Microsoft Word valuation chart book_인쇄최종_.doc

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1 Analyst 한국희 Analyst 손예희 Weekly Update The Recipe for F&B: valuation Global / Food, Beverage and Tobacco Aug Vol. 1 한국 F&B 섹터의 밸류에이션 부담 완화 중 방어적 흐름 지속된 가운데 AP 개별 종목 상승률 돋보임 지난 1주간 글로벌 F&B 섹터는 전반적으로 벤치마크 대비 언더퍼폼하였는데, 지난 6개 월간의 이른바 defensive 한 주가 트랜드가 지속된 것으로 풀이됨. 즉 bear market에 서의 섹터 퍼포먼스는 상대적으로 양호하나, bull market에서의 주가 상승 탄력은 벤치 마크 지수 대비 열등한, 전형적인 흐름을 보이고 있음. 지난 1주간 MSCI AC world, MSCI AP ex. Japan, MSCI Korea 각각의 상대 퍼포먼스는 -1.4%, -2.5%, -1.4% 수 준에 그쳤음. 다만 유럽 및 미국 지역에 비해 아시아퍼시픽 지역의 지수 상승률이 높게 나타남에 따라, 음식료 섹터에서도 일본을 비롯한 아시아 지역의 개별 종목 수익률이 돋 보였음. Tingyi Holdings의 주간 상승률이 18.0%로 가장 높았고, 롯데칠성, 하이트, CJ 등의 한국 음식료 종목들이 그 뒤를 이었음. 이에 비해 Pepsi, Coca-Cola를 비롯한 미 국 지역 beverage sector 및 Kellogg, Hershey 등의 food sector의 주가는 부진하였음. A valuation perspective: KT&G, Hite의 PEG 배수 매력적 한국 F&B 섹터의 밸류에이션은 글로벌 및 AP peer 대비 큰 매력은 없는 상태임. 다만 역사적으로 보아 밸류에이션상 투자매력이 회복되는 국면이 진행 중인 것으로 판단됨. 즉 historical relative PER이 2004년말 최고점인 1.7x 및 2007년초 고점 1.6x 대비 상 당 폭의 조정을 거쳐 현재 1.3x 수준까지 하락했음. 특히 relative EV/EBITDA 기준으 로는 1.0x를 하회하기 시작했음. EPS growth 대비 PER 배수를 기준으로 하이트맥주 및 KT&G의 밸류에이션 매력이 큰 편이고, ROE 수준을 고려한 PBR 배수를 참고한다 면 KT&G가 매력적인 투자 대안. F&B Sector Performance <World> (%) 1W 1M 6M MSCI AC world 3.7 (4.3) (0.2) MSCI AC world F&B 2.4 (1.2) 1.6 Relative Performance (1.4) <AP ex. Japan> (%) 1W 1M 6M MSCI AP ex. Japan 9.1 (6.9) 8.5 MSCI AC ex. Japan F&B 6.7 (4.6) 4.5 Relative Performance (2.5) 2.3 (4.0) <Korea> (%) 1W 1M 6M MSCI Korea 9.2 (9.7) 17.2 MSCI Korea F&B 7.8 (6.2) 12.3 Relative Performance (1.4) 3.6 (4.9) INDUSTRY ANALYSIS MIRAE ASSET RESEARCH

2 C ontents I. Global F&B Sector Overview 5 II. Asia Pacific F&B Sector Overview 15 III. Domestic F&B Sector Overview 24 IV. Appendix: Company Profiles (Alphabetical orders) 30 Aug MIRAE ASSET RESEARCH 2

