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1、Jul2004,Jul2005,Jul2006,Jul2007,Jul2008,Jul2009,Jul2010,Jul2011,Jul2012,Jul2013,Jan2004,Jan2005,Jan2006,Jan2007,Jan2008,Jan2009,Jan2010,Jan2011,Jan2012,Jan2013,Jan2014,Jul2014,Implied,January 4, 2013 Asia Pacific: Conglomerates Equity Research 2013 Outlook: Returns drive valuation; CK to CL-Buy, NWS
2、 to Sell Growth recovery partially priced in; stock picks by return (2) resumption of spending by mainland Chinese to bode well,SIPG CNY China Merchants Hldgs HKD,2.6 25.5,Neutral Neutral,Neutral Neutral,2.80 27.3,2.90 26.9,6% 7%,for HK retail market; and (3) with soft trade growth in 1H13, prefer,Dalian Port Fosun International,