pschicEnitneeweJPMorgan伟GreaterChinaConsumerTOPPICKSFOR2010nserchinaconsumerchnacomsoeEbnseneriunmu心JasmnepaivesazqonesalEwrwGonoencenIsonnodsGprosencenJPMosunseeresepooyUniedJPMoounsecuniesapoceUniedhnenolonpmeneenenoeognieeeetonrgineonieeceunngrgrenueoeyideconeeansngemnthaeeeCbyulsyJnoeniioeniinienidoieanecpcogononpnlnenooderedeeKeyHighlightsChinaretailers855GrowthTrends5Keymessage:11Sepleseamings尿吴growthioslowdowin2010.valuatons怀关关hghsayaway.2)Dscetonaymay医氓益标真标supiseonneupsdewearepostiveonespace怀Dnversleatatystslevents:1)Tadgup“林切Consomplonimprong3)Nomoe医颂标dicounts日Infatonc。县妓-妮丞林一2G口Keylssues/nisks:11Competton.2c林述伟许HewaistalpeosE2伟娆伟蛭逊c2许许伟倩许口KayOWstockcallsaWDSForrDesgnandLiasyieinpevroconsumponandvaluaion,ChinaMengniuindustystucrechangigaegl05ockviewsChinaHuiyuanJucsumaroundsiorya五吊EKeyUWstockealls:TSngaceamingsP吴国口口5Een4w50diverslosngsteanTngytt盛黛闯怡Maksi玟aaes日四口5u白日5Eaecessa团E0口EdEasreccecomurJpMonaa:PriceperformanceYTDspoemeennppiespeiemeeessnoirecimemene_,-唰口eeameNaeanonernutea一a口aeEnad述wwa仪wee0tewnanaeEEManaeanEe灵pooesaeE达Jseanryr2uneaeooe2ereeJpMeranAgendaPageQE【阮儋edecondteeageE1崆“阮河沥e5E5:路命怡8pperxHSepen00landi00megnseunplom日.31沥技a5技吴:阮闹紫Aepcnctehioesnerrea52E5E唐JpMernChinaStaples:Toppicks口Forstaplescompaniesweexpectonaverage22%revenueand23%eamingsgrowhhfor2010.RevenuegowihisargeydivenbyvdumesWeexpectsomeproductmiimproverientaswelWeanelootnglormanageablenceaseniawmalenalpncesor2010.wbicheavesgrossmarghsainostfatfrawmalenalpncesconinueincreasefastherecouldbedownsidergkgourestmatesToppidisandsels:InhestaplesspacewehaveonOWonChinaMergriuandChinaHuiyuanWeareUWonTsnglao,TingiaswebelevecunentvalalonsarelooghgvenhesowdownineamingsgowiandskslomarginsWehaveaNeutalonCREandecommendnkeepitonheIadarsosenasapayonfoodnfatongvenissupermatketdiiiionWeikeHenganfundamentalyEutcurNeutrolcalcorstainsdhyighvauatonsOnantWarlivewouldtewathingheulzoneofiehibolcncneinelrsstetlingEznTrFmatmasrFrirrmaramearp四。团TanxyrrE“gryyra一训WswawA口明rEeE沥沥技园沥圆c动。6标Teonewe林vronsaw5aEe园脱人eih口根ancowesEws纳a林一eAa00zBraEoermoreeeryyooaJEMorganChinaStaples:Strong2009resultsbutnotsurprisingOutofourcoveragesevenstaplescomparieshaveannounced2009eamngs0farForieseweaneseeingonaverage45%eamingswhfor2009Thisisbeterthanhe34%eamingsgrowthposledin1H09asmanginscontnuediorecoveronhebacklowerawaleralprces口SrongresulswerenosuprselousInfact45%eamingsrowthasjust1%aboveourestmalesandhatwasdivenbyonecompany,CRE,wherebevergesamingssurpisedonheupsidechoosopoconpougroonngeeeenrexamecmmanmeazscngeereeinerenoe1szee诊en禄招12Manccoerna0nEn林心匹eiorerom硕用阮月|h心reoncoerStrmimene1吴an8nna诊怡心TE闯1tisinerauereeE西Ergnceueg吴eShn网EE:n河怀sestsccninin动。国E1eeagE许urimeeeeeeeoJE2不neeoncyE0EsssisposiisoaalJpMonganChinaStaples:2009salesslightlylowerthanexpected口SalesgowhHorChinastapleslor2003saround16%.Thsissightybeterthan1H0salesgrowthiof55SalesnunberswersgeneralynInewificurestmalesbutaveragewas2%lowerduelolowerIhanerpeciedsalesatWantWantandCRE:cosoeennomontnenaenamemmraxeepTepmraeSospesrnesmroetesm5elE林。口aTAT。gatEpovposmeyrinoml1a0DESxporgmomlaT口eDootoponiserom2202xTnonuSn4s4necoeDooiriismengnasErMneceaussm园沥人前沥aanewcorontnsmEsEesooxnAEEsssiscssiisaoaalJpMerganChinaStaples:Grossmarginwasthemaindriverin20095Eaningsgowihwasmainydivenbygrossmagnexpanson.conosopeceonnoronennaliegnrendEgEmoparFapsmmxTarEmmnWannsRFxx8gFEE技1。英切转8。纳pne符张林理葛阮莲技钟国E刑。佳胺08林胺国纳命绍EEaouermamET28“xg“gFgEoonenseeenM。09E唐园工标圆前圆一浩圆Ess23801249848E32明目+一动8p-一一人一ecc一3诊RrxR“xxPDoroepeeeeee沥cP怡怡诊命sEEEEsasisiissooshglJpMergnChinaStaples:Changestoour2010and2011estimates5GvenhatonaverageresulswereinlnewithourestmaleswedidnotmakenolablechangesiourayersgeestmalesHoseverhereweresomeexceptonssuohasHuyuanJJcewhereweinoeasedoureanmingsestmaleby125%for2010andHenganwherewehad09%inceaseinourestmalefortherestofhecoveragechangesarewitin+H5%angeennieneneiisoinodecongoeEmeorconesnamoondzonlenen|veenorennneeEz5EubtzBE2ExaTevgoottom心u技8anceeesetocoDocoitoumissffromm妮EEaatTnortussmmEswEeDoaynnamnn44nneaueeWnnoontussma呐AxnnMenonWteomEEaaoxenactecltonuoEEeJpMernChinaStaples:Changestorecommendations5MostydoungradesDuingeseesulsseasonwedowgradedTngyitoUnderveightfomNeutalasweseerstsiomadinsandChnaYuunioNeutaliomOverveghtasvehavelouerexpeclatonsonhogprcantatonnowTheonyupgradevehavewaslorChinaHuyuanJuicewhereweupgradedouratngpOverveghtfomUndenvelghtaswebeleyeaumaroundsoryistakingplcewihnrecordhghsalesin2H09andrecoverngmarginsecssssCoeroooecrooeczuoezuooouuecuueczuzEDosponcemparmiahEaEETivaosnmaiwEaasEEEtoeeeecaheeDoohoanueBwn园口2E玖E岷坤45ayIn8E2EalesyeI4owEasEEnnEanh5口E吴5nomcontesenouaiea、aEaaaEJpMergann