3 그림목차 <Graph 1> World F&B sector Relative to MSCI AC World by industry 5 <Graph 2> Consumer Staple Sector s Last Week Performance by industry 5 <Graph 3> Winners and Losers of Last Week 8 <Graph 4> PER - EPS Growth Map 9 <Graph 5> PBR - ROE Map 9 <Graph 6> Leading Global F&B : Forward 12 month PER 10 <Graph 7> Leading Global F&B : Forward 12 month PBR 10 <Graph 8> Leading Global F&B : Forward 12 month Dividend Yield 11 <Graph 9> Leading Global F&B : Forward 12 month EV/EBITDA 11 <Graph 10> Leading Global F&B : PEG 12 <Graph 11> Leading Global F&B : Forward 12 month PSR 12 <Graph 12> AP ex. Japan F&B sector Relative to MSCI AC World by industry 15 <Graph 13> Consumer Staple Sector s Last Week Performance by industry 15 <Graph 14> Winners and Losers of Last Week 18 <Graph 15> PER-EPS Growth Map 19 <Graph 16> PBR-ROE Map 19 <Graph 17> Leading AP F&B : Forward 12 month PER 20 <Graph 18> Leading AP F&B : Forward 12 month PBR 20 <Graph 19> Leading AP F&B : Forward 12 month Dividend Yield 21 <Graph 20> Leading AP F&B : Forward 12 month EV/EBITDA 21 <Graph 21> Leading AP F&B : PEG 22 <Graph 22> Leading AP F&B : Forward 12 month PSR 22 <Graph 23> Korea F&B Sector Relative to MSCI Korea by industry 24 <Graph 24> Consumer Staple Industry s Last Week Performance by industry 24 <Graph 25> Winners and Losers of Last Week 25 <Graph 26> PER - EPS Growth 28 <Graph 27> Tr.PBR - ROE Map 28 <Graph 28> PEG Valuation 28 <Graph 29> Korean F&B s Historical Relative PER 29 <Graph 30> Korean F&B s Historical Relative PBR 29 <Graph 31> Korean F&B s Historical Relative EV/EBITDA 29 표목차 <Table 1> Global F&B Comparative Valuation 6 <Table 2> Global F&B Comparative Performance 7 <Table 3> Asia Pacific F&B Comparative Valuation 15 <Table 4> Asia Pacific F&B Comparative Performance 16 <Table 5> Korea F&B Comparative Valuation 26 <Table 6> Korea F&B Comparative Performance 27 Aug MIRAE ASSET RESEARCH 3

4 Global Aug MIRAE ASSET RESEARCH 4

5 I. Global F&B Sector Overview 아시아퍼시픽 개별 종목들의 반등 폭이 컸던 한 주 최근 1개월간 가장 가파른 상승세 보였던 beverage sector의 조정 폭이 가장 컸음 지난 1주간 글로벌 F&B 섹터는 전반적으로 벤치마크 대비 언더퍼폼. 이는 지난 6개월간의 이른 바 defensive 한 주가 트랜드가 지속된 것으로 풀이됨. 즉 bear market에서의 섹터 퍼포먼스 는 상대적으로 양호하나, bull market에서의 주가 상승 탄력은 벤치마크 지수 대비 열등한, 전 형적인 흐름을 보이고 있음. 세부 섹터별로는 최근 수익률이 가장 좋았던 음료(beverage) 섹터 의 주가 조정 폭이 가장 컸고, 식료품(food) 섹터의 주가가 가장 양호한 흐름을 보임. 지역별로 는 유럽 및 미국 지역에 비해 아시아퍼시픽 지역의 지수 상승률이 높게 나타남에 따라, 음식료 섹터에서도 일본을 비롯한 아시아 지역의 개별 종목 수익률이 돋보였음. Tingyi Holdings의 주 간 상승률이 18.0%로 가장 높았고, 롯데칠성, 하이트, CJ 등의 한국 음식료 종목들이 그 뒤를 이었음. 이에 비해 Pepsi, Coca-Cola를 비롯한 미국 지역 음료 섹터 및 전월대비 EPS 하향조 정이 가장 큰 폭으로 이뤄진 Hershey 등 식품 기업의 주가는 하락하였음. <Graph 1> World F&B sector Relative to MSCI AC World by industry (%) Beverage Tobacco Food 90 06/01 06/03 06/05 06/07 06/09 06/11 07/01 07/03 07/05 07/07 자료: Factset, 미래에셋증권 리서치센터 (2006/01/01=) Consumer Staples 전반적으로 부진: beverage sector 수익률 가장 부진 <Graph 2> Consumer Staple Sector s Last Week Performance by industry (%) World Consumer Staples Food Retailing Beverage Food Tobacco Household Products Personal Products 자료: Factset, 미래에셋증권 리서치센터 주: 절대수익률 기준 Aug MIRAE ASSET RESEARCH 5

