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2009-6-23 04:11:00 p.m. HKT, XFNA
DJ MARKET TALK: MS Tips China Discretionary Plays As Sales Bottom
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| 1551 [Dow Jones] China retail sales are forming a bottom, Morgan Stanley says, noting May retail sales better than expected at +15.2% on-year vs house's China Retail Sales Leading Indicator projecting +12.3%, due to easier comparison. Tips discretionary names offer more leverage to stabilizing or improving retail environment in 4Q09, may have more room for earnings upgrades. Says continues to like Anta (2020.HK), Dongxiang (3818.HK), Golden Eagle (3308.HK), Intime (1833.HK). Says while staples plays should remain more defensive, valuations are generally higher, with higher raw material cost risk in 2H09; tips top staples pick as Mengniu (2319.HK). Also tips earnings upside for Changyu (200869.SZ), China Foods (0506.HK) on continuous sales growth improvement for wine as demand starts to pick up. (LES) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(Delayed by 1 hour)
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