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Dbsv - Asian Consumer Digest

Dbsv - Asian Consumer Digest

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Published by: easyunittrust on Sep 13, 2010
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“In Singapore, this research report or research analyses may only be distributedto Institutional Investors, Expert Investors or Accredited Investors as defined in theSecurities and Futures Act, Chapter 289 of Singapore.”
www.dbsvickers.com Refer to important disclosures at the end of this reportsa: TW
STI : 3,002.62HSI : 21,587.06KLCI : 1,340.07SET : 764.34JCI : 2,944.71KOSPI : 1752.20
*H-shares mkt cap Source: DBS Vickers 
Mkt Price Mkt Cap Tgt Price UpsideLCY US$m LCY Rating %
Kia Motors KR 26,400 9,295 33,000 Buy 25%Dongfeng Motor* HK 11.76 4,326 14.9 Buy 27%
Gome ElecAppliancesHK 2.69 5,218 3.66 Buy 36%Beijing Jingkelong* HK 9.16 487 10.34 Buy 13%
Household/Pers Gds
Hengan HK 55.80 8,764 72.00 Buy 29%HTL International SG 0.845 256 1.09 Buy 29%
China Foods HK 6.23 2,241 7.90 Buy 27%
Up/Midstream Food
WilmarInternationalSG 6.90 32,127 8.33 Buy 21%
Faber Group MK 2.31 262 3.55 Buy 54%
Pico Far EastHK 1.58 244 2.00 Buy 27%
DBS Group Research . Equity 29 April 2010
Regional Industry Focus
Asian Consumer Digest
Cyclical Plays & Currency Winners
In our inaugural Asian Consumer Digest, we scanthrough and feature 7 sub-sectors ranging fromconsumer goods (food, autos, personal/ household) toservices (media, healthcare, retail).
Asian consumers will have stronger purchasing poweras currencies appreciate. We also look for stocks thatwill outperform on company specific or event drivencatalysts.
Top picks – Kia Motors, Dongfeng, Gome, BeijingJingkelong, Hengan, HTL Int’l, China Foods, Wilmar,Faber Grp, Pico.Cyclical Plays.
In our inaugural issue of the Asian ConsumerDigest, we survey the landscape and highlight the sub-sectorswhich will benefit from improved consumer sentiment on theback of robust Asian economic growth.
Currency winners?
Strong Asia currencies will benefit somecompanies more than the rest. Winners tend to be thosecompanies that have high domestic revenue content, sourceits materials in foreign currencies (such as USD), and/or withreporting currency in USD. Our top Buys on this theme are
Picks across universe.
Within auto, we expect
Kia Motor
to benefit from heightened demand and tooutperform peers.
HTL In’tl
is in turnaround mode and is lessvulnerable to USD currency strength than commonlyassumed. Our media pick is
Pico Far East
which will benefitfrom the Shanghai World Expo, and increased brand buildingactivities in the longer term. We like
Beijing Jingkelong
as afood retail play and
as it is projected to benefit fromincreased demand in home appliances in China. In the F&Bspace, we expect beverage players such as
China Food
to bein key focus with the summer peak season coming.
is our pick in the Healthcare space, with catalysts fromGLC restructuring in Malaysia.
Regional Industry Focus 
Asian Consumer Digest 
Page 2
Andy SIM +65 6398 7969andysim@dbsvickers.comBen SANTOSO +65 6398 7976bensantoso@dbsvickers.comMavis HUI +852 2863 8879mavis_hui@hk.dbsvickers.comJay KIM +852 2971 1921 jay_kim@hk.dbsvickers.comPatricia YEUNG +852 2863 8908patricia_yeung@hk.dbsvickers.comTitus WU +852 2820 4611titus_wu@hk.dbsvickers.com
“Recipients of this report, received from DBS Vickers Research(Singapore) Pte Ltd (“DBSVR”), are to contact DBSVR at +656398 7954 in respect of any matters arising from or inconnection with this report.”
Table of Contents
Stock Picks Key Data 3Investment Summary 4Sector performance review 6Theme #1: Currency Winners 8Theme #2: Cyclical Plays 11Regional Indices 14Rolling Fwd PE and Standard deviations 15Rolling forward PB trading band 16
Automobiles & Parts 17Food & Beverages 25Healthcare 33Media 39Personal HouseholdGoods 46Retailers 51Up/Midstream Food Producers 65
Company ProfilesAuto
Kia Motors 72Dongfeng Motor 76
China Foods 80Want Want 84
Faber Group 88
Household Goods
Hengan 92HTL International 96
Gome Electric 100Beijing Jingkelong 104
Pico 108
Upstream Food
Wilmar 112
Prices as of 22 Apr 2010 
MICA (P) 043/10/2009
Regional Industry Focus 
Asian Consumer Digest 
Page 3
Company Exch Sub-SectorPrice (LCY)22 Apr 2010TargetPrice(LCY)Upside(%)Mkt Cap(US$m)6mths AvgDaily T/OUS$mPE(x)10FP/B(x)10FDiv Yield(%)10F
Kia Motors KR Auto 26,400 33,000 25 9,295 83.1 6.1 1.1 0.9Dongfeng Motor* HK Auto 11.76 14.90 27 4,326 37.0 12.6 2.7 0.8Gome Elec Appliances HK Retailers 2.69 3.66 36 5,218 27.2 22.1 2.6 1.1Beijing Jingkelong* HK Retailers 9.16 10.34 13 487 0.6 18.7 2.7 2.2Hengan HK Household/Pers Gds 55.80 72.00 29 8,764 16.4 28.4 6.8 2.3HTL International SP Household/Pers Gds 0.845 1.09 29 256 0.7 6.2 1.3 4.8China Foods HK F&B 6.23 7.90 27 2,242 3.6 22.6 2.8 1.6Wilmar International SP Up/Midstream FoodProducers6.90 8.30 20 32,127 31.1 16.1 2.6 1.2Faber Group MK Healthcare 2.31 3.55 54 262 0.9 9.7 1.8 2.0Pico Far East HK Media 1.58 2.00 27 244 0.3 10.6 1.8 4.7
* H-shares mkt cap Source: DBS Vickers 

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