匯豐銀行（HSBC）：2021亞太地區消費及零售業-在不確定的亞洲尋找價值（英文版）（24頁）.pdf

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1、 Disclosures & Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Issuer of report: The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch View HSBC Global Resear

2、ch at: https:/ Votingopens1stJune 6th AugustIf you valueour serviceand insightVotenowAsiamoney Brokers Poll 2021 Recovery path looks bumpy due to COVID-19 variants; some regions have tightened social distancing measures With earnings season coming soon, we highlight stocks that provide structural gr

3、owth opportunities with ample upside We continue to prefer discretionary (vs. staples) and beneficiaries of the re-opening theme, and highlight a few staple names Rally in discretionary to continue, in our view We are on a recovery path, past the worst; however, with COVID-19 variants along the way,

4、 the road to recovery looks bumpy. During this volatile period, we maintain our view that despite changes in how consumers shop, such as avoiding offline retail outlets and shifting to online channels, the key long-term trends remain unchanged. These include premiumisation, more luxury spending and

5、an eventual recovery in duty-free stores in Korea (see Asia Consumer & Retail: The year of normalization II, 13 May 2021). We expect operating profit for the discretionary sector to grow around 55% this year, while staples, which had benefited from the pandemic, are set to lag due to a high base eff

6、ect (see Exhibit 1). We continue to expect pent-up demand emerging as normal activities resume like travel and eating out. Where do we go from here? In the Asia consumer space, we see the biggest growth opportunities in the discretionary sector this year and favour stocks that: 1) are expected to sh

7、ow an earnings acceleration in 2021e (even if their stock prices have already run up), and 2) are beneficiaries of a recovery, especially those that have been hit hard by the pandemic. Examples include a multi-brand hotel chain in mainland China (Huazhu Group), a Taiwanese bicycle maker (Giant) and

8、a Korean DFS and department store operator (Hotel Shilla). Still, among our coverage, we see the biggest growth opportunities in mainland China and Korea. See page 6 for more details. Stocks we like: Yum China (YUMC US, Buy), Huazhu Group (HTHT US, Buy), EC Healthcare (2138 HK, Buy), Yanghe (002304

9、CH, Buy), Tsingtao Brewery-H (168 HK, Buy), Amorepacific (090430 KS, Buy), Hotel Shilla (008770 KS, Buy), Giant (9921 TT, Buy), Avenue Supermarts (DMART IN, Buy), Marico (MRCO IN, Buy), and Thai Beverage (THBEV SP, Buy). Stocks we are cautious or negative on: Sa Sa (178 HK, Reduce), E-Mart (139480 K

10、S, Hold), Nien Made (8364 TT, Hold), ITC (ITC IN, Hold), and Unilever Indonesia (UNVR IJ, Hold). 23 July 2021 Karen Choi* Head of Consumer & Retail Research, Asia Pacific The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch +82 2 3706 8781 Lina Yan*, CFA Consumer Analyst,

11、Hong Kong /mainland China The Hongkong and Shanghai Banking Corporation Limited .hk +852 2822 4344 Katharine Song* (Reg no: S1700517120001) Head of A-share Consumer Research HSBC Qianhai Securities Limited +86 21 6081 3807 Amit Sachdeva* India Equity Strategist, Consumer & Retail Analyst HSBC Secur

12、ities and Capital Markets (India) Private Limited amit1sachdevahsbc.co.in +91 22 2268 1240 Selviana Aripin*, CFA Analyst The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch .sg +65 6658 0610 Jeremy Chen* Head of Research, Taiwan HSBC Securities (Taiwan) Corporation Limited .tw +8

13、86 2 6631 2866 Christina Chen* Analyst, Discovery Research The Hongkong and Shanghai Banking Corporation Limited .hk +852 2822 2912 Kevin Qiu* Associate Guangzhou * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA regulations Asia Consum

14、er & Retail Equities Consumer Asia Looking for value amid uncertainty Equities Consumer 23 July 2021 2 Exhibit 1. Expected OP growth: Discretionary to outperform in 2021e Source: HSBC estimates Exhibit 2. Sector year-to-date performance (consumer discretionary vs. staples) by markets Note: TW (Taiwa

15、n), CH (mainland China), KR (Korea), ID (Indonesia), IN (India), CD (Consumer discretionary), CS (Consumer staples) Source: Bloomberg Exhibit 3. Taiwan consumer is the best performer y-t-d vs. Indonesia, a laggard Note: YTD of our consumer coverage stocks up to 20 July 2021 Source: Bloomberg 13%26%5

16、%55%0%10%20%30%40%50%60%2020 OP growth2021e OP growthConsumer StaplesConsumer Discretionary-25%-20%-15%-10%-5%0%5%10%15%20%25%30%TW CDIN CDKR CDCH CDTW CSIN CSKR CSCH CSID CSID CD2021 YTDIndiaKoreaTaiwanThailandIndonesiaMalaysiamainland CH, HK-15%-10%-5%0%5%10%15%20%-30%-20%-10%0%10%20%30%40%50%60%7

17、0%(2021 YTD)(2020) 3 Equities Consumer 23 July 2021 Exhibit 4. Our key Buy ideas in Asia Consumer & Retail Ticker Company Sector CMP TP Upside HSBC Mkt Cap Return (%) PE (x) PB (x) (Local) (Local) (%) Rating (USDm) 1M YTD 21Y 21Y YUMC US Yum China HOTELS RESTAURANTS & LEISURE 64.64 71.40 10% Buy 27,

18、187 -2% 10% 25.3 3.2 HTHT US Huazhu Group HOTELS RESTAURANTS & LEISURE 48.90 65.10 33% Buy 15,867 -10% 2% 24.3 0.9 2138 HK EC Healthcare HEALTH CARE PROVIDERS 13.80 17.00 23% Buy 2,003 7% 146% 39.6 8.9 002304 CH Yanghe Brewery BEVERAGES 206.10 254.00 23% Buy 47,902 3% 8% 30.1 6.5 168 HK Tsingtao Bre

19、wery-H BEVERAGES 76.25 100.00 31% Buy 6,426 -11% -4% 29.0 4.3 090430 KS Amorepacific PERSONAL PRODUCTS 240,000.00 320,000.00 33% Buy 12,091 -15% 8% 43.3 3.3 008770 KS Hotel Shilla HOTELS RESTAURANTS & LEISURE 92,800.00 130,000.00 40% Buy 2,994 -5% 11% 27.6 4.7 9921 TT Giant Manufacturing LEISURE EQU

20、IPMENT & PRODUCTS 293.50 435.00 48% Buy 3,924 -4% 5% 16.2 3.4 DMART IN Avenue Supermarts TEXTILES, APPAREL & LUXURY GOODS 3,397.30 4,000.00 18% Buy 29,501 0% 20% 129.8 13.3 MRCO IN Marico PERSONAL PRODUCTS 529.90 580.00 9% Buy 9,165 1% 26% 52.2 15.3 THBEV SP Thai Beverage BEVERAGES 0.67 0.95 43% Buy

21、 12,210 -1% -8% 13.5 0.1 Note: Priced at close of 20 July 2021 Source: Bloomberg, HSBC estimates, HSBC Qianhai Securities estimates Exhibit 5. Top performers (year-to-date) Top 10 Gainers Top 10 Laggards EC Healthcare 131% Yihai International -55% JNBY Design 111% Blue Moon Group -48% Sichuan Swellf

22、un 84% Jonjee Hi-Tech Industrial -44% Li Ning Co 74% Yonghui Superstores -40% Chongqing Brewery 72% Alibaba Health Information -38% Chow Tai Fook Jewellery Group 66% Sun Art Retail Group -35% Sa Sa International 63% JD Health International -31% ANTA Sports 46% Midea Group -31% JS Global Lifestyle 46

23、% Unilever Indonesia -30% TCI 45% EEKA Fashion Holdings -28% Source: Bloomberg, YTD up to 20 July 2021 Exhibit 6. Performance of the stocks featured in our report dated 13 May 2021 Company Ticker YTD Anta Sports 2020 HK 46% JS Global 1691 HK 46% Eclat Textile 1476 TT 40% Marico MRCO IN 32% Shinsegae

24、 004170 KS 14% Giant Manufacturing 9921 TT 7% GS Retail 007070 KS 3% Hindustan Unilever HUVR IN 2% Yanghe Brewery 002304 CH -13% Mitra Adiperkasa MAPI IJ -18% Gree Electric 000651 CH -19% Note: YTD until 20 July 2021 Source: Bloomberg Equities Consumer 23 July 2021 4 Exhibit 7. Middle-aged persons (

25、40-64) with household income more than USD50,000 Source: Global Demographics, HSBC Exhibit 8. COVID-19 confirmed cases have risen in many parts of the world Note: 1) US (USA), IN (India), UK (United Kingdom), ID (Indonesia), JP (Japan), CN (mainland China), SG (Singapore), TH (Thailand), TW (Taiwan)

26、 2) Latest for 20 July 2021 Source: WHO Exhibit 9. Vaccine rollout by territory Source: Worldindata 02040608010012020052008201120142017202020232026202920322035203820412044USChinaKoreaJapanIndonesiaIndia05,00010,00015,00020,00025,00030,00035,00005,00010,00015,00020,00025,00030,00035,00040,000USINUKID

27、JPCNSGTHTWSKLatest1M(000)(000)51.8%47.9%41.4%19.8%15.5%12.8%5.7%5.6%4.7%0.4%0%10%20%30%40%50%60%UnitedKingdomUnitedStatesSingaporeJapanMainlandChinaSouthKoreaIndonesiaIndiaThailandTaiwanpeople_fully_vaccinated_per_hundred 5 Equities Consumer 23 July 2021 Recent HSBC research 1H21 preview Exhibit 10.