6 <Table 1> Global F&B Comparative Valuation Company Name Ticker Ctry Wgt MCap Sales Sales G (YoY) Net Inc. EPS G (YoY) EPS (MoM) OP Margin EBITDA Margin ROE 07E 07E 08E 07E 07E 08E 07E 08E 07E 08E 07E 08E 07E 08E (%) (USD bn) (USD bn) (%) (%) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Earnings Summary Altria Group Inc. MO-US US (46.0) (20.0) Nestle S.A. NESN-CH SW Coca-Cola Co. KO-US US PepsiCo Inc. PEP-US US British American Tobacco PLC BATS-GB UK Kraft Foods Inc. KFT-US US (7.2) Japan Tobacco Inc JP JP (16.2) InBev INB-BE BE Anheuser-Busch Cos. Inc. BUD-US US (0.3) Groupe Danone BN-FR FR (1.0) (1.1) Archer Daniels Midland Co. ADM-US US General Mills Inc. GIS-US US Kellogg Co. K-US US (0.3) Campbell Soup Co. CPB-US US H.J. Heinz Co. HNZ-US US Kirin Holdings Co. Ltd JP JP (3.1) ConAgra Foods Inc. CAG-US US Sara Lee Corp. SLE-US US Heineken Holding N.V. HEIO-NL NL (13.3) 14.0 (0.2) 0.2 NA NA Hershey Co. HSY-US US (5.1) 8.4 (7.8) (8.3) Foster's Group Ltd. FGL-AU AU (4.2) (1.0) (0.2) KT&G Corp KR KR Ajinomoto Co. Inc JP JP Asahi Breweries Ltd JP JP (1.0) 2.1 (1.2) (2.2) Tingyi (Cayman Islands) Holding Corp. 322-HK HK (2.5) Nissin Food Products Co. Ltd JP JP (4.1) (1.9) CJ Corp KR KR (28.2) Hite Brewery Co. Ltd KR KR Lotte Confectionary Co. Ltd KR KR (55.9) Lotte Chilsung Beverage Co. Ltd KR KR (0.1) (0.1) Nong Shim Co. Ltd KR KR (0.7) (2.7) (2.4) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 주: 국외 기업은 I/B/E/S 컨센서스, 국내 기업 중 당사 커버리지 아닌 종목은 FnGuide 컨센서스, 당사 커버리지 종목은 당사 추정치 기준임 Aug MIRAE ASSET RESEARCH 6

7 <Table 2> Global F&B Comparative Performance Company Name Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1W 1M 3M 6M 12M YTD 3Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Valuation Summary Altria Group Inc (2.1) (1.8) (19.0) (18.1) (19.4) 41.8 Nestle S.A Coca-Cola Co (0.8) PepsiCo Inc (1.7) 3.0 (0.3) British American Tobacco PLC (0.2) Kraft Foods Inc (33.4) 3.8 (6.7) (2.8) (2.3) (2.1) (9.0) 3.8 Japan Tobacco Inc. 589, , (7.4) (3.1) InBev (8.5) (5.4) Anheuser-Busch Cos. Inc (1.5) (5.6) (3.3) (1.8) (1.6) (7.8) Groupe Danone (1.1) (5.7) (12.4) 3.7 (4.7) 65.5 Archer Daniels Midland Co (8.5) (5.7) (6.0) (20.7) General Mills Inc (4.8) (0.5) 22.9 Kellogg Co Campbell Soup Co NA (1.9) (8.5) 2.7 (1.5) 47.0 H.J. Heinz Co (2.7) (3.8) Kirin Holdings Co. Ltd. 1,518 1, (16.5) (19.3) (19.3) (4.8) (18.9) 52.0 ConAgra Foods Inc NA (2.5) (5.2) (1.9) Sara Lee Corp (4.5) NA (5.1) (2.8) 1.2 (1.6) (24.3) Heineken Holding N.V (29.1) 1.8 (4.9) Hershey Co (1.5) (10.0) (12.0) (12.9) (6.2) (2.6) Foster's Group Ltd (7.4) (6.1) (11.4) 8.7 (14.9) 28.9 KT&G Corp. 66,700 78, (5.8) (2.6) Ajinomoto Co. Inc. 1,408 1, (3.9) (3.2) (6.3) 13.5 (10.5) 14.7 Asahi Breweries Ltd. 1,634 1, (0.4) (7.7) (16.0) (17.1) (3.6) (14.2) 56.8 Tingyi (Cayman Islands) Holding Corp (87.8) Nissin Food Products Co. Ltd. 3, , (1.9) (15.6) (13.0) (5.9) (16.6) 33.6 CJ Corp. 119, , (7.8) Hite Brewery Co. Ltd. 117, , (7.8) (3.7) (1.7) 49.7 Lotte Confectionary Co. Ltd. 1,600,000 NA NA (0.5) 4.4 (9.1) Lotte Chilsung Beverage Co. Ltd. 1,470,000 1,643, (7.0) Nong Shim Co. Ltd. 219, , (16.2) (12.5) (14.6) (2.4) (23.0) (5.8) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 주1: 국외 기업은 I/B/E/S 컨센서스, 국내 기업 중 당사 커버리지 아닌 종목은 FnGuide 컨센서스, 당사 커버리지 종목은 당사 추정치 기준임 주2: : 기간별 Best : 기간별 Worst Aug MIRAE ASSET RESEARCH 7

