
(2.8)
(24.4)
2307 HK
420 HK
969 HK
608 HK
928 HK
311 HK
364 HK
458 HK
3344 HK
518 HK
707 HK
1682 HK
294 HK
1100 HK
1058 HK
528 HK
8305 HK
565 HK
264 HK
643 HK
616 HK
2668 HK
692 HK
8211 HK
149
131
129
111
114
102
89
87
73
64
56
50
49
45
40
55
48
34
28
24
22
17
17
11
0.41
0.37
0.23
0.06
0.09
0.59
0.03
0.05
0.04
0.09
0.03
0.02
0.05
0.04
0.02
0.04
0.01
0.14
0.03
0.00
0.83
-
1.39
1.28
0.80
2.85
0.40
0.80
0.48
2.52
1.28
1.41
0.37
0.89
1.82
0.87
0.58
0.69
1.01
0.25
0.68
0.51
0.47
0.55
0.24
0.08
(6.1)
(3.8)
(3.6)
(3.7)
0.0
0.0
0.0
3.3
8.5
(1.4)
2.8
(10.1)
0.0
(4.4)
(9.4)
6.2
7.4
(2.0)
4.6
2.0
16.0
3.8
(38.4)
0.0
5.3
(3.0)
11.1
0.7
0.0
1.3
(1.0)
17.8
10.3
(2.1)
(2.6)
(2.2)
2.8
4.8
(17.1)
38.0
29.5
(2.0)
11.5
(3.8)
23.7
(6.8)
(13.8)
0.0
1.5
4.1
17.6
9.6
0.0
0.0
18.8
29.2
11.3
(0.6)
2.8
13.8
13.0
46.8
25.5
42.3
3.3
28.3
29.1
27.0
10.0
(52.6)
0.0
(31.9)
4.1
(26.6)
84.6
0.0
7.4
6.7
88.5
5.6
(6.6)
(43.9)
28.6
(3.0)
36.5
89.0
44.3
0.0
20.1
34.2
46.9
31.0
(94.6)
0.0
(2.1)
0.2
0.4
0.3
4.0
4.0
4.0
7.3
12.5
2.6
6.8
(6.1)
4.0
(0.4)
(5.4)
10.2
11.5
2.0
8.6
6.0
20.1
7.8
(34.4)
4.0
6.5
(1.8)
12.3
1.9
1.2
2.5
0.1
18.9
11.5
(0.9)
(1.4)
(1.0)
4.0
6.0
(16.0)
39.2
30.7
(0.8)
12.7
(2.6)
24.9
(5.6)
(12.6)
1.2
1 WK
1M
3M
YTD
(%)
(%)
(%)
(%)
(10.3) (39.3)
(7.6)
(3.4)
5.9 (34.0)
(2.1)
77.2
(11.7)
(7.4)
(11.7)
(0.0)
7.0
(0.7)
17.5
81.1
(0.4)
(1.8)
(12.3) (14.0)
(8.9) (51.4)
2.0
21.2
1.3 (10.4)
35.1
29.0
13.7
81.6
30.5
36.9
(8.4)
(7.4)
16.6
12.7
17.4
26.8
15.3
39.4
(1.7)
23.5
(64.3) (102.0)
(11.7)
(7.4)
Source: Bloomberg
14
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010
Exhibit 9: Hong Kong And China Valuation Table

Company
BBG
Mkt
Share
code
cap
price
P/E
11E
12E
11E
EPS growth
12E
P/BV
11E
12E
Yield
11E
12E
11E
ROE
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
43.3
Uni-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
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
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
HOGS US
777
22.07
11.2
9.3
22.3
19.8
1.8
1.5
16.9
18.0
SYNF SP
249
0.24
9.3
8.6
18.2
7.7
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
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
12.2
F&B: Processed meat products

China Yurun Food Group Ltd
Shenguan Holdings Group Ltd
Zhongpin Inc
Synear Food Holdings Ltd
F&B: Dairy
Ausnutria Dairy Corp Ltd

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
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
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
30.7
Yantai North Andre Juice Co
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
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
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
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
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
F&B: Winery
Yantai Changyu Pioneer Wine Co
Dynasty Fine Wines Group Ltd
F&B: Distillers
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
15
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010
Exhibit 9: Hong Kong And China Valuation Table (Contd)

Company
BBG
Mkt
Share
code
cap
price
P/E
11E
12E
11E
EPS growth
12E
P/BV
11E
12E
Yield
11E
12E
11E
ROE
12E
(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
40.5
China 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
600598 CH
4,008
14.97
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
Heilongjiang Agriculture Co Ltd

Sinofert Holdings Ltd
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
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
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
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
8.8
Zhengzhou Sanquan Foods Co Ltd
002216 CH
1,113
39.53
50.4
37.9
27.9
32.9
6.6
13.1
14.0
Chaoda Modern Agriculture Holdings Ltd
Hsu Fu Chi International Ltd
China Fishery Group Ltd
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
3838 HK
522
0.70
15.4
10.3
5.4
48.7
2.1
1.9
1.8
2.8
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
-
China Starch Holdings Ltd