28、 The key reports published Company-specific reports Date Blue Moon Group (6993 HK)- Downgrade to Hold: Profit alert for 1H21e 21-Jul-21 JNBY (3306 HK)- Buy: Investments taking effect 20-Jul-21 KT&G (033780 KS)-Buy: 2Q21 preview slow exports to delay turnaround 19-Jul-21 Dairy Farm International (DFI

29、 SP)-Hold: 1H21 preview high base for Supermarkets 16-Jul-21 Health and Happiness (1112 HK)-Buy: 1H21 results preview 14-Jul-21 CJ Cheil Jedang (097950 KS)-Buy: 2Q preview: on track to deliver guidance 13-Jul-21 China Baijiu-1H21 results outlook 13-Jul-21 LG H&H (051900 KS)-Buy: 2Q preview: DFS and

30、China to drive growth 6-Jul-21 Shanghai M&G Stationery (603899 CH)-Buy: Better-than-expected results 6-Jul-21 CTG Duty Free (601888 CH)-Buy: Eyes expansion in the global market 6-Jul-21 EC Healthcare (2138 HK)-Buy: Solid rebound despite pandemic 1-Jul-21 Amorepacific (090430 KS)-Amorepacific (090430

31、 KS) 30-Jun-21 JS Global Lifestyle Ltd (1691 HK)-Buy: 1H21 results preview 30-Jun-21 Unilever Indonesia (UNVR IJ)- Hold: 2Q21 pricing monitor points to a difficult market 30-Jun-21 Anta Sports (2020 HK)-Buy: Positive profit alert ahead of acceleration in revenue of the ANTA brand 18-Jun-21 Li Ning (

32、2331 HK)-Buy: Expect strong performance in 1H21 18-Jun-21 Nongshim (004370 KS)-Hold: In need of a price hike 18-Jun-21 Hite Jinro (000080 KS)-Buy: Delayed recovery, but for a reason 3-Jun-21 Source: HSBC Equities Consumer 23 July 2021 6 Our key Buy ideas Mainland China Discretionary While the resurg

33、ence of COVID-19 negatively affecting the recovery in consumption, we have seen a strong recovery in demand after mainland Chinas government relaxed travel constraints in the country from the second half of March. We have seen a strong uptrend in the travel and hotel sector too. By category, the gro

34、wth YTD was the strongest (vs. 2019) in jewellery, beauty category, and food & beverages (F&B), thanks to pent-up demand and normalisation of social activities. Yum China (YUMC US, USD64.64, Buy, TP USD71.40) Yum Chinas strong performance over past quarters testifies its long-term strategies. Its 1Q

35、21 operating margin of the company improved to 13.4%, above that of 13.2% in 1Q19. In 2020, company had opened 1,165 stores, 37% higher than the high-end of its then guidance, and 58% of new KFCs were opened in Tier 3-6 cities. Though the SSSG in 1Q21 was still negatively affected due to a decline i

36、n traffic hubs, we think this is temporary. Management remains cautious on its outlook on: 1) uneven path for recovery, especially on sales at traffic hubs; 2) wage inflation and packaging upgrade costs; 3) absent of USD100m relief received in 2020. We believe the strong 1Q21 reflects the positive s

37、cale benefit of its delivery business. Comparing with 2019, delivery accounted for 29% of sales in 1Q21 (2019: 20%) and the rise in staff cost ratio due to hiring more riders was more than offset by the reduction in rental cost ratio (new locations with cheaper rent), lower other operating cost rati

38、o (process optimisation) and lower unit delivery cost. Therefore, on top line, we believe YUM China will continue to outperform the QSR industry on the back of strong revenue growth, posting a CAGR of 15% over 2021- 23e. On margins, we see further potential to improve driven by favourable brand mix,

39、 resilient margin of KFC and improvement on Pizza Hut margins. Thus, we expect a net profit CAGR of 28% over the same period. Our TP of USD71.40 is based on DCF, implying 2022e EV/EBITDA of 10.39x. 2Q21 earnings due on 29 July. Exhibit 11. Yum China Quarterly Operating Margin Source: Company Data Hu

40、azhu Group (HTHT US, USD48.90, Buy TP USD65.10) Huazhu Groups revenue in 1Q21 grew by 16% y-o-y (guidance at high end was 10%) and in 4Q20 it grew by 5.5% (guidance at high end of 3%). The Same Hotel (SS) RevPAR in China was still 25% below in 1Q21 and its operating margin in China was negative. How

41、ever, beyond 1Q21, the recovery story remains intact. For 2Q-4Q 2021e, we expect the OPM in China to 13.2%9.6%12.9%4.6%18.7%14.1%18.5%11.6%9.2%5.7%7.0%-0.7%5.5%6.7%23.7%8.0%12.1%12.2%17.4%12.7%-8.6%3.5%11.9%3.0%13.4%17.8%11.1%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4QYum Ch

42、inaKFCPizza Hut201920202021 7 Equities Consumer 23 July 2021 recover to 26%, above the pre-COVID-19 level, thanks to positive SS RevPAR, reduction in pre-opening expenses and benefit of cost saving measures. In 2021, the strategic shift from non-standardised hotel to standardised hotels continues, w

43、hich led to a management guidance cut in 2021 gross openings of 200 hotels to a total of 1,600-1,800. Still then, the target of 10k hotels by 1Q23 remains unchanged. We believe asset-light expansion will continue to drive fast revenue and margin expansion ahead. Our TP of USD65.10 is based on DCF, i

44、mplying 2022e EV/EBITDA of 22.5x. Exhibit 12. Huazhu - Net adds in hotels Source: Company reports Medical beauty service Rising acceptance of non-surgical aesthetic medical treatments, especially among young female consumers, is fuelling Chinas aesthetic medical sector, which we expect to more than

45、double by 2024e from 2020. We have seen a rapid rebound in demand for aesthetic medical service after a short disruption from COVID-19 in 1Q20, and believe this strong momentum will continue. The increased collaborations among different Internet players in this space are also to support the growth o

46、f the market, in our view. In June 2021, So-Young (SY US, not rated), a O2O platform specialised in the aesthetic medical sector in China, signed a strategic cooperation agreement with JD Health (6618 HK, HKD101.90, Buy) and has launched its flagship store on JD.com during “618 shopping festival”. E

47、C Healthcare (2138 HK, HKD13.80, Buy, TP HKD17.00) We believe EC Healthcare, the largest aesthetic medical service provider in Hong Kong, will benefit from the booming medical beauty market in mainland China. As of March 2021, the group has 15 service centres mainly in the Greater Bay Area. The grou

48、p targets to expand its revenue in mainland China from HKD135m in FY21 to HKD1bn in FY25e (ending March 2025), both through opening 30-50 new service centres and raising its average revenue per service centre. The potential lift of cross-border restrictions between mainland China and Hong Kong would

49、 also be a key catalyst. We expect the group to record a 74% net profit CAGR over FY21-23e. Our TP of HKD17.00 is based on DCF, implying a FY22e / FY23e (ended March) PE of 49x / 32x, respectively. Next earnings due on 26 November. Mainland China staples With increasing health consciousness and weal

50、thier pockets, Chinese consumers overall are drinking less alcoholic beverages and they are now seeking better quality products when indulging themselves. As a result, the premiumisation trend in mainland China is very prominent in the F&B industry, especially so for the baijiu and beer sector. With

51、 the ease of the pandemic in China, the demand for alcoholic drinks has been recovering very quickly. We are positive on 85.5%72.5%56.0%39.8%-130.5%42.1%73.0%46.6%77.2%14.5%27.5%44.0%60.2%230.5%57.9%27.0%53.4%22.8%16626948646722023331927992-400-20002004006001Q192Q193Q194Q191Q202Q203Q204Q201Q21Net ad

52、d in hotelsMidscale and upscale hotelsEconomy hotels Equities Consumer 23 July 2021 8 stable and strong earnings growth for the leading baijiu and beer names going forward, especially the ones who have strong brand recognition among consumers. Exhibit 13. Baijiu production volume and ASP since 2013

53、Exhibit 14. Beer production volume and ASP since 2013 Source: National Bureau of Statistics, HSBC Qianhai Securities Source: National Bureau of Statistics, HSBC Qianhai Securities Yanghe (002304 CH, RMB206.10, Buy, TP RMB254.00) Yanghe has been undergoing a painful internal reformation process and d

54、estocking in the past two years, and we think the turning point has come. Yanghe set out to rebuild its brand image first by launching refreshed products in its high-end product line, the “Sky Blue” series. It launched M6+ in the RMB600+ per bottle price zone in 2H20, and the new M3 crystal bottle v

55、ersion was released to the market before the Chinese New Year this year. The wholesale price of M6+ is rising, helping the company improve its earnings. We expect 1H21 payment has reached 60-70% of the whole year, beating that of last year, and estimate 20% and 30% for its revenue and net profit y-o

56、-y growth in 2Q21e, respectively. Moreover, Yanghe announced a share incentive scheme on 15 July 2021, which sets a 15% y-o-y growth target for revenue in both 2021e and 2022e. We expect Yanghe to show good operating results continuously in the next few quarters. 2Q21 earnings due on 28 August. Tsin

57、gtao Brewery-H (168 HK, HKD76.25, Buy, TP HKD100.00) Tsingtao Brewery has one of the most well-known beer brand in China with rich history. In recent years, company has been actively renovating its brand image by launching new high-end products series, such as Pilsner, Amber Lager, and White Beer, a

58、nd renovating packaging designs, which have been warmly welcomed by the market. In the short run, Tsingtao had a high sales volume base in 2Q20, and thus we expect a slight decline of 7% y-o-y in sales volume in 2Q21e. However, with higher ASP due to improved product mix, we expect it to achieve a d

59、ecent c30% CAGR in net profit from 2Q19 to 2Q21e. With the prevailing domestic brand fever, we expect Tsingtao Brewery to continue to benefit from its product lines and gain more market shares in the future. 2Q21 earnings due on 26 August. Korea Hotel Shilla (008770 KS, KRW92,800, Buy, TP KRW130,000

60、) We believe Hotel Shilla will show a sequential earnings improvement going forward, given: 1) strong luxury cosmetics demand from mainland China, 2) sales mix improvement with contributions from small-scale daigou (vs large daigou) with relatively lower commissions, 3) potential demand coming from

