Table of Contents
1. Margin expansion has had its run.......................................3
2. Secular vs cyclical growth...................................................4
1H09 growth was driven by cyclical commodity deflation trends that have since
reversed.......................................................................................................................4
3. Re-visiting our market cap thematic: where lie the multibaggers?
...................................................................................5
Companies
Tsingtao Brewery.........................................................................................................8
China Resources Enterprise .......................................................................................16
Sector
China Pork Sector ......................................................................................................20