8 일본, 한국 등의 AP leading F&B 기업의 수익률이 상대적으로 양호 <Graph 3> Winners and Losers of Last Week 미주 지역의 경우 방어적 성격이 강한 Food Sector가 Beverage Sector 보다 수익률이 양호 Tingyi Lotte Chilsung Hite CJ Ajinomoto Nissin Food KT&G Campbell Nestle Lotte Confectionary Kirin InBev 4.2 Kraft Foster's Danone Sara Lee General Mills Anheuser-Busch Altria ConAgra Foods Heineken Nong Shim BAT ADM Hershey Kellogg H.J. Heinz JT Asahi (0.4) Coca-Cola Pepsi (1.7) (0.8) (%) (5.0) 자료: Factset, 미래에셋증권 리서치센터 주: 절대 수익률 기준 Aug MIRAE ASSET RESEARCH 8

9 미주, 유럽 지역의 global F&B 기업에 비해 일본 기업들의 PER가 <Graph 4> PER - EPS Growth Map 상당히 높은 영역에 속해 있음 (Fw 12 PER, X) 25.0 CJKirin Campbell Coca-Cola Ajinomoto JT 22.0 Nissin Food Lotte Chilsung H.J. Heinz Hershey 19.0 Danone Kellogg Pepsi InBev Kraft Nestle Heineken Asahi Sara Lee Hite Altria 16.0 ConAgra Foods Anheuser-Busch General Mills Foster's BAT KT&G 13.0 ADM Nong Shim (06~08E EPS CAGR, %) 10.0 (10.0) (5.0) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 주: 국외 기업은 I/B/E/S 컨센서스, 국내 기업 중 당사 커버리지 아닌 종목은 FnGuide 컨센서스, 당사 커버리지 종목은 당사 추정치 기준임 PBR Multiple은 ROE 수준의 함수: 다만 Beverage Group의 PBR이 <Graph 5> PBR - ROE Map 상대적으로 높게 형성된 것이 Global 트랜드 (Fw 12 PBR, X) JT Pepsi H.J. Heinz Kellogg 6.0 InBev General Mills Coca-Cola 5.0 BAT Altria Hite Lotte Chilsung Kraft CJ Ajinomoto Sara Lee Nestle Foster's Danone KT&G Heineken Asahi ADM 1.0 Kirin Nong Shim Nissin Food Lotte Confectionary (07E ROE, %) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 주: 국외 기업은 I/B/E/S 컨센서스, 국내 기업 중 당사 커버리지 아닌 종목은 FnGuide 컨센서스, 당사 커버리지 종목은 당사 추정치 기준임 Aug MIRAE ASSET RESEARCH 9

10 <Graph 6> Leading Global F&B : Forward 12 month PER Nong Shim ADM KT&G BAT Foster's Altria Hite Lotte Confectionary Anheuser-Busch General Mills Heineken H.J. Heinz ConAgra Foods Sara Lee Kraft Asahi InBev Campbell Nestle Kellogg Pepsi Danone Coca-Cola Hershey Lotte Chilsung Nissin Food JT Ajinomoto Kirin CJ (X) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 <Graph 7> Leading Global F&B : Forward 12 month PBR Lotte Confectionary Nong Shim Kirin Asahi Lotte Chilsung Nissin Food Ajinomoto ADM Hite Kraft Foster's InBev JT CJ Sara Lee Heineken KT&G Nestle General Mills Danone Altria BAT Coca-Cola Kellogg Pepsi H.J. Heinz Campbell Anheuser-Busch Hershey (X) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 Aug MIRAE ASSET RESEARCH 10

