德意志银行-大中华区消费者转移和覆盖面-GreaterChinaConsumerTransferandDropofCoverage

Deutsche Bank Markets Research Asia Hong Kong Consumer Industry Greater China Consumer Date 2 August 2017 Coverage Change Transfer and Drop of Coverage ________________________________________________________________________________________________________________ Deutsche Bank AG/Hong Kong The views expressed above accurately reflect the personal views of the authors about the subject companies and its(their) securities. The authors have not and will not receive any compensation for providing a specific recommendation or view. Deutsche Bank does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors. FOR OTHER IMPORTANT DISCLOSURES PLEASE VISIT http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr; MCI (P) 083/04/2017. Anne Ling Research Analyst (+852 ) 2203 6177 anne.ling@db.com John Chou Research Analyst (+852) 2203 6196 john.chou@db.com Mark Yuan Research Analyst (+852 ) 2203 6181 mark.yuan@db.com Focus stocks Midea (000333.SZ),CNY41.19 Buy Price Target CNY44.57 Haier Electronics (1169.HK),HKD19.88 Hold Price Target HKD16.78 Qingdao Haier (600690.SS),CNY13.84 Buy Price Target CNY16.51 Robam (002508.SZ),CNY39.73 Buy Price Target CNY44.52 Yonghui Superstores (601933.SS),CNY6.73 Buy Price Target CNY8.20 SUN ART RETAIL GROUP (6808.HK),HKD6.45 Buy Price Target HKD7.83 Hengan Intl. (1044.HK),HKD60.05 Sell Price Target HKD50.25 Tingyi (0322.HK),HKD10.00 Sell Price Target HKD7.44 Uni-President China (0220.HK),HKD5.89 Hold Price Target HKD5.12 Tsui Wah Holdings Limited (1314.HK),HKD1.19 Hold Price Target HKD1.38 Esprit Holdings Ltd (0330.HK),HKD3.85 Hold Price Target HKD5.83 Belle International (1880.HK),HKD6.24 Buy Price Target HKD6.02 Source: Deutsche Bank Due to changes in team structure, with immediate effect we transfer primary coverage of the following stocks from Mark Yuan to Anne Ling, with Mark Yuan remaining as the secondary analyst for Hengan, Tingyi and UPC. John Chou will also be the secondary analyst for UPC.  Hengan Intl.(1044.HK)  SUN ART RETAIL GROUP (6808.HK )  Tingyi(0322.HK)  Uni-President China (0220.HK)  Yonghui Superstores (601933.SS ) With immediate effect, we transfer primary coverage of the following stocks from Anne Ling to John Chou, with Anne Ling remaining as the secondary analyst.  Haier Electronics (1169.HK )  Midea (000333.SZ )  Qingdao Haier (600690.SS )  Robam (002508.SZ ) Due to changes in team structure, effective immediately we terminate coverage of the following stocks:  Belle (1880.HK)  Esprit (0330.HK)  Tsui Wah (1314.HK) Previous ratings and fore