德意志银行-xx上半年消费市场回顾-聚焦体育用品行业-20170804-deutschebank-greaterchinaconsumer2q1hfy17resultspreview-weekof7aug17-focusonsportinggoods.pdfVIP

Deutsche Bank Markets Research Asia Industry Date China Greater China 4 August 2017 Consumer Consumer Results Anne Ling Mark Yuan 2Q/1HFY17 results preview - week of Research Analyst Research Analyst (+852 ) 2203 6177 (+852 ) 2203 6181 7 Aug 17 - focus on sporting goods anne.ling@ mark.yuan@ Top Buys: Mengniu, Moutai, Feng Tay, Eclat, Anta and Qingdao Haier John Chou On discretionaries, investors focus will be on whether SSS trend will continue Research Analyst its year-long recovery in 2H17. While we believe lower tier cities’ SSS (+852) 2203 6196 momentum will pick up, drivers remained in tier 1/2 cities in 2Q17. On staples, john.chou@ volume growth has recovered but raw materials might hinder margin trend. This coming week, the focus is on sportswear, textile and HK retailers. We like Top picks Mengniu (improving operating efficiency), Moutai (restocking benefit), Feng Tay and Eclat (both have strong US orders), Anta (solid sell through, MA Anta (2020.HK),HKD26.25 Buy potential) and Qingdao Haier (acquisition synergies). Eclat Textile (1476.TW),TWD360.00 Buy