11 <Graph 8> Leading Global F&B : Forward 12 month Dividend Yield Lotte Confectionary Lotte Chilsung Tingyi JT Hite Asahi Ajinomoto CJ Kirin ADM Nissin Food InBev Nong Shim Heineken Danone Campbell Pepsi Kellogg Nestle Hershey Sara Lee Coca-Cola Anheuser-Busch General Mills ConAgra Foods Kraft H.J. Heinz KT&G Altria BAT Foster's (%) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 <Graph 9> Leading Global F&B : Forward 12 month EV/EBITDA Heineken Nong Shim Ajinomoto Nissin Food Lotte Chilsung Asahi ADM InBev Kirin ConAgra Foods Sara Lee General Mills Altria Lotte Confectionary KT&G JT H.J. Heinz Hite Campbell Foster's Kraft Hershey Danone BAT Kellogg Anheuser-Busch Nestle Pepsi Coca-Cola CJ (X) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 Aug MIRAE ASSET RESEARCH 11

12 <Graph 10> Leading Global F&B : PEG Hite InBev KT&G ADM Sara Lee Foster's Ajinomoto Nestle Anheuser- Pepsi Coca-Cola BAT H.J. Heinz Kellogg General Mills Campbell Danone Lotte Chilsung ConAgra Nong Shim Kirin Nissin Food CJ JT Tingyi Hershey (X) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 주: EPS GROWTH = 06~08E EPS CAGR <Graph 11> Leading Global F&B : Forward 12 month PSR ADM Asahi Nong Shim Heineken Ajinomoto Kirin JT Sara Lee Hite ConAgra Foods Nissin Food Kraft General Mills Lotte Chilsung CJ H.J. Heinz Danone Kellogg Campbell Nestle Lotte Anheuser-Busch Hershey InBev Foster's Pepsi BAT Altria KT&G Coca-Cola (X) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 Aug MIRAE ASSET RESEARCH 12

13 Aug MIRAE ASSET RESEARCH 13

14 Asia Pacific Aug MIRAE ASSET RESEARCH 14

15 II. Asia Pacific F&B Sector Overview 한국/일본 업체들 낙폭 회복 수준의 주가 상승세 시현 일본기업들의 PEG: 어닝스 하향 조정 지속 트랜드 고려하면 상당히 부담스러움 전주 낙폭이 컸던 종목 위주로 주가 상승세 시현. 특히 EPS 성장률 대비 PER 배수가 낮은 영 역에 속해 있던 Uni-President의 주간 주가 상승률이 24.4%로 가장 컸음. 한국 음식료 기업들 의 주가 역시 낙폭 과대 종목의 반등이라는 맥락에서 파악될 수 있는데, 롯데칠성, 하이트맥주, CJ 등의 주가 상승률이 AP F&B group 내에서 주간 주가 상승률 수위를 차지함. AP F&B 섹터의 주요 종목들의 밸류에이션은 글로벌 리딩 기업 대비 매력적인 수준에 놓여 있 다고 보기 힘듦. 특히 PEG 관점에서 글로벌 리딩 기업들은 2.0배 미만에서 형성되어 있으나, AP 주요 종목들의 경우 호주 기업들을 제외한 일본 및 한국 기업들은 상당히 높은 배수에서 거 래되고 있음. 특히 가장 높은 PEG 수준에 놓여있는 일본 기업들의 경우, 2008년 어닝스가 지 속적으로 하향조정되고 있음을 볼 때 추가적인 주가 조정 여지가 커 보임. <Graph 12> AP ex. Japan F&B sector Relative to MSCI AC World by industry (%) Food Tobacco Beverage /01 06/03 06/05 06/07 06/09 06/11 07/01 07/03 07/05 07/07 자료: Factset, 미래에셋증권 리서치센터 <Graph 13> Consumer Staple Sector s Last Week Performance by industry (%) AP ex.japan Consumer Staples Food Retailing Beverage Food Tobacco Household Products Personal Products 자료: Factset, 미래에셋증권 리서치센터 주: 절대수익률 기준임 Aug MIRAE ASSET RESEARCH 15