61、groups such as individual or group travellers, a relative high-margin business for DFS operators, and 4) potential market share gains amid market 02004006008001,0001,2001,4000246810121416201320142015201620172018201920205M21(RMB)(m KL)Production volume52-degree high-end-0.10.91.92.93.94.95.9010203040

62、5060201320142015201620172018201920205M21(RMB)(m KL)TotalBottle 630ml 9 Equities Consumer 23 July 2021 consolidation of the duty-free industry. Lastly, we think recent the JV with Hainan DFS, Hainan Tourism Investment Duty-Free (HTDF) is also positive, given growing importance of mainland Chinese tra

63、vellers in the DFS industry. For 2021e, we expect 2021-23e sales to reach 64-93% of sales achieved in 2019 and for 2021-23e OP to account for 42-96% of OP recorded in 2019, the pre-pandemic level. We believe the worst is now behind us. 2Q21 earnings to be released on 30 July. Figure 15. DFS sales tu

64、rned to positive for the first time in Feb, since the pandemic Source: KDFA Amorepacific (090430 KS, KRW240,000 Buy, TP KRW320,000) We believe Amorepacifics three-pronged strategy in 2021 with a focus on winning brands, digital transformation, and restructuring is on track. We are not worried about

65、market concerns on the 2Q21e outlook as this is mainly due to restructuring offline stores in mainland China (Innisfree stores) and Korea (specialty stores and department stores). We highlight that digital sales now account for over 20% of revenue in Korea and 50% of revenue in mainland China, and t

66、he contribution should increase continuously, given stronger growth is coming from e-commerce channels. We expect the companys overall digital contribution to reach 36% by 2023e, up from 27% in 2020 (vs 16% in 2019). 2Q21 earnings due on 28 July. Exhibit 16. DFS sales continue to grow despite travel

67、 restrictions, led by daigou Source: Korea Duty Free Association -80%-60%-40%-20%0%20%40%60%80%Jan-19Mar-19May-19Jul-19Sep-19Nov-19Jan-20Mar-20May-20Jul-20Sep-20Nov-20Jan-21Mar-21May-21-80%-60%-40%-20%0%20%40%60%80%Jan-19Mar-19May-19Jul-19Sep-19Nov-19Jan-20Mar-20May-20Jul-20Sep-20Nov-20Jan-21Mar-21M

68、ay-21 Equities Consumer 23 July 2021 10 Taiwan We see new challenges arising in 2H21. Textile companies have warned that the recent increase in COVID-19 cases in Vietnam and Indonesia could pose risks to their operations as factories could be ordered to shut down if there are confirmed cases among w

69、orkers. Recruiting new workers has also become difficult during the pandemic. Moreover, the global logistics bottleneck remains severe. On the other hand, the outlook for bicycle names is set to improve as the base for 2H21 should become easier. Moreover, according to Nikkei Asia (11 July 2021), the

70、 president of Japanese bicycle component maker, Shimano (7309 JP, JPY28,110, not rated), told reporters that the company will invest USD179m to build a new plant in Singapore and USD118m to expand its existing facilities in Osaka and Yamaguchi, Japan. The plant in Singapore will open in 2022 and pro

71、duce high-end drivetrain parts, according to the report. The global bicycle industry has been under pressure to meet the overwhelming demand since the pandemic. Global supply chain has been slow in reacting to this demand surge, notably Shimano, which was previously quiet on its plan to add capaciti

72、es. Lead times for key bicycle components have since extended to more than a year. We are encouraged by this decision albeit Shimanos new capacities are still a year away from coming online. We think availability of more components will alleviate supply constraints and allow bike makers to increase

73、their production and generate more sales. Giant (9921 TT, TWD293.50, Buy, TP TWD435) Bike sales had shown no signs of cooling off even during the typical slow winter season. Warehouse inventory remained low at 2-3 weeks, a level we expect to continue into 2Q21. We urge investors to focus on our long

74、-term thesis 1) multi-year e-bike penetration story in US/EU markets, 2) recovery in mainland China demand against low expectations, 3) rising global popularity of cycling post the pandemic, and 4) margin expansion driven by product mix improvement and operating leverage. 2Q21 earnings due on 13 Aug

75、ust. India While the second COVID-19 wave was much more precarious than the first one, companies were better prepared this time around. Efficient supply chain management and staggered lockdowns across cities meant that the companies faced lower operational disruptions than during the first wave last

76、 year. With the fresh cases now considerably down and curbs eased, demand has significantly improved from June, though jury is still out on the recovery momentum and on the longer-term impact of COVID-19 disruption on demand. Equity market, meanwhile, has already run ahead on recovery expectations.

77、In a risk-on context, outperforming discretionary names have done exceptionally well, now trading well above their pre-COVID-19 valuations, and FMCG names, with comparatively underwhelming operating performance, have been laggards and face margin headwinds near term. Nonetheless, in the current mark

78、et context underlying revenue growth acceleration should be the most sensitive lever for stock performance on average, in our view. We prefer winning businesses underpinned by network rollout potential that allows companies to rise above these near-term issues such as FMCG player DMart, which is att

79、empting to elevate its structural growth potential. Avenue Supermarts (DMART IN, INR3397.30, Buy, TP INR4,000) 1) We see grocery retailing as a multi-decade opportunity, and DMart has a winning business model for value-seeking consumers given its low-cost approach to retailing. 2) Despite disruption

80、s due to the COVID-19 wave, DMart has stuck to its core principles of doing business. Its value proposition has remained essentially unscathed despite being largely a physical retailer. 3) We expect DMarts revenue to rebound strongly FY23e, driven by a) strong SSSG due to the lower base and b) the s

81、harp acceleration of its network rollout delayed by COVID-19. 4) In addition, DMart has upped its game of online delivery across key cities. 5) We also expect its network rollout 11 Equities Consumer 23 July 2021 to accelerate once COVID-19 wave subsides and believe revenue and profits are likely to

82、 nearly double between FY21 and FY23e, which should stop the multiples from de-rating even though the stock has done well in the past few months. 2Q21 earnings released on 10 July. Marico (MRCO IN, INR529.90, Buy, TP INR580.00) 1) Maricos core brands are doing well. Saffola edible oil has gained ren

83、ewed momentum, driven by consumer preferences for health and hygiene during the pandemic, while growth has accelerated in previously struggling categories, such as VAHO (Value Added Hair oil). 2) We expect Copra inflation to remain moderate in FY22, which is positive for its Parachute coconut oil se

84、gment. 3) Marico has stepped up its direct distribution and exploited online channels, which is now resulting in an optimum marketing mix for its various brands and new launches. 4) Marico is shaping up its healthy food portfolio with new launches such as honey, oats noodles, etc. which have the pot

85、ential to add significantly to the bottom line in the medium term. 5) Marico is also accelerating its digital transformation journey by building scalable digital-first brands in beauty and personal care (BPC). Scale-up of male grooming brand, Beardo, and the recent announcement of majority acquisiti

86、on of Ayurveda-based premium beauty brand Just Herbs are the steps in that direction. 2Q21 earnings due on 30 July. ASEAN Thai Beverage (THBEV SP, SGD0.67, Buy, TP SGD0.95) We like Thai Beverage for its dominant position in the Thai spirits market. In the Thai spirits market, ThaiBev continues to se

87、e its market share advancing from 60% in 2019 to 63% in 2020 (by value), according to Euromonitor. We think that the market has underappreciated the resilience of the core spirits business, which remained cash flow generating. There is a potential upside from the recovery of the Thai and Vietnamese

88、beer business. The spirits business in Vietnam fell with the introduction of drink driving laws in 2020 and the spread of misinformation on the ownership of Sabeco. As the environment normalizes and as Sabeco strengthens its product portfolio and continues to invest in its brands, we expect ThaiBev

89、to advance its market share in the coming years. We expect a continually benign competitive landscape to be supportive of the Thai beer business. ThaiBev currently trades at 0.8 and 1.2 SD below its 5-year average multiples in terms of consensus PE and consensus EV/ EBITDA, respectively. Valuations

90、are also undemanding relative to peers. 2Q21 earnings due on 14 August. Equities Consumer 23 July 2021 12 Valuation and risks Valuation Risks Yum China YUMC US Current price: USD64.64 Target price: USD71.40 Upside: 10.5% Our DCF-based target price is USD71.40. As we believe that investment in Pizza

91、Hut and other brands will increase, we incorporate revenue growth of 7.0%, from 2024e-29e period. Assumptions used in DCF include: 1) EBIT margin remaining flat at 14.8% over the semi-explicit period; 2) sales growing at a 7.9% CAGR over the 2022-29e period vs.18.1% CAGR over 2020-22e; 3) capex inte

92、nsity as indicated by capex as a percentage of sales declining to 3.1% in 2029e from 6.0% in 2021e; and 4) the tax rate staying flat at 25.0% throughout the semi-explicit forecast period. Our WACC is at 7.0% and is based on debt:equity ratio of 0:100, a risk-free rate of 2.5%, risk premium of 5.0%,

93、cost of debt of 5.0% and beta of 0.9. We use a 2.0% terminal growth rate. Our TP implies a 2022e EV/EBITDA of 12.2x vs. the average EV/EBITDA of 10.9x (range 7.3x-16.1x) since the IPO in 2016. Our USD71.4 TP implies 10.5% upside and we have a Buy rating on the stock as we believe YUM China will cont

94、inue to outperform the QSR industry on the back of strong support from its delivery business and improving margins from favourable brand mix. Downside risks: 1) Lower-than-expected store openings, aggressive development could cannibalise existing sales and new restaurants may not be profitable. 2) T

95、he company may miss its SSSG due to rising competition. 3) Labour costs account for 22-23% of the companys restaurant revenue. Failure to manage labour productivity gains might negatively impact margins. 4) Poultry represents c40% of the cost of sales for KFC. Inflation in poultry prices would affec

96、t overall COGS. 5) Fluctuation in the value of the RMB may have a material adverse effect on reported earnings in USD terms. 6) The prolonged impact of the coronavirus outbreak. Buy Lina Yan* | .hk | +852 2822 4344 Huazhu Group HTHT US Current price: USD48.90 Target price: USD65.10 Upside: 33.1% Our

