德意志银行-中国消费品行业研究(pdf 17)

Sellers of Suning and Bright Dairy
Sa Sa and Dickson Concept reported in-line results without much surprises. We
downgraded two A share companies, Suning and Bright Dairy - both are trading at
unsubstantiated high valuations. Another Dairy industry mogul, China Mengniu, is
off to a good start but valuation is quite fair. World Cup fever continues - will it
impact retail sales in HK? Operators such as Sa Sa did say June sales were soft.
We are sellers of Suning and Bright Dairy this week.
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