16 <Table 3> Asia Pacific F&B Comparative Valuation Company Name Ticker Ctry Wgt MCap Sales Sales G (YoY) Net Inc. EPS G (YoY) EPS (MoM) OP Margin EBITDA Margin ROE 07E 07E 08E 07E 07E 08E 07E 08E 07E 08E 07E 08E 07E 08E (%) (USD bn) (USD bn) (%) (%) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Earnings Summary Japan Tobacco Inc JP JP (16.2) Kirin Holdings Co. Ltd JP JP (3.1) Foster's Group Ltd. FGL-AU AU (4.2) (1.0) (0.2) Ajinomoto Co. Inc JP JP Asahi Breweries Ltd JP JP (1.0) 2.1 (1.2) (2.2) IOI Corp. Bhd 1961-MY MY (4.7) (3.7) Coca-Cola Amatil Ltd. CCL-AU AU (6.0) ITC Ltd IN IN (0.8) China Mengniu Dairy Co. Ltd HK CH Uni-President Enterprises Corp TW TW (82.4) (19.9) (0.1) 0.2 NA NA Nissin Food Products Co. Ltd JP JP (4.1) (1.9) Yakult Honsha Co. Ltd JP JP Goodman Fielder Ltd. GFF-AU AU Lion Nathan Ltd. LNN-AU AU (0.4) Wilmar International Ltd. F34-SG SG (18.4) Nippon Meat Packers Inc JP JP (16.6) (3.8) Tingyi (Cayman Islands) Holding Co322-HK HK (2.5) Kikkoman Corp JP JP Ito En Ltd JP JP (0.4) (0.5) Nisshin Seifun Group Inc JP JP (4.2) 2.6 (1.5) (3.0) NA NA KT&G Corp KR KR CJ Corp KR KR (28.2) Hite Brewery Co. Ltd KR KR Lotte Confectionary Co. Ltd KR KR (55.9) Lotte Chilsung Beverage Co. Ltd KR KR (0.1) (0.1) Nong Shim Co. Ltd KR KR (0.7) (2.7) (2.4) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 주: 국외 기업은 I/B/E/S 컨센서스, 국내 기업 중 당사 커버리지 아닌 종목은 FnGuide 컨센서스, 당사 커버리지 종목은 당사 추정치 기준임 Aug MIRAE ASSET RESEARCH 16

17 <Table 4> Asia Pacific F&B Comparative Performance Company Name Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1W 1M 3M 6M 12M YTD 3Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Valuation Summary Japan Tobacco Inc. 589, , (7.4) (3.1) Kirin Holdings Co. Ltd. 1, , (16.5) (19.3) (19.3) (4.8) (18.9) 52.0 Foster's Group Ltd (7.4) (6.1) (11.4) 8.7 (14.9) 28.9 Ajinomoto Co. Inc. 1, , (3.9) (3.2) (6.3) 13.5 (10.5) 14.7 Asahi Breweries Ltd. 1, , (0.4) (7.7) (16.0) (17.1) (3.6) (14.2) 56.8 IOI Corp. Bhd (3.8) (14.0) (12.4) Coca-Cola Amatil Ltd (0.9) ITC Ltd (2.7) (3.2) (10.2) (8.2) China Mengniu Dairy Co. Ltd (3.4) NA Uni-President Enterprises Corp NA (4.1) Nissin Food Products Co. Ltd. 3, , (1.9) (15.6) (13.0) (5.9) (16.6) 33.6 Yakult Honsha Co. Ltd. 2, , (6.7) (4.7) (25.3) (13.4) (20.5) 64.1 Goodman Fielder Ltd (6.6) NA Lion Nathan Ltd (2.6) (2.5) Wilmar International Ltd (15.3) NA NA NA NA NA Nippon Meat Packers Inc. 1, , NA NA (1.9) (8.5) (16.7) (13.2) (3.7) (5.2) (5.4) Tingyi (Cayman Islands) Holding Corp (87.8) Kikkoman Corp. 1, , NA NA (2.7) (13.9) (8.0) Ito En Ltd. 3, , (1.7) (9.7) (12.7) (11.6) (12.0) (5.5) 45.1 Nisshin Seifun Group Inc. 1,059.0 NA NA 22.5 NA NA (25.3) 0.0 (8.1) (13.1) (15.3) (14.3) (13.8) 9.5 KT&G Corp. 66, , (5.8) (2.6) CJ Corp. 119, , (7.8) Hite Brewery Co. Ltd. 117, , (7.8) (3.7) (1.7) 49.7 Lotte Confectionary Co. Ltd. 1,600,000 NA NA (0.5) 4.4 (9.1) Lotte Chilsung Beverage Co. Ltd. 1,470,000 1,643, (7.0) Nong Shim Co. Ltd. 219, , (16.2) (12.5) (14.6) (2.4) (23.0) (5.8) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 주1: 국외 기업은 I/B/E/S 컨센서스, 국내 기업 중 당사 커버리지 아닌 종목은 FnGuide 컨센서스, 당사 커버리지 종목은 당사 추정치 기준임 주2: : 기간별 Best : 기간별 Worst Aug MIRAE ASSET RESEARCH 17

