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1、ResultsReviewMarch5,2012RetailRESEARCHBingQIANACCUMULATESFCCERef:APZ200qianbing@cicc.com.cnHaiyanGUOSunArt(06808.HK)SFCCERef:AIQ935guohy@cicc.com.cnSalesSlightlyLower,ProfitinLineFinancialhighlights2011Resultsinline(Rmbmn)2009A2010A2011A2012E2013E2011turnoverincreased21.2%toRmb68.1bn,3%belowconsens
2、usTurnover45,39456,16868,08480,92899,196（+/-）19.9%23.7%21.2%18.9%22.6%duetolowSSSGin4Q11.Netprofitsrose55.2%YoYtoRmb1.6bn,GrossProfit8,58010,96813,85716,59220,536inlinewithexpectations.EarningsbeforeMIgrowth(ex-MIchange（+/-）21.0%27.8%26.3%19.7%23.8%duetoreorganizationonMay13,2011)was~23%.FullyearDP
3、SNetProfitBeforeMI1,2541,6141,9852,4013,128wasHK$0.10(Rmb0.08).（+/-）23.4%28.7%23.0%21.0%30.3%NetProfit8111031160022812972•Turnoverslightlylower,grossmarginimproved.Fullyear（+/-）19.3%27.1%55.2%42.6%30.3%SSSGwas8.8%,with12%in1H,9.5%in3Qand<3%in4QExcludingMIandTaxChange1440183822812972(estimated).1Q12
4、isexpectedtobeevenlowergiventhehigh（+/-）27.7%24.1%30.3%baseandconsumptionslowdown.Grossmarginincreased0.8pptEPS(Rmb)0.150.190.240.31to20.4%,thankstobetterproductcategorymixandeconomiesEPS(HK$)0.180.240.310.40PE(x)59.944.734.326.3ofscale.P/B22.319.65.44.74.2•Expenseratioupduetoacceleratingstoreopeni
5、ngandROE22.5%24.5%16.4%14.3%16.7%highercosts.Sunartopened28storesin2010andadded46inShareinformation2011,soitsdistributioncostratioincreased1pptandadministrativeexpenseratiorose0.1ppt,resultinginoperatingSharepriceHK$10.6profitmargindropping0.1ppt.TargetPriceHK$10.952wkhigh/lowHK$12.06/7.20（IPO）•Sto
6、reexpansioninlinewithnationalfootprint.42“RT-Mart”Marketcap(mn)101,502storesandfourAuchanstoreswereopenedin2011,nineofIssuedshares(mn)9,540whichwereself-owned.Asof31Dec,2011,SunArthadatotalMajorshareholders(%)A-RT(51%)of230hypermarkets,covering24provinces.Meanwhile,ithadidentifiedandsecured153sites
7、toopenhypermarketcomplexes,Recentpriceperformanceofwhich80wereunderconstruction.1W1m3mYTDTrendstowatchSunArt3.717.60.09.6HSIindex0.74.013.217.0Foodretailers’SSSGisstronglyrelatedtoRPI-Food,inwhich4Q11Sector
