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《瑞信-美股-食品飲料行業(yè)-美國飲料業(yè)2018展望：持續(xù)的強(qiáng)驅(qū)動》由會員上傳分享，免費在線閱讀，更多相關(guān)內(nèi)容在行業(yè)資料-天天文庫。
1、USBeveragesStrongMomentumtoContinuein20182018OutlookJanuary4,2018RESEARCHANALYSTSLaurentGrandet(212)538-7901laurent.grandet@credit-suisse.comClayCrumbliss,CFA(212)538-1076clay.crumbliss@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEG
2、ALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefa
3、ctorinmakingtheirinvestmentdecision.TableofContentsSummaryofOurThesispage2KeyThemespage6InvestmentDashboardpage15Stockscallspage19BeveragesthroughHOLTpage30Appendixpage351TheUSBeveragespacewillcontinuebuildingonthepositivemomentumin2018drivenbytoplineandEPSgrowthoutpacingthebroaderconsumerstaple
4、ssector.Wefavornon-alcoholicmanufactureswithinternationalexposureandstronggrowthpotential.Ourtoppicksfor2018areMonster(MNST),DrPepperSummaryofOurThesisSnapple(DPS),andCoca-Cola(KO).Photo:Shutterstock2017WasaStrongYearforBeverageStocks…USBeveragesrelativetootherConsumerStaplesBeveragesOutperforme
5、dOtherStaplesSectorsTheMostProfitableandFastestGrowingSectorBeverageStockPerformanceComparison120S&P119115119Beverage110111105HPC1009594IndexedPerformanceFood9085JanFebMarAprMayJunJulAugSepOctNovDecBeverageFoodHPCS&PBeveragestocksoutperformedFoodandHPCin2017;performedin-linewithS&P500?Anumberofb
6、everagestockssawsignificantappreciation,includingMNST(+43%),BFb(+53%),andSTZ(+49%)?ThelargestcompaniesinourmarketcapweightedbeverageindexincludeKO(+11%)andPEP(+15%)?ConsumerStaplesroseonly10%incomparisonStockperformanceinourbeveragecoveragegroupwasdrivenbystrongfundamentals?Organicsalesincreased
7、3%?Operatingmarginsexpanded40bps(exKOrefranchising)?EPSgrew7%(exKOrefranchising)?Averagedividendyieldof2%Net,totalannualaverageshareholderreturnacrossourcoveragewas22%Source:HOLT,ThomsonReuters,CreditSuisseNote:returnsaremar