18 <Graph 14> Winners and Losers of Last Week Uni-President Tingyi Lotte Chilsung China Mengniu Dairy Hite CJ Ajinomoto Nissin Food KT&G Goodman Kikkoman ITC Coca-Cola Amatil Lion Nathan Lotte Confectionary Kirin Yakult Wilmar Foster's Nong Shim JT Nisshin Asahi Ito Nippon Meat IOI (0.4) (1.7) (1.9) (3.8) (%) (10.0) (5.0) 자료: Factset, 미래에셋증권 리서치센터 주: 절대수익률 기준 Aug MIRAE ASSET RESEARCH 18

19 <Graph 15> PER-EPS Growth Map (Fw 12 PER, x) Yakult China Mengniu Dairy CJ Kikkoman Ajinomoto 25 Kirin Nippon Meat Nisshin JT Ito Nissin Food 20 Coca-Cola Amatil Lotte Chilsung Asahi ITC IOI 15 Lion Nathan Foster's Hite Uni-President 10 KT&G Nong Shim 5 (06~08E EPS CAGR, %) (10.0) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 주: 국외 기업은 I/B/E/S 컨센서스, 국내 기업 중 당사 커버리지 아닌 종목은 FnGuide 컨센서스, 당사 커버리지 종목은 당사 추정치 기준임 <Graph 16> PBR-ROE Map (Fw 12 PBR, x) 8 China Mengniu Dairy 6 Ajinomoto ITC Lion Nathan Coca-Cola Amatil 4 IOI 2 0 Kirin Wilmar Ito KT&G CJ Uni-President JT Foster's Yakult Nissin Food Hite Goodman Lotte Confectionary Nong Shim Lotte Chilsung Asahi (07E ROE,%) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 주: 국외 기업은 I/B/E/S 컨센서스, 국내 기업 중 당사 커버리지 아닌 종목은 FnGuide 컨센서스, 당사 커버리지 종목은 당사 추정치 기준임 Aug MIRAE ASSET RESEARCH 19

20 <Graph 17> Leading AP F&B : Forward 12 month PER Nong Shim KT&G Goodman Foster's Hite Lotte Confectionary Lion Nathan Asahi IOI Coca-Cola Amatil ITC Uni-President Wilmar Lotte Chilsung Ito Nissin Food Nisshin JT Ajinomoto Nippon Meat Kirin Kikkoman CJ Yakult China Mengniu Dairy (X) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 <Graph 18> Leading AP F&B : Forward 12 month PBR Lotte Confectionary Nong Shim Kirin Asahi Lotte Chilsung Nissin Food Ajinomoto Goodman Yakult Hite Uni-President Foster's JT CJ Wilmar Ito KT&G IOI Coca-Cola Amatil ITC Lion Nathan China Mengniu Dairy (X) 자료: 미래에셋증권 리서치센터 추정 Aug MIRAE ASSET RESEARCH 20

21 <Graph 19> Leading AP F&B : Forward 12 month Dividend Yield Lotte Confectionary Lotte Chilsung Tingyi China Mengniu Dairy Yakult JT Kikkoman Wilmar Hite Asahi Ajinomoto CJ Kirin Nippon Meat Nissin Food Ito Nisshin Nong Shim ITC Uni-President IOI KT&G Coca-Cola Amatil Foster's Lion Nathan Goodman (%) 자료: 미래에셋증권 리서치센터 추정 <Graph 20> Leading AP F&B : Forward 12 month EV/EBITDA Nong Shim Ajinomoto Nissin Food Lotte Chilsung Asahi 7.4 Kirin Wilmar Goodman Lotte Confectionary Ito Coca-Cola Amatil KT&G 9.9 JT Yakult Hite Foster's Lion Nathan IOI ITC 11.9 CJ China Mengniu Dairy (X) 자료: 미래에셋증권 리서치센터 추정 Aug MIRAE ASSET RESEARCH 21

22 <Graph 21> Leading AP F&B : PEG Wilmar Hite Uni-President KT&G China Mengniu Dairy Foster's ITC IOI Ajinomoto Coca-Cola Amatil Goodman Ito Lotte Chilsung Nippon Meat Nong Shim Lion Nathan Yakult Kikkoman Kirin Nissin Food CJ JT Tingyi (X) 자료: 미래에셋증권 리서치센터 추정 주: EPS GROWTH = 06~08E EPS CAGR <Graph 22> Leading AP F&B : Forward 12 month PSR Nippon Meat Wilmar Asahi Nisshin Nong Shim Kikkoman Ajinomoto Kirin JT Ito Hite Nissin Food Goodman China Mengniu Dairy Lotte Chilsung CJ Yakult Coca-Cola Amatil Lotte Confectionary Lion Nathan Foster's Uni-President IOI ITC KT&G (X) 자료: 미래에셋증권 리서치센터 추정 Aug MIRAE ASSET RESEARCH 22