97、 DCF-based TP is of USD65.10. Our WACC assumption of 6.3% is based on: 1) a risk-free rate of 2.5%, 2) market risk premium of 5.0%, 3) company-specific beta of 1.0, 4) cost of debt of 5%, 5) tax rate of 30.8%, and 6) target debt to equity ratio of 30:70. We use the HSBC FX teams USD-RMB exchange rat

98、e of 6.6. We assume a terminal growth rate of 2.0%, based on our expectation that long-term growth will be driven by RevPAR, which should grow in line with CPI. Our other DCF assumptions include: 1) EBIT margin remaining flat at 31.0% in a semi-explicit period; 2) sales growing at an 17.9% 2020-27e

99、CAGR; 3) capex remaining flat at RMB1.5bn in the forecast period; and 4) tax rate staying flat at 25.0% throughout the semi explicit forecast period. Our TP implies 2022e EV/EBITDA of 22.5x compared with the trading average of 18.1x (range 6.4x-32.1x) since 2016. Our TP implies 33.1% upside, and we

100、have a Buy rating on the stock as we believe that re-rating is justified by the earnings upcycle and upside potential. Company-specific downside risks: 1) Not able to refinance its short-term liabilities. 2) Hotel roll-out and ramp-up missing expectations. 3) Huazhus hotel products losing their attr

101、action to customers if the company is not able to keep upgrading its portfolio to meet changing demand. 4) Huazhu not able to train enough managers for hotel expansion, especially for self-operated and managed hotels. 5) Huazhus leased properties may be terminated earlier than expected due to compli

102、ance with the relevant government regulations. 6) Integration risks from acquiring new hotel members and risks to developing new products. Industry-specific downside risks: 1) Regional oversupply of hotel market based on local economic conditions. 2) Seasonality of the lodging business and national

103、or regional special events. 3) Adverse weather conditions, natural disasters or travellers fears of exposure to contagious diseases and social unrest. 4) Changes in travel patterns or in the desirability of particular locations by customers. Buy Lina Yan* | .hk | +852 2822 4344 EC Healthcare 2138 HK

104、 Current price: HKD13.80 Target price: HKD17.00 Upside: 23.2% We use a three-stage DCF model to value EC Healthcare as we believe this captures its strong cash-generating capabilities and long-term growth outlook. Our key assumptions are: Stage one we use our detailed estimates for FY22-23e; Stage t

105、wo we use a 17% FCFF CAGR over FY23-28e; Stage three we use a terminal growth rate of 2.5%; Our WACC is at 7%, based on a 1.2 beta, a 2.5% risk-free rate, a 4.0% market risk premium, a 9% debt contribution and a 5% cost-of-debt. Overall, we derive target price of HKD17.0, which implies 49x FY22e PE

106、or 32x FY23e PE. Our TP implies 23% upside from the current share price, and we therefore have a Buy rating. Downside risks: 1) Failure to execute its five-year expansion plan; 2) extended cross-border travel restrictions between Hong Kong and mainland China; 3) Mandatory closure of beauty parlours

107、and weaker consumer sentiment due to the pandemic; 4) intense competition, which could raise customer acquisition costs and weigh on margins; 5) major medical or aesthetic medical accidents, or a failure to properly manage client expectations could adversely impact EC Healthcares brand image and rep

108、utation; 6) M&A integration failure or goodwill impairments could adversely impact the groups performance; 7) failure to attract or retain skilled registered practitioners could result in slower revenue growth. Buy Christina Chen* | .hk | +852 2822 2912 13 Equities Consumer 23 July 2021 Valuation Ri

109、sks Yanghe Brewery 002304 CH Current price: RMB206.10 Target price: RMB254 Upside: 23.2% We value the stock using a DCF model with key assumptions including an 8.8% WACC (risk free rate of 2.5%, risk premium of 6%, beta of 1.05 and cost of equity of 8.8%) and a 2.5% perpetual growth rate. Based on e

110、arnings estimates, we have a target price of RMB254.00, implying c23.2% upside from current levels. We have a Buy rating on the stock. Downside risks: Macroeconomic slowdown, changes in consumer preferences, policy risks, food safety risks and lower-than-expected sales of high-end products. Buy Kath

111、arine Song* (S1700517120001) | | +86 21 6081 3807 Tsingtao Brewery 168 HK / 600600 CH Current price: HKD76.25/RMB101.8 Target price: HKD100/RMB93 Up/downside: +31.1%/-8.6% We use a DCF model to value the stock. Our key assumptions include a WACC of 8.0% (risk free rate of 2.5%, risk premium of 6%,

112、beta of 0.92, cost of equity of 8%) and a perpetual growth rate of 2.0%. Our A-share target price of RMB93.00. Our target price implies c9% downside from current levels; we have a Hold rating on the stock given the ongoing product premiumisation and the potential for further profitability improvemen

113、t. Based on its average A- to H-share premium since 2010 of 9% and HSBC FX teams end-2021e RMB-HKD exchange rate forecast of 1.18, our H-share target price is HKD100.00. Our target price implies c31% upside from current levels; accordingly, we have a Buy rating on the stock. Upside risks (for A-shar

114、es): 1) Deepening SOE reform; 2) launch of new products; 3) better-than-expected synergy from Fosun (656 HK, HKD11.22, Not Rated); 4) better-than-expected gross margins due to lower costs, brewery efficiency improvement, a lower-than-expected effective tax rate, and faster industry growth. Downside

115、risks (for A- and H-shares): 1)Macroeconomic downturn; 2) risk of slow recovery in the catering industry; 3) higher-than-expected advertising and promotion expenses; 4) raw material cost pressure; 5) food safety; 6) continuing decline in overall industry demand. Buy/Hold Katharine Song* (S1700517120

116、001) | | +86 21 6081 3807 Giant Manufacturing 9921 TT Current price: TWD293.50 Target price: TWD435.00 Upside: 48.2% Our TP of TWD435 is based on a PE multiple of 24.0x (0.5 STD above the average PE during 2019-2020) applied to our 2022e EPS. We believe our target PE multiple is justified as we for

117、ecast Giants e-bike sales contribution will rise further, to above 27%, starting from 2021e vs an average of 24.5% in 2019-2020. Our target price implies c48% upside and we have a Buy rating on Giant; we like the long-term e-bike penetration story for Giant and believe the company will be one of the

118、 biggest beneficiaries from growing e-bike demand in the US and the EU. Downside risks: 1) Weaker-than-expected e-bike demand; 2) deteriorating bicycle demand due to slower global economy growth; and 3) intensified pricing competition in mainland China due to oversupply. Buy Jeremy Chen* | .tw | +88

119、6 2 6631 2866 Priced at close of 20 Jul 2021 Source: HSBC estimates, HSBC Qianhai Securities estimates. * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA regulations Equities Consumer 23 July 2021 14 Valuation and risks Valuation Risks

120、Hotel Shilla 008770 KS Current price: KRW92,800 Target price: KRW130,000 Upside: 33.3% We use a SOTP valuation to derive our TP and apply a target EV/EBITDA multiple of 14x to our 2022e estimate as we believe the worst is over and the market now needs to focus on earnings normalisation. The target m

121、ultiple of 14x is the average multiple during 2017-19 when the number of mainland Chinese inbound tourists peaked and the market re-organised to focus on daigou from group or individual travellers. Our TP implies 33.3% upside and we rate the stock Buy. We are now largely in line with consensus on 20

122、21e estimates. Downside risks: 1) a prolonged impact from the pandemic such as weaker-than-expected mainland Chinese inbound traffic or DFS sales; 2) intensifying competition, which might result in commission movements; and 3) a slower-than-anticipated earnings turnaround in the overseas business. B

123、uy Karen Choi* | | +82 2 3706 8781 Amorepacific 090430 KS Current price: KRW240,000 Target price: KRW320,000 Upside: 33.3% We use a SOTP valuation approach and see fair value at a target EV/EBITDA multiple of 19.8x, which is the average multiple in 2013-16. We apply a target EV/EBITDA multiple of 1

124、9.8x to our 2022e estimates. We believe the market needs to focus on the earnings turnaround beyond 2021e as the easing of travel restrictions is unlikely to happen anytime soon and, as such, 2021e OP is only 90% of the OP achieved in 2019. We apply a 20% discount to non-core assets to take into acc

125、ount the tax rate that would apply upon liquidation, and we apply a 30x PE to the overseas business, which is the companys trough multiple since 2017, when its earnings growth slowed on the back of slower growth in mainland China. Our TP implies 33.3% upside. We have a Buy rating, as we expect the e

126、arnings normalisation to continue. Downside risks: 1) Delays in travel retail sales picking up or a slower-than-expected digital transformation execution, 2) business risks in overseas markets, and 3) weak domestic consumption. Buy Karen Choi* | | +82 2 3706 8781 Avenue Supermarts DMART IN Current

127、price: INR3,397.30 Target price: INR4,000.00 Upside: 17.7% We use a DCF methodology to derive our target price. We assume a cost of equity of 10%, based on a risk-free rate of 2.5%, a market risk premium of 5.5% with an inflation differential of 2.5%; a company beta of 0.9; and a terminal growth rat

128、e of 6.5%. Our target price of INR4,000 implies c18% upside from current levels. We maintain our Buy rating on the stock because we believe the long-term investment case for Avenue Supermarts remains compelling as Indias organised retail segment presents a multi-decade compounding opportunity, in ou

129、r view. Downside risks: 1) Prolonged price-based competition (including increased competition from e-commerce players) leading to pressure on SSSG and gross margins; 2) failure to consistently achieve the network rollout; and 3) a severe macroeconomic slowdown led by COVID-19 weighing on demand. Buy

130、 Amit Sachdeva* | amit1sachdevahsbc.co.in | +91 22 2268 1240 Marico Industries MRCO IN Current price: INR529.90 Target price: INR580.00 Upside: 9.5% We use DCF to derive our TP. We assume a cost of equity of 10.0%, with a risk-free rate of 2.5%, a market risk premium of 5.5%, inflation differential

131、of 2.5% - all in line with our global strategists cost of equity assumptions - and company beta of 0.90 and a terminal growth rate of 5.5%. Our TP of INR580 implies upside of c10%. We stay Buy as we believe its strategy of building a portfolio of brands in foods and personal care increases its long-

132、term appeal. Also, any volume surprise is a near-term stock catalyst. Downside risks: 1) Sharp volatility in copra prices; 2) failure to sustain the volume growth trajectory of Saffola edible oils; 3) geopolitical risks or competition impacting the performance of international operations; 4) longer-

133、than-expected COVID-19 wave hurting supply chain operations. Buy Amit Sachdeva* | amit1sachdevahsbc.co.in | +91 22 2268 1240 Thai Beverage THBEV SP Current price: SGD0.67 Target price: SGD0.95 Upside: 42.9% We believe a DCF is the appropriate valuation method considering the cash generating ability

134、of the business. We assume a WACC of 8.2% based on weighted cost of equity of 11.0%, post-tax cost of debt of 3.0%, and terminal growth rate of 3.1%. Our risk-free rate and equity risk premium assumptions are in line with HSBCs global equity strategists view. Our assumption of beta is 1.0. We includ

135、e an additional risk premium of 4.0% to account for complexity in its business given its presence across multiple geographies and business lines. Our TP of THB 0.95 translates into 21.0x 2021e P/E and 14.5x 2021e EV/EBITDA. Our TP implies an upside of c43%. Downside risks: 1) Value-destructive M&A.