Oceanus Group Ltd
Pine Agritech Ltd
PAG SP
(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
841 HK
126
2.44
3.9
43.9
6.1
39.0
3318 HK
119
1.90
9.9
5.8
(8.3)
69.7
CESS SP
103
0.34
3.2
2.8
31.6
13.4
0.8
0.8
15.1
13.7
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
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
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
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
Asia Cassava Resources Holdings Ltd

China Flavors & Fragrances Co Ltd
China Essence Group Ltd
0.20 (102.4) (204.7)
Staples: Household & personal care products

Hengan International Group Co Ltd
BaWang International Group Holding Ltd
Henan Rebecca Hair Products Co Ltd
16
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010

Company
BBG
Mkt
Share
code
cap
price
P/E
11E
12E
11E
EPS growth
12E
P/BV
11E
12E
Yield
11E
12E
11E
ROE
12E
(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
28.2
Lifestyle 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
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
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
600694 CH
2,560
57.87
49.5
41.5
78.6
19.2
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
Shanghai Bailian Group Co Ltd
Intime Department Store Group Co Ltd

Dashang Group Co Ltd
Maoye International Holdings Ltd
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
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
17.0
Hefei 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
PCD Stores Ltd
Organized retail: Food retailers

Dairy Farm International Holdings Ltd
Wumart Stores Inc
Lianhua Supermarket Holdings Co Ltd
DFI SP
11,015
8.16
23.8
24.0
11.7
(0.9)
12.0
2.4
1.8
54.3
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
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
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
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
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
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
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
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)
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
Beijing Hualian Hypermarket
Organized retail: Home appliance retailers

Suning Appliance Co Ltd
GOME Electrical Appliances Holdings Ltd
Huiyin Household Appliances Holdings
Home appliance manufacturers
Haier Electronics Group Co Ltd
Skyworth Digital Holdings Ltd

Chigo Holding Ltd
TCL Multimedia Technology Holdings 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
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
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
Lao Feng Xiang Co Ltd
17
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010

Company
BBG
Mkt
Share
code
cap
price
P/E
11E
12E
11E
EPS growth
12E
P/BV
11E
12E
Yield
11E
12E
11E
ROE
12E
(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
46.2
Bonjour 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
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
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
811 HK
653
4.46
8.7
8.7
18.9
8.6
8.9
12.4
12.2
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
52 HK
165
10.20
10.5
14.7
2.5
5.9
25.6
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
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
002344 CH
2,596
61.55
46.7
36.8
73.0
26.9
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
35.9
Fujian 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
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
448 HK
232
1.83
9.9
12.9
1.8
4.0
19.0
Organized retail: Specialty stores
Man Wah Holdings Ltd

Xinhua Winshare Publishing and Media Co
Organized retail: Restaurants & catering
Fairwood Ltd
Brands: Apparel
Bosideng International Holdings Ltd

Haining China Leather Market Co Ltd
China Lilang Ltd
Embry Holdings Ltd

Hang Ten Group Holdings Ltd
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
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
1386 HK
122
1.52
202.7
32.2
0.1
Le Saunda Holdings Ltd

Walker Group Holdings Ltd
18
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010

Company
BBG
Mkt
Share
code
cap
price
P/E
11E
12E
11E
EPS growth
12E
P/BV
11E
12E
Yield
11E
12E
11E
ROE
12E
(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
29.9
China 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
CSPORT SP
85
0.12
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
25.8
China Sports International Ltd
Textiles
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
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
19
BNP PARIBAS
MICHELE MAK, CFA
HISTORY
OF CHANGE
IN
INVESTMENT
RATING
AND/OR
17 NOVEMBER 2010
TARGET
PRICE
Want Want China (151 HK)
(HKD)
Want Want China
Target Price
Date
24-Apr-08
8.25
Reco
TP
BUY
3.57
7.25
6.25
5.25
4.25
3.25
2.25
Mar-08
Sep-08
Mar-09
Sep-09
Mar-10
Sep-10
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)
(HKD)
Hengan
Target Price
85.50
Date
Reco
TP
1-Nov-06
HOLD
18.00
8-Jan-09
BUY
28.50
75.50
65.50
55.50
45.50
35.50
25.50
15.50
Nov-06
Nov-07
Nov-08
Nov-09
Nov-10
Michele Mak started covering this stock from 11 May 2010

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)
(HKD)
Ajisen (China) Hdgs
Target Price
16.00
Date
Reco
TP
15-Feb-08
BUY
13.60
28-Apr-08
REDUCE
8.70
14.00
20-Jul-09
HOLD
5.60
12.00
23-Sep-09
BUY
7.00
10.00
8.00
6.00
4.00
2.00
Mar-07
Mar-08
Mar-09
Mar-10
Sarah Xing started covering this stock from 8 July 2010

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.
20
BNP PARIBAS
MICHELE MAK, CFA
17 NOVEMBER 2010
GOME Electrical Appliances (493 HK)
(HKD)
GOME Electrical
Target Price
Date
1-Nov-06
6.50
Reco
TP
HOLD
5.73
BUY
5.75
14-May-08
5.50
4.50
3.50
2.50
1.50
0.50
Nov-06
Nov-07
Nov-08
Nov-09
Nov-10
Charlie Chen started covering this stock from 28 September 2010

