巴黎百富勤：中国连锁百货行业深度研究报告080218.pdf

China/HK Retailing Overweight (Unchanged) Isabella Kwok (852) 2825 1175 Cyclical Consumers/Retailing 18 February 2008 S O W H A T ? T H E B N P P A R I B A S A N G L E We are one of the few in the Stock Picks market to provide a sector view in terms of a results BBG Share Recurring P/E 3-yr EPS ROE Target preview. Company code Rating price 2008E 2009E CAGR PEG 2008E price We also provide studies on (HKD) (x) (x) (x) (x) (%) (HKD) operators’ cash Parkson 3368 HK BUY 73.50 39.7 29.7 39.7 1.3 31.3 92.50 management. NWDS 825 HK BUY 9.48 24.6^ 19.9^ 27.7 0.9 13.4 12.00 Golden Eagle 3308 HK BUY 8.30 28.8 22.0 29.1 1.5 22.4 11.00 Intime 1833 HK HOLD 6.20 20.7 16.3 32.6 0.9 28.6 8.80 Remark: Calendarized 2008 and 2009 P/E are used because NWDS has a June year-end; FY1 = Current; FY2 = Forward. Source: BNP Paribas estimates We expect the department-store sector to post impressive earnings growth (average 40%) in the coming results season. Channel checks indicate sales momentum excelled despite bad weather c