136、2) A change in consumer preferences which negatively impacts alcoholic beverages. 3) Failure to improve performance in the Vietnamese beer business. 4) Thai beer competitor turning aggressive on pricing and promotions. 5) Restrictive government policies (such as Decree 100 on drink driving laws in V

137、ietnam, COVID-19 social distancing rules) may have an adverse impact on the companys business. Buy Selviana Aripin* | .sg | +65 6658 0610 Priced at close of 20 Jul 2021 Source: HSBC estimates * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to

138、FINRA regulations 15 Equities Consumer 23 July 2021 Valuation and risks Valuation Risks Sa Sa 178 HK Current price: HKD1.94 Target price: HKD1.00 Downside: 48.5% We use a three-stage DCF model to value Sa Sa. Our key assumptions include: 1) stage one we use our explicit forecasts for FY21-22e; 2) st

139、age two we assume a FCFF CAGR of 3% over the medium term; 3) stage three we assume a terminal growth rate of 1%. Our 9.7% WACC is based on a beta of 1.8x, a risk-free rate of 2.5% and a market risk premium of 4%. We derive a target price of HKD1.00, implying a 0.7x PS for FY21e. With 48.5% downside,

140、 we have a Reduce rating on the stock. Upside risks: 1) Easing of cross-border travel restrictions; faster recovery of Hong Kong visitation and local consumption; 2) More effective cost control measures; 3) Smaller demand diversion from Hainan Free Trade Port; 4) Better performance in mainland China

141、 and Malaysia. Reduce Christina Chen* | .hk | +852 2822 2912 E-Mart 139480 KS Current price: KRW160,500 Target price: KRW180,000 Upside: 12.1% We use 2021e as the base year in our sum-of-the-parts methodology to value the stock. We apply a target EV/EBITDA multiple of 6.1x, a 10% discount to the ave

142、rage trough valuation to reflect the increased corporate governance risk. We think our 10% discount is fair, which is in line with the trough valuation at which the stock traded in 2019, as the recent decision to acquire a baseball team, SK Wyverns, from SK Telecom in February for KRW135.2bn (source

143、: DART, 26 January) raises concerns in terms of synergy and potential marketing cost increases. We will monitor how this acquisition develops to help its existing business. Separately, we value the non-core assets at net asset value. We exclude the net asset value of investments in subsidiaries and

144、only include available-for-sale financial assets, as we assume it is unlikely the company will sell its stakes in the affiliates. We apply a 20% discount to this valuation, which we assume would be the tax rate upon liquidation of the assets. We have a target price of KRW180,000, which implies 12.1%

145、 upside from the current share price. We have a Hold rating on the stock as we dont think the strong SSSG is sustainable and consensus is demanding. Upside risks: 1) Continuation of strong same-store-sales growth (vs. HSBC expectations of 0.5-1% SSSG during 2021e-22e), 2) turnaround of major subsidi

146、aries, 3) good execution with recent acquisitions such as SK Wyverns having synergies with existing business. Downside risks: 1) Weaker-than-expected same-store sales growth, 2) a delay in the turnaround of its subsidiaries, 3) further government regulations on the retail industry, and 4) higher-tha

147、n-expected minimum hourly wage hikes. Hold Karen Choi* | | +82 2 3706 8781 Nien Made 8464 TT Current price: TWD405.00 Target price: TWD406.00 Upside: 0.2% Our DCF-based target price is TWD406, which is based on our key DCF assumptions, including a risk-free rate of 2.5%, market risk premium of 3.5%

148、, beta of 1.01, cost of equity of 6.0% and WACC of 5.2%, and implies 19.5x 2022e PE. With 0.2% upside to the current share price, we have a Hold rating on the stock. While we expect multiple headwinds to weigh on its near-term margin outlook, we still like the company given its solid execution histo

149、ry. However, NM has already halted the construction of its new Myanmar plant, spurring uncertainties over its future capacity plan. For us to turn more positive, we would need to see a stabilising input cost and FX trend. Upside risks: 1) Better-than expected margin expansion; 2) raw material price

150、decline; 3) a more favourable-than-expected FX trend; and 4) stronger-than-expected market share gain. Downside risks: 1) Slower-than-expected US housing market recovery; 2) significant raw material price hikes; 3) stronger-than-expected labour cost increase; 4) stronger-than-expected TWD appreciati

151、on; and 5) potential losses due to litigation with competitors. Hold Jeremy Chen* | .tw | +886 2 6631 2866 Equities Consumer 23 July 2021 16 Valuation Risks ITC ITC IN Current price: INR206.80 Target price: INR230.00 Upside: 11.2% We value ITC using a sum-of-the-parts approach. 1) We value its cigar

152、ette business using a DCF methodology, assuming a cost of equity of 11.1% based on a risk-free rate of 2.5%, market risk premium of 5.5% and inflation differential of 2.5% all in line with our global strategists cost of equity assumptions as well as a company beta of 1.1 and terminal growth rate of

153、0.0%. 2) We value the Hotels, Agri, FMCG-Others and Paperboards, Paper and Packaging (P&PB) businesses using relative valuations. For the Hotels business, we use a FY23e EV/EBITDA of 18x in line with the multiple expansion for India Hotels (IH IN, INR135.25, Buy). For FMCG-Others, we use a FY22e EV/

154、sales multiple of 5.2x, which is in line with other FMCG companies with similar operating profiles. For the PP&B business, we use a FY22e EV/EBITDA multiple of 9x in line with industry peers. For the Agri business, we use a FY22e EV/EBITDA multiple of 7.5x, in line with industry peers. Our sum-of-th

155、e-parts approach renders our target price of INR230. Our target price implies upside of c11%. We have a Hold rating on the stock as a lacklustre cigarette performance could weigh on medium-term growth. Downside risks: 1) Excessive taxation shocks to which ITCs share price is sensitive; 2) worse-than

156、-expected cigarette volume growth; and 3) slower-than-anticipated progress or loss of market share in growing categories in the FMCG-Others segment. Upside risks: 1) Strong rebound in cigarette volume growth; 2) faster-than-expected scaling up of FMCG business; and 3) turnaround in Hotels business a

157、head of expectations post-COVID-19. Hold Amit Sachdeva* | amit1sachdevahsbc.co.in | +91 22 2268 1240 Unilever Indonesia UNVR IJ Current price: IDR5,075.00 Target price: IDR5,700.00 Upside: 12.3% We value Unilever Indonesia using a DCF model. Our key DCF assumptions are: FCF CAGR 2021-35e: 5.4%, risk

158、-free rate: 2.5%, beta: 1.068, equity risk premium: 4.5%, cost of equity: 7.3%, cost of debt: 7.1%, WACC: 7.3%, terminal growth rate: 3.0%, tax rate: 20%. Our TP of IDR5,700 translates into 30.3x 2022e PE and 21.5x 2022e EV/EBITDA and implies upside of c12% from current price levels. We have a Hold

159、rating because of the ongoing difficult trading environment. We believe that the current valuations adequately price in the fundamental weaknesses faced by the company. Upside risks: Stronger-than-expected GDP growth could boost consumption and purchasing power; consolidation or mergers could ease t

160、he competitive environment; improving sentiment on Indonesia could result in inflows to the stock, given that UNVR has a significant weighting in the JCI; improving purchasing power and easing competition could drive faster-than-expected revenue growth; the impact of cost-saving initiatives could be

161、 better than expected; potential acquisitions could be earnings accretive; penetration and domination of new product categories could happen faster than expected. Downside risks: Intense competition may put pressure on UNVRs margins; weaker-than-expected GDP growth may be negative for consumption; u

162、nderinvestment in advertising and brand building may be negative for long-term growth; failure to innovate and launch new products may be detrimental to UNVRs long-term growth; acquisitions that are not earnings accretive may negatively impact UNVR; health and safety issues may result in lost revenu

163、e, reputation loss, and impairment of brand value; implementation of excise tax on the use of plastic may be negative for UNVR. Hold Selviana Aripin* | .sg | +65 6658 0610 Priced at close of 20 Jul 2021 Source: HSBC estimates *Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not r

164、egistered/ qualified pursuant to FINRA regulations 17 Equities Consumer 23 July 2021 Appendix. HSBC consumer universe valuation comparables Mkt cap _ PE (x) _ _ EPS growth _ _ OP growth _ _ PB (x) _ _ ROE (x) _ Company Ticker CMP TP Rating USDm CY21e CY22e CY21e CY22e CY21e CY22e CY21e CY22e CY21e C