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)
(HKD)
Huiyin Household App
Target Price
Date
Reco
TP
BUY
2.55
28-Sep-10
3.20
3.00
2.80
2.60
2.40
2.20
2.00
1.80
1.60
1.40
Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10
Charlie Chen started covering this stock from 28 September 2010
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.
21
BNP PARIBAS
MICHELE MAK, CFA
DISCLAIMERS
&
17 NOVEMBER 2010
DISCLOSURES
Not rated (NR): BNP Paribas Securities (Asia) Limited (henceforth referred to as BNP Paribas Asia) does not cover the stocks
referenced in this report. No normative or subjective commentary is provided for companies referenced in this report. BNP
Paribas Asia does not provide research coverage for companies referenced in this report and no BNP Paribas Asia research
recommendation or rating is attached to the companies. This information is provided solely for information purposes.
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2010 BNP Paribas Group
22
BNP PARIBAS
MICHELE MAK, CFA
DISCLAIMERS
&
17 NOVEMBER 2010
DISCLOSURES
ANALYST(S)
Michele Mak, CFA, BNP Paribas Securities (Asia) Ltd, +852 2825 1105, michele.mak@asia.bnpparibas.com.
Sarah Xing, BNP Paribas Securities (Asia) Ltd, +852 2825 1154, sarah.xing@asia.bnpparibas.com.
Charlie Y Chen, BNP Paribas Securities (Asia) Ltd, +852 2825 1109, charlie.y.chen@asia.bnpparibas.com.
Carol Chan, BNP Paribas Securities (Asia) Ltd, +852 2825 1821, carol.t.chan@asia.bnpparibas.com.
This report was produced by a member company of the BNP Paribas Group (Group)1. This report is for the use of intended recipients only and
may not be reproduced (in whole or in part) or delivered or transmitted to any other person without our prior written consent. By accepting this
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The information contained in this report has been obtained from public sources believed to be reliable and the opinions contained herein are
expressions of belief based on such information. No representation or warranty, express or implied, is made that such information or opinions is
accurate, complete or verified and it should not be relied upon as such. This report does not constitute a prospectus or other offering document or
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exercise of judgement by the recipient. All opinions contained herein constitute the views of the analyst(s) named in this report, they are subject to
change without notice and are not intended to provide the sole basis of any evaluation of the subject securities and companies mentioned in this
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This report is prepared for professional investors and is being distributed in Hong Kong by BNP Paribas Securities (Asia) Limited to persons whose
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Out of 512 rated stocks in the BNP Paribas coverage universe, 318 have BUY ratings, 132 are rated HOLD and 62 are rated REDUCE. Within
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Asia Consumer Anecdotes-171110

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INDUSTRY OVERVIEW

Asia Consumer Anecdotes

Back to price controls

Rising inflationary expectations favour discretionaries

Dynasty Fine Wines: Raising its growth trajectory

PREPARED BY BNP PARIBAS SECURITIES ASIA

MICHELE MAK, CFA

ASIA CONSUMER ANECDOTES

Rising inflationary expectations favour discretionaries

Inner Mongolia Yili

MICHELE MAK, CFA

ASIA CONSUMER ANECDOTES

Exhibit 2: Lianhua & Wumarts Operating Margins

Lianhua - 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

Dynasty Fine Wines: Raising its growth trajectory

MICHELE MAK, CFA

ASIA CONSUMER ANECDOTES

Exhibit 3: Major Grape Wine Producers In China

Dynasty Fine Wines Group Limited

Gross profit margin (%)

Net profit margin (%)

Gross profit margin (%)

China Foods Limited: Great Wall Wines

Gross profit margin (%)

Operating profit margin (%)

Net profit margin (%)

Source: Company data

Change in strategic focus since 2H09

MICHELE MAK, CFA

ASIA CONSUMER ANECDOTES

Exhibit 4: Dynasty Forward P/E Band Chart

Sources: Bloomberg; BNP Paribas

Exhibit 5: Upcoming IPOs

Retail department stores and supermarkets

Producers of baby strollers

Operates dairy farms

Produces pickled mustard products, mustard sauce and other

Dongguan Souyute Fashion

Women's clothing, menswear and casual wear

Mewah International Inc

Produces palm, coconut, soybean, canola, sunflower, and

Shirble Department Store

Chongqing Fuling Zhacai Group

Midi Utama Indonesia Tbk PT

The company operates convenience stores in Indonesia

Designs and markets luxury clothing and accessories

Wenfeng Great World Chain

Department store, supermarket and household appliances

Zhejiang Busen Garments

Designs, produces and sells men's clothing

Sources: Company data

MICHELE MAK, CFA

ASIA CONSUMER ANECDOTES

Exhibit 6: Recent IPO Performance

High-end business formal and casual menswear

Operates milk processing plants and produces dairy

Wealth Glory Holdings

Yamada Green Resources

Indofood CBP Sukses

Xinjiang Western Animal