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2007611162243264

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News-Reports

Published on April 23, 2008

Author: Pasquale

Source: authorstream.com

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Industry analysis-Consumption market “Olympics Boom” Effect:  Industry analysis-Consumption market “Olympics Boom” Effect Hu xuan wen Liang peng yan Shu mei Peng yun xiang Slide2:  Olympic's effects on economy Economic growth accelerator Active influence history by Olympic in host country Macroeconomic Analysis Why choose the Olympic theme ? Slide4:  Strong positive affection in the host country's stock market Why choose the consumption theme?:  Why choose the consumption theme? Pre-Olympic stage(mainly with large-scale infrastructure construction) for 7-8 years. Olympic stage (giving priority from investment to consumption) Economic power plays a more visible role on pushing up stock price. Beijing, the annual GDP growth of 1.7 points, so we choose Beijing's retail industry. For the retail industry, the business opportunities brought by the Olympic Games is mainly reflected in two aspects. First, Olympic goods sold under concession can generate revenue to the merchants. Second, more tourists means more local consumption. Industry Retail index vs market:  Industry Retail index vs market Industry Olympic index vs market:  Industry Olympic index vs market Industry:  Industry Equity:  Equity Five A-Share listed retail companies located in Beijing. Beijing Chengxiang(600851) Hualian Dept. Store(000882) Hualian Hypermarket(600361) Wangfujing(600859) Xidan (600723) Equity:  Equity Are they too expensive? Equity:  Equity However, weighted average PE ratio in Retail & Trading industry (91 members) is 53.68 Equity - Good expectation business growth from 2006 to 2008 - Bubble is smaller :  Equity - Good expectation business growth from 2006 to 2008 - Bubble is smaller Equity:  Equity Equity:  Equity Equity:  Equity Fundamental Approach : Companies which have onstant growth in ROE and able to avoid high leverage are more preferable. Rating: Buy: Chengxiang Wangfujing Neutral: Hualian Reduce: Hypermarket Equity:  Equity Risk-Adjusted Approach: One would be inclined to pick companies having high sharpe ratio and alpha along with low in beta. Rating: Buy: Wangfujing Neutral: Chengxiang, Hualian Reduce: Hypermarket Thank you!:  Thank you! Hu xuan wen Liang peng yan Shu mei Peng yun xiang

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