165、Y22e Mainland China Beijing Yanjing Brewery 000729 CH 6.99 6.40 Hold 3,039 85.4 73.9 28% 15% 25% 12% 1.4 1.4 2% 2% Budweiser APAC 1876 HK 24.20 30.00 Buy 41,231 42.2 35.5 91% 19% 54% 18% 28.5 26.6 9% 10% China Resources Beer 291 HK 68.85 67.00 Hold 28,736 55.6 42.4 57% 31% 45% 31% 9.5 8.0 15% 17% Ch

166、ongqing Brewery 600132 CH 197.48 144.00 Hold 14,740 91.7 76.7 129% 20% 22% 18% 59.5 36.5 96% 59% Chongqing Fuling Zhacai 002507 CH 32.74 40.20 Hold 4,482 30.0 26.8 17% 12% 17% 12% 6.5 5.5 23% 22% Foshan Haitian 603288 CH 123.86 121.97 Hold 80,471 69.7 58.7 18% 19% 17% 18% 21.0 17.4 33% 32% Inner Mon

167、golia Yili 600887 CH 34.90 47.80 Buy 32,740 25.4 21.6 18% 18% 24% 18% 6.5 5.9 26% 29% Jonjee Hi-Tech 600872 CH 37.40 65.00 Buy 4,595 29.0 23.1 15% 25% 19% 24% 5.8 5.2 21% 24% Kweichow Moutai 600519 CH 1,980.00 2,514.00 Buy 383,607 46.8 40.8 13% 15% 13% 14% 13.0 11.1 30% 29% Luzhou Laojiao 000568 CH

168、226.04 237.00 Hold 51,064 43.9 35.9 24% 22% 24% 21% 11.9 9.9 29% 30% Shanxi Xinghuacun 600809 CH 371.50 302.00 Hold 69,907 91.6 69.8 59% 31% 58% 31% 31.0 22.5 40% 37% Sichuan Swellfun 600779 CH 149.39 50.00 Reduce 11,254 82.3 70.0 46% 18% 46% 18% 31.1 27.8 41% 42% Tsingtao Brewery 168 HK 76.25 100.0

169、0 Buy 6,426 35.9 28.4 30% 27% 28% 26% 4.5 4.2 11% 13% Tsingtao Brewery 600600 CH 101.80 93.00 Hold 11,138 58.8 46.4 30% 27% 28% 26% 6.2 5.7 11% 13% Wuliangye Yibin 000858 CH 282.30 339.00 Buy 169,000 44.6 37.2 23% 20% 23% 20% 10.9 9.3 26% 27% Jiangsu Yanghe Brewery 002304 CH 206.10 254.00 Buy 47,902

170、 35.6 30.1 16% 18% 16% 18% 7.3 6.5 21% 23% Yonghui Superstores 601933 CH 4.34 9.60 Buy 6,370 13.5 10.9 30% 25% 27% 23% 1.9 1.8 15% 17% Gree Electric Appliances 000651 CH 51.20 83.00 Buy 47,503 12.4 10.6 20% 16% 14% 16% 2.6 2.3 21% 23% Midea Group 000333 CH 69.61 100.00 Buy 75,698 17.5 15.2 11% 15% 1

171、3% 17% 3.5 3.0 22% 21% Shenzhen Comix Group 002301 CH 8.74 24.00 Buy 989 14.5 10.1 42% 44% 42% 36% 1.6 1.5 12% 15% Shanghai M&G Stationery 603899 CH 81.22 106.30 Buy 11,621 53.2 39.9 28% 34% 26% 29% 12.0 9.8 25% 27% C&S Paper Co 002511 CH 8.74 24.00 Buy 989 14.4 10.0 42% 44% 42% 36% 1.6 1.5 12% 15%

172、Healthcare Co Ltd 603313 CH 81.22 106.30 Buy 11,621 50.6 37.9 28% 34% 26% 29% 11.4 9.3 25% 27% Jason Furniture 603816 CH 22.12 38.80 Buy 4,476 20.2 16.1 61% 26% 61% 25% 4.6 3.7 25% 25% Shenzhen Jinjia Group 002191 CH 21.54 44.39 Buy 1,616 11.3 9.3 50% 22% 48% 21% 2.5 2.0 25% 24% Oppein Home Group 60

173、3833 CH 71.30 95.70 Buy 6,953 34.5 26.8 145% 29% 78% 23% 5.7 5.1 18% 20% Holike Creative Home 603898 CH 11.75 15.28 Buy 2,655 14.6 11.8 23% 24% 23% 23% 2.0 1.8 15% 16% YUTO Packaging Tech 002831 CH 138.10 192.30 Buy 12,974 34.5 28.5 26% 21% 23% 21% 6.1 5.3 19% 20% Suofeiya 002572 CH 12.90 28.20 Buy

174、619 10.4 9.2 20% 13% 14% 12% 1.3 1.1 13% 13% Man Wah Holdings 1999 HK 29.29 42.80 Buy 4,203 19.5 15.6 42% 25% 30% 23% 2.8 2.4 15% 17% Want Want 151 HK 21.53 42.70 Buy 3,030 15.7 13.5 19% 17% 16% 14% 2.8 2.5 19% 20% Tingyi 322 HK 15.86 19.60 Buy 8,080 31.8 23.6 17% 35% 12% 35% 5.7 5.0 22% 22% Shangpi

175、n 300616 CH 5.44 8.12 Buy 8,404 15.4 14.3 7% 8% 7% 5% 4.2 4.0 23% 24% BTG Hotels Group 600258 CH 24.84 30.00 Buy 3,784 24.0 18.1 TTB 33% TTB 35% 2.5 2.2 11% 13% China CYTS Tours 600138 CH 10.69 13.00 Hold 1,193 21.2 12.6 TTB 68% TTB 49% 1.1 1.1 6% 9% CTG Duty Free 601888 CH 293.45 401.00 Buy 88,366

176、50.4 34.1 80% 48% 66% 46% 17.7 12.6 41% 43% Shanghai Jinjiang Intl Ho 600754 CH 52.50 66.00 Buy 7,724 37.5 23.7 1065% 58% 292% 48% 3.5 3.2 10% 14% Average 36.3 29.1 69.3% 24.2% 38.5% 22.8% 8.1 6.9 20.6% 21.7% Mainland China Chow Tai Fook Jewellery 1929 HK 16.08 17.50 Buy 20,687 27.1 24.1 53% 12% 52%

177、 12% 5.3 5.0 21% 21% Haier Smart Home H 600690 CH 26.93 43.10 Buy 36,225 20.4 16.6 39% 22% 33% 22% 3.2 2.8 17% 18% Hengan International 1044 HK 47.75 56.40 Hold 7,234 11.8 11.1 -6% 7% -8% 3% 2.8 2.6 20% 20% Huazhu Group HTHT US 48.90 65.10 Buy 15,867 68.2 24.6 TTB 177% TTB 162% 1.2 0.9 12% 28% Luk F

178、ook Holdings 590 HK 25.05 29.70 Hold 1,892 16.1 12.9 41% 25% 8% 12% 1.3 1.2 8% 10% Vinda International 3331 HK 20.15 24.10 Hold 3,113 12.9 11.1 5% 16% -1% 15% 1.9 1.7 16% 16% Yum China Holdings YUMC US 64.64 71.40 Buy 27,187 33.0 25.6 29% 29% 25% 23% 3.9 3.3 13% 14% Li Ning 2331 HK 94.20 95.70 Buy 3

179、0,236 59.7 45.2 92% 32% 90% 32% 20.4 15.6 32% 33% ANTA Sports 2020 HK 183.70 194.20 Buy 63,888 51.0 39.5 58% 29% 38% 24% 15.1 11.7 29% 28% 18 Equities Consumer 23 July 2021 Appendix. HSBC consumer universe valuation comparables Mkt cap _ PE (x) _ _ EPS growth _ _ OP growth _ _ PB (x) _ _ ROE (x) _ C

180、ompany Ticker CMP TP Rating USDm CY21e CY22e CY21e CY22e CY21e CY22e CY21e CY22e CY21e CY22e Mainland China Shenzhou International 2313 HK 166.60 176.70 Buy 32,219 34.1 28.9 19% 18% 24% 18% 8.3 7.4 22% 23% Haidilao International 6862 HK 44.80 38.20 Reduce 31,463 50.9 38.6 1102% 32% 374% 30% 16.6 12.

181、4 31% 31% Yihai International 1579 HK 52.20 62.20 Hold 7,031 42.2 33.1 12% 27% 10% 22% 13.2 10.7 27% 28% Topsports International 6110 HK 10.76 13.90 Buy 8,584 20.3 16.2 6% 25% 21% 20% 7.0 6.1 27% 33% Jiumaojiu International 9922 HK 31.05 33.50 Buy 5,806 52.7 35.8 483% 47% 508% 47% 13.3 9.8 22% 26% C

182、hina Mengniu Dairy 2319 HK 43.90 51.50 Buy 22,300 24.7 21.5 93% 15% 93% 17% 4.6 4.1 15% 15% China Feihe 6186 HK 17.12 26.90 Buy 19,640 15.3 12.9 25% 19% 1% 19% 6.2 5.1 38% 37% Health & Happiness 1112 HK 28.90 36.20 Buy 2,399 12.0 10.6 8% 13% 8% 10% 2.7 2.4 20% 20% Sun Art Retail Group 6808 HK 5.35 6

183、.50 Hold 6,566 18.6 20.3 -24% -8% -23% -7% 1.8 1.7 8% 7% Bluemoon 6993 HK 8.31 7.60 Hold 6,264 49.8 40.3 -39% 24% -36% 25% 3.7 3.5 8% 9% JS Global Lifestyle 1691 HK 21.45 31.00 Buy 9,644 16.5 13.3 36% 24% 26% 26% 36.8 29.9 22% 23% EEKA Fashion 3709 HK 10.40 13.50 Buy 942 11.1 9.3 20% 19% 24% 17% 1.9

184、 1.8 15% 16% EC Healthcare 2138 HK 13.80 17.00 Buy 2,003 74.8 40.2 -35% 86% -25% 84% 11.8 9.0 17% 26% JNBY Design 3306 HK 18.02 18.50 Buy 1,203 13.0 12.7 80% 2% 78% 2% 6.0 5.5 40% 37% Sa Sa 178 HK 1.94 1.00 Reduce 775 0.0 25.3 -14% TTB -60% TTB 4.1 3.7 -11% 15% VTech Holdings 303 HK 73.35 81.00 Hold

