中国零售转型网购专题系列之一行业面临机遇与挑战(摘要)20130122.pptVIP

2013 年 1 月 22 日 中国：零售 Comparing discretionary retailers: The GS SUSTAIN framework GS SUSTAIN aims to generate outperformance by selecting stocks that can sustain long-term industry leadership by integrating analysis of returns based on cash returns on cash invested (CROCI), industry positioning and environmental, social and governance (ESG) factors. We have established an evaluation system for local discretionary retailers based on the GS SUSTAIN framework. Online risk to traditional retailers is evaluated through three levels of online penetration: country, product category and company. The response rank shows the percentage of each company’s online sales relative to the category level. Globally, the consumer electronics and appliances sector has the highest online penetration rate in the retail sales category. We believe Suning’s overall online rank shows it is relatively well positioned to embrace the trend toward online shopping in China’s retail market. Moreover, compared to many of its traditional retailing peers, Suning has shown it is better placed to make the strategic transition to the online business, in our view. Exhibit 57: GS SUSTAIN analysis framework Best Buy, Suning and Yamada Denki are demonstrating engagement in mitigating ESG risks facing the industry CROCI Bed, Bath Beyond Industry positioning Bosideng Daphne Fielmann Genuine Parts O’Reilly Dollar Tree Golden Eagle Titan Lojas Americanas Chow Tai Fook Fast Retailing Ulta Salon Tractor supply Dick’s Intime Dept Parkson Belle International Advance Auto Parts Next Family Dollar Lojas Renner Kingfisher Lowe’s Nitori Best Buy Staples Suning Management quality – ESG (based on 2010/11 data) above sector median Aeon CarMax Home Depot Industry positioning : leaders on a combination of: Marks Spencer Yamada Denki – Growth – Online Impact – Market position – Value add Return on capital – CROCI (2012-14E) above sector median Management Quality Below median