185、 2,382 10.7 12.0 21% -11% 21% -11% 26.3 27.2 35% 29% Average 29.2 22.9 87.6% 28.4% 53.4% 26.1% 7.9 6.7 20.7% 22.6% India Asian Paints APNT IN 3,159.05 3,500.00 Buy 40,621 96.5 78.8 16% 22% 23% 19% 20.6 17.8 28% 29% Avenue Supermarts DMART IN 3,397.30 4,000.00 Buy 29,501 200.2 129.8 -15% 54% 66% 60%

186、15.9 13.3 13% 17% Berger Paints India BRGR IN 864.95 810.00 Hold 11,262 116.7 92.9 9% 26% 23% 22% 21.8 18.9 25% 27% Britannia Industries BRIT IN 3,433.55 3,900.00 Buy 22,174 44.3 43.9 31% 1% 0% 15% 17.3 13.6 45% 40% Colgate-Palmolive India CLGT IN 1,754.45 1,800.00 Buy 6,397 47.5 41.8 28% 14% 13% 14

187、% 59.3 94.5 116% 197% Dabur India DABUR IN 588.20 580.00 Hold 13,940 61.6 56.3 10% 9% 17% 22% 12.6 11.6 23% 26% Emami HMN IN 534.30 530.00 Hold 3,184 52.2 45.1 48% 16% 20% 51% 14.2 14.3 31% 49% Godrej Consumer GCPL IN 948.85 820.00 Hold 13,006 53.3 47.2 15% 13% 17% 14% 9.4 8.6 21% 22% Hindustan Unil

188、ever HUVR IN 2,434.90 3,000.00 Buy 76,693 69.5 59.5 9% 17% 19% 18% 11.9 11.8 20% 24% ITC ITC IN 206.80 230.00 Hold 34,123 19.3 17.4 -15% 11% 15% 10% 4.3 4.4 25% 27% Jubilant Foodworks JUBI IN 3,064.50 3,650.00 Buy 5,410 174.5 74.4 -24% 135% 104% 22% 27.3 25.1 37% 45% Marico MRCO IN 529.90 580.00 Buy

189、 9,165 59.0 52.2 10% 13% 13% 21% 18.1 15.3 37% 39% Nestle India NEST IN 17,856.10 20,000.00 Buy 23,079 69.1 57.9 20% 19% 18% 17% 48.4 38.0 95% 85% Titan TTAN IN 1,671.40 1,900.00 Buy 19,892 152.7 76.2 -35% 100% 91% 35% 16.5 14.0 24% 27% Average 83.1 60.5 7.8% 26.2% 27.8% 22.4% 19.5 16.9 34.2% 36.5%

190、Korea CJ Cheil Jedang 097950 KS 468,000 560,000 Buy 5,980 14.5 12.7 -24% 14% 8% 8% 1.3 1.2 9% 10% Hitejinro 000080 KS 34,900 49,000 Buy 2,083 26.0 23.7 11% 10% 7% 7% 2.2 2.1 9% 9% KT&G 033780 KS 82,600 100,000 Buy 8,910 10.6 9.9 -8% 6% -4% 3% 1.2 1.1 12% 12% Nongshim 004370 KS 330,000 310,000 Hold 1

191、,659 19.7 19.2 -32% 3% -26% 4% 0.9 0.9 5% 5% Orion Corp 271560 KS 119,000 170,000 Buy 4,089 16.0 15.1 10% 6% 7% 8% 2.3 2.0 15% 14% Amorepacific 090430 KS 240,000 320,000 Buy 12,091 62.2 43.3 658% 44% 171% 34% 3.6 3.3 6% 8% LG H&H 051900 KS 1,698,000 2,000,000 Buy 21,641 31.1 29.2 21% 6% 17% 6% 5.4 4

192、.7 19% 17% Hotel Shilla 008770 KS 92,800 130,000 Buy 2,994 92.9 27.3 TTB 240% TTB 91% 5.6 4.7 6% 19% BGF Retail 282330 KS 168,000 200,000 Buy 2,523 20.3 19.9 11% 2% 13% 8% 3.6 3.2 17% 0% E-Mart 139480 KS 160,500 180,000 Hold 3,877 18.2 16.2 -32% 12% 33% 12% 0.5 0.5 3% 3% GS Retail 007070 KS 35,450 4

193、8,000 Buy 2,373 13.4 11.9 22% 13% 25% 9% 1.1 1.1 9% 9% HDS 069960 KS 81,800 120,000 Buy 1,554 11.3 9.6 138% 18% 110% 18% 0.4 0.4 4% 4% Shinsegae 004170 KS 274,500 450,000 Buy 2,347 12.1 9.8 TTB 23% 379% 18% 0.7 0.7 6% 7% 19 Equities Consumer 23 July 2021 Appendix. HSBC consumer universe valuation co

194、mparables Mkt cap _ PE (x) _ _ EPS growth _ _ OP growth _ _ PB (x) _ _ ROE (x) _ Company Ticker CMP TP Rating USDm CY21e CY22e CY21e CY22e CY21e CY22e CY21e CY22e CY21e CY22e India Lotte Shopping 023530 KS 111,500 130,000 Hold 2,740 15.8 12.7 TTB 24% 69% 8% 0.3 0.3 2% 2% Hanssem 009240 KS 122,000 14

195、0,000 Buy 1,831 24.3 19.8 29% 23% 26% 21% 3.2 2.9 13% 15% Coway 021240 KS 80,000 100,000 Buy 5,046 14.4 13.3 10% 8% 5% 7% 3.3 2.8 27% 24% Average 21.4 17.2 62.6% 15.0% 56.0% 12.0% 2.1 1.9 9.5% 9.6% ASEAN BAT Malaysia ROTH MK 14.66 12.80 Hold 991 16.2 14.6 7% 11% 0% 11% 11.1 10.8 69% 75% Dairy Farm I

196、nternational DFI SP 4.09 4.20 Hold 5,533 19.4 14.9 0% 30% -2% 16% 3.7 3.2 20% 23% Gudang Garam GGRM IJ 37,400.00 38,000.00 Hold 4,945 10.5 9.7 -14% 9% -12% 9% 1.1 1.1 11% 11% Hanjaya Mandala HMSP IJ 1,110.00 1,000.00 Reduce 8,872 19.6 18.3 -23% 7% -24% 5% 3.8 3.1 20% 19% Home Product Center HMPRO TB

197、 13.90 16.40 Buy 5,567 31.0 28.2 14% 10% 21% 10% 7.8 7.2 25% 27% Indofood CBP ICBP IJ 8,500.00 9,000.00 Hold 6,811 14.8 12.5 20% 19% 38% 6% 3.0 2.7 22% 23% Indofood INDF IJ 6,650.00 7,700.00 Buy 4,012 9.1 8.1 -3% 12% 28% 3% 1.3 1.2 14% 16% Ramayana Lestari RALS IJ 590.00 700.00 Hold 273 14.5 10.9 TT

198、B 34% TTB 69% 1.1 1.0 7% 10% Unilever Indonesia UNVR IJ 5,075.00 5,700.00 Hold 13,303 28.3 27.2 -4% 4% -3% 1% 36.9 35.1 135% 132% Kalbe Farma KLBF IJ 1,390.00 1,700.00 Buy 4,477 21.9 19.4 6% 13% 2% 10% 3.3 3.0 16% 16% CP ALL CPALL TB 59.50 53.60 Hold 16,277 29.5 24.8 21% 19% 22% 9% 5.0 4.5 18% 19% M

199、itra Adiperkasa MAPI IJ 630.00 925.00 Buy 716 19.7 11.1 TTB 77% TTB 41% 2.0 1.7 10% 17% Thai Beverage THBEV SP 0.67 0.95 Buy 12,210 15.0 13.4 17% 12% 11% 8% 0.1 0.1 17% 17% Average 19.0 16.1 3.7% 15.9% 7.4% 11.7% 3.9 3.6 22.1% 23.9% Taiwan Nien Made 8464 TT 405.00 406.00 Hold 4,230.6 23.2 20.2 10.3%

200、 14.4% 1.6% 19.3% 6.8 5.9 31.4% 31.3% Merida Industry 9914 TT 297.00 405.00 Buy 3,165.6 18.5 16.8 19.6% 10.3% 1.3% 29.9% 4.5 3.9 26.3% 25.0% Makalot Industrial 1477 TT 236.00 300.00 Buy 2,034.8 21.5 18.3 17.3% 17.3% 31.4% 19.3% 5.2 4.8 25.1% 27.3% President Chain Store 2912 TT 261.00 283.00 Hold 9,6

201、73.0 25.7 24.7 3.9% 4.4% 4.7% 7.0% 6.9 6.6 28.1% 27.3% Uni-President China 220 HK 8.10 11.80 Buy 4,501.1 16.5 15.7 6.4% 4.8% 7.4% 4.8% 2.3 2.2 11.6% 11.9% Uni-President 1216 TT 72.50 91.00 Buy 14,685.4 17.6 17.5 8.7% 0.6% 5.5% 5.7% 3.7 3.7 20.6% 21.1% TCI 8436 TT 283.00 288.00 Buy 1,192.7 17.8 15.6

202、3.6% 14.2% 5.7% 14.4% 3.9 3.5 23.6% 23.6% Hota Industrial 1536 TT 100.00 68.00 Reduce 996.4 54.3 42.4 69.8% 28.1% 80.0% 14.5% 4.4 4.2 8.2% 10.1% Eclat Textile 1476 TT 581.00 700.00 Buy 5,682.7 24.9 21.1 52.7% 18.3% 45.3% 18.6% 7.1 6.3 31.1% 31.8% Delta Electronics 2308 TT 300.00 380.00 Buy 27,779.8

203、23.9 21.0 30.2% 13.8% 22.1% 17.7% 4.8 4.3 21.3% 21.5% Advantech 2395 TT 357.00 338.00 Hold 9,833.1 36.0 32.7 9.2% 10.0% 6.6% 10.0% 7.7 7.2 22.2% 22.8% Feng TAY 9910 TT 227.00 206.00 Hold 7,134.8 28.4 26.1 48.8% 9.0% 40.3% 10.0% 9.1 8.0 35.5% 32.6% Grape King 1707 TT 170.00 215.00 Buy 897.8 17.9 16.5

204、 3.6% 8.6% 2.3% 9.9% 2.8 2.6 16.1% 16.5% Giant Manufacturing 9921 TT 293.50 435.00 Buy 3,924.3 18.0 16.2 23.3% 11.4% 31.0% 13.4% 3.7 3.4 21.4% 21.8% Average 22.8 20.6 19.5% 11.4% 17.0% 13.3% 5.1 4.7 23.2% 23.5% The average excludes max and min values; Priced at close of 20 July 2021 Source: Bloomber

205、g, HSBC estimates Equities Consumer 23 July 2021 20 Disclosure appendix Analyst Certification The following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s) whose name(s) appear(s) as author of an individual section or sections of

206、 the report and any analyst(s) named as the covering analyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) or issuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s

207、), and any other views or forecasts expressed herein, including any views expressed on the back page of the research report, accurately reflect their personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views c

208、ontained in this research report: Karen Choi, Lina Yan, CFA, Katharine Song, Amit Sachdeva, Selviana Aripin, CFA, Jeremy Chen, Christina Chen Important disclosures Equities: Stock ratings and basis for financial analysis HSBC and its affiliates, including the issuer of this report (“HSBC”) believes

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211、s should carefully read the entire research report and not infer its contents from the rating because research reports contain more complete information concerning the analysts views and the basis for the rating. From 23rd March 2015 HSBC has assigned ratings on the following basis: The target price

212、 is based on the analysts assessment of the stocks actual current value, although we expect it to take six to 12 months for the market price to reflect this. When the target price is more than 20% above the current share price, the stock will be classified as a Buy; when it is between 5% and 20% abo

213、ve the current share price, the stock may be classified as a Buy or a Hold; when it is between 5% below and 5% above the current share price, the stock will be classified as a Hold; when it is between 5% and 20% below the current share price, the stock may be classified as a Hold or a Reduce; and wh

214、en it is more than 20% below the current share price, the stock will be classified as a Reduce. Our ratings are re-calibrated against these bands at the time of any material change (initiation or resumption of coverage, change in target price or estimates). Upside/Downside is the percentage differen

215、ce between the target price and the share price. Prior to this date, HSBCs rating structure was applied on the following basis: For each stock we set a required rate of return calculated from the cost of equity for that stocks domestic or, as appropriate, regional market established by our strategy

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217、ce and the target price, including the forecast dividend yield when indicated, had to exceed the required return by at least 5 percentage points over the succeeding 12 months (or 10 percentage points for a stock classified as Volatile*). For a stock to be classified as Underweight, the stock was exp

218、ected to underperform its required return by at least 5 percentage points over the succeeding 12 months (or 10 percentage points for a stock classified as Volatile*). Stocks between these bands were classified as Neutral. *A stock was classified as volatile if its historical volatility had exceeded

219、40%, if the stock had been listed for less than 12 months (unless it was in an industry or sector where volatility is low) or if the analyst expected significant volatility. However, stocks which we did not consider volatile may in fact also have behaved in such a way. Historical volatility was defi

220、ned as the past months average of the daily 365-day moving average volatilities. In order to avoid misleadingly frequent changes in rating, however, volatility had to move 2.5 percentage points past the 40% benchmark in either direction for a stocks status to change. 21 Equities Consumer 23 July 202

221、1 Rating distribution for long-term investment opportunities As of 22 July 2021, the distribution of all independent ratings published by HSBC is as follows: For the purposes of the distribution above the following mapping structure is used during the transition from the previous to current rating m

222、odels: under our previous model, Overweight = Buy, Neutral = Hold and Underweight = Sell; under our current model Buy = Buy, Hold = Hold and Reduce = Sell. For rating definitions under both models, please see “Stock ratings and basis for financial analysis” above. For the distribution of non-indepen

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224、Banking and Markets: Clients of HSBC Private Banking: HSBC & Analyst disclosures Disclosure checklist Company Ticker Recent price Price date Disclosure AVENUE SUPERMARTS AVEU.NS 3397.30 21 Jul 2021 5, 6, 7 E-MART 139480.KS 160500.00 21 Jul 2021 4 EC HEALTHCARE 2138.HK 14.00 21 Jul 2021 7 GIANT MAN

225、UFACTURING 9921.TW 293.00 21 Jul 2021 7 HUAZHU GROUP LIMITED HTHT.OQ 49.74 21 Jul 2021 6, 7 ITC ITC.BO 206.80 21 Jul 2021 7 MARICO INDUSTRIES MRCO.BO 529.90 21 Jul 2021 6, 7 SA SA 0178.HK 1.97 21 Jul 2021 6, 7 THAI BEVERAGE TBEV.SI .67 21 Jul 2021 7 TSINGTAO BREWERY 600600.SS 101.78 21 Jul 2021 6, 7

226、 TSINGTAO BREWERY H 0168.HK 74.50 21 Jul 2021 6, 7 YUM CHINA HOLDINGS INC YUMC.N 65.19 21 Jul 2021 5, 7 Source: HSBC 1 HSBC has managed or co-managed a public offering of securities for this company within the past 12 months. 2 HSBC expects to receive or intends to seek compensation for investment b

227、anking services from this company in the next 3 months. 3 At the time of publication of this report, HSBC Securities (USA) Inc. is a Market Maker in securities issued by this company. 4 As of 30 June 2021, HSBC beneficially owned 1% or more of a class of common equity securities of this company. 5 A

228、s of 31 May 2021, this company was a client of HSBC or had during the preceding 12 month period been a client of and/or paid compensation to HSBC in respect of investment banking services. 6 As of 31 May 2021, this company was a client of HSBC or had during the preceding 12 month period been a clien

229、t of and/or paid compensation to HSBC in respect of non-investment banking securities-related services. 7 As of 31 May 2021, this company was a client of HSBC or had during the preceding 12 month period been a client of and/or paid compensation to HSBC in respect of non-securities services. 8 A cove

230、ring analyst/s has received compensation from this company in the past 12 months. 9 A covering analyst/s or a member of his/her household has a financial interest in the securities of this company, as detailed below. 10 A covering analyst/s or a member of his/her household is an officer, director or

231、 supervisory board member of this company, as detailed below. 11 At the time of publication of this report, HSBC is a non-US Market Maker in securities issued by this company and/or in securities in respect of this company Buy 58% ( 31% of these provided with Investment Banking Services ) Hold 35% (

232、 28% of these provided with Investment Banking Services ) Sell 7% ( 28% of these provided with Investment Banking Services ) Equities Consumer 23 July 2021 22 12 As of 19 Jul 2021, HSBC beneficially held a net long position of more than 0.5% of this companys total issued share capital, calculated ac

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282、tocopying, recording, or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch. MCI (P) 028/02/2021, MCI (P) 087/10/2020 1174888 Global Head of Consumer & Retail Research Erwan Rambourg +1 212 525 8393 Europe Consumer Brand

283、s & Retail Head of Consumer Staples Research, Europe Jeremy Fialko, CFA +44 20 7991 1562 Analyst Anne-Laure Bismuth +44 20 7991 6587 Analyst Andrew Porteous +44 20 7992 4647 Analyst Paul Rossington +44 20 7991 6734 Analyst Doriana Russo +44 20 3359 5588 Analyst Emmanuelle Vigneron +33 1 56 52 4

284、3 19 Analyst Joseph Thomas +44 20 7992 3618 Analyst Ali Naqvi +44 20 3359 4068 Analyst Robert Price +44 20 3268 4001 Analyst Charles Pullan +44 20 7359 7081 CEEMEA Consumer Brands & Retail Analyst Bulent Yurdagul +90 212 3764612 .tr Head of Equity Research, South Africa Nick Webster +27 11 676

285、4537 Analyst Shaun Chauke +27 11 676 4209 Analyst Nicholas Paton, CFA +971 4 423 6923 Analyst Ankur P Agarwal +971 4 423 6558 Analyst Anup Kataria, CFA +91 80 6737 2218 anup.g.katariahsbc.co.in Asia Consumer Brands & Retail Head of Consumer Brands and Retail Equity Research, Asia-Pacific Karen C

286、hoi +822 3706 8781 Analyst Jeremy Chen +8862 6631 2866 .tw Analyst Lina Yan, CFA +852 2822 4344 .hk Analyst Selviana Aripin +65 6658 0610 .sg Strategist Amit Sachdeva +91 22 2268 1240 amit1sachdevahsbc.co.in Analyst Anurag Dayal +91 22 6164 0686 anuragdayalhsbc.co.in Analyst Rajesh Kumar +91 22 226

287、8 1204 rajesh6.kumarhsbc.co.in Associate Hazel Lai +852 2288 7467 .hk Associate JungAe Chun +822 3706 8774 Gaming Head of Gaming Research, Asia-Pacific Charlene Liu +65 6658 0615 .sg Associate Jessie Lu +852 2996 6570 .hk North & Latin America Consumer & Retail Global Head of Consumer & Retail Rese

288、arch Erwan Rambourg +1 212 525 8393 Analyst Ravi Jain +1 212 525 3442 Analyst, LatAm Retail Felipe Cassimiro +52 55 5721 2422 .mx Food & Beverage Global Head of Beverages Research Carlos Laboy +1 212 525 6972 Alessia Maria Apostolatos +1 212 525 7457 Sorabh Daga +91 80 4550 2627 sorabh.k.dagahsbc.co.in Agribusiness Analyst Santhosh Seshadri, CFA +91 80 4555 2758 santhosh.seshadrihsbc.co.in Specialist Sales David Harrington +44 20 7991 5389 Jean Gael Tabet +44 20 7991 5342 Global Consumer Brands & Retail Research Team