23 Korea Aug MIRAE ASSET RESEARCH 23

24 III. Domestic F&B Sector Overview 강세장 속, 방어적 측면보다는 민감도 큰 종목 위주의 상승 움직임 역사적, 상대적 밸류에이션 수준의 점진적 하향 조정 이루어 지고 있음 MSCI Korea 기준 음식료 섹터의 지난 1주간 상대수익률은 1.4%에 그침. 세부 섹터별로는 음 료 섹터가 식료 및 담배 섹터 대비 양호한 수익률을 시현했는데, 이는 롯데칠성과 하이트맥주의 양호한 수익률에서 기인함. 어닝스의 방어적 성격(KT&G, 농심 등)보다는 경기 민감도가 높은 종목(롯데칠성, 하이트맥주 등) 위주로 주가 상승함. 앞서 언급했듯이 한국 F&B 섹터의 밸류에이션은 글로벌 및 AP peer 대비 큰 매력은 없는 상태 임. 다만 역사적으로 보아 밸류에이션상 투자매력이 회복되는 국면이 진행 중인 것으로 판단됨. 즉 historical relative PER이 2004년말 최고점인 1.7x 및 2007년초 고점 1.6x 대비 상당 폭의 조정을 거쳐 현재 1.3x 수준까지 하락했음. 특히 relative EV/EBITDA 기준으로는 1.0x를 하회 하기 시작했음. EPS growth 대비 PER 배수를 기준으로 하이트맥주 및 KT&G의 밸류에이션 매력이 큰 편이고, ROE 수준을 고려한 PBR 배수를 참고한다면 KT&G가 매력적인 투자 대안. <Graph 23> Korea F&B Sector Relative to MSCI Korea by industry (%) Tobacco Food Beverage /01 06/03 06/05 Beverage 06/07 06/09 06/11 07/01 07/03 07/05 07/07 자료: Factset, 미래에셋증권 리서치센터 (2006/01/01=) <Graph 24> Consumer Staple Industry s Last Week Performance by industry (%) Korea Consumer Staples Food Retailing Beverage Food Tobacco Household Products Personal Products 자료: Factset, 미래에셋증권 리서치센터 주: 절대수익률 기준 Aug MIRAE ASSET RESEARCH 24

25 <Graph 25> Winners and Losers of Last Week 롯데칠성 14.8 롯데삼강 하이트맥주 대림수산 오뚜기 동원F&B 진로발효 삼양제넥스 CJ 무학 9.1 삼양사 7.7 KT&G 풀무원 오리온 대상 롯데제과 4.4 빙그레 2.6 농심 매일유업 (%) 자료: Factset Aug MIRAE ASSET RESEARCH 25

26 <Table 5> Korea F&B Comparative Valuation Company Name CODE Wgt MCap Sales Sales G (YoY) OP G(YoY) Net Inc. EPS G (YoY) OP Margin ROE 07E 07E 08E 07E 08E 07E 07E 08E 07E 08E 07E 08E (%) (W bn) (W bn) (%) (%) (%) (%) (W bn) (%) (%) (%) (%) (%) (%) Earnings Summary KT&G , CJ , (28.2) 하이트맥주 롯데제과 , ,310 (55.9) 롯데칠성 , 오리온 , (13.7) (8.0) 농심 , (0.7) 삼양사 , 매일유업 , 오뚜기 대상 , (167.3) 빙그레 , (8.7) (9.6) 삼양제넥스 , (15.5) (17.5) 롯데삼강 , 동원F&B , 풀무원 , 진로발효 (33.2) 무학 대림수산 (4.2) 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 주: 음영 기업은 당사 추정치 기준, 그 외의 기업은 FnGuide 컨센선스 기준 Aug MIRAE ASSET RESEARCH 26

27 <Table 6> Korea F&B Comparative Performance Company Name Price Foreign CHG 12-month Forward Valuation Tr. Tr. Performance Ownership 3Mon PER PSR PEG PBR EV/EBITDA 1W 1M 3M 6M 12M YTD 3Y (Won) (%) (x) (x) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Valuation Summary KT&G 66, (3.3) (5.8) (2.6) CJ 119, (7.8) 하이트맥주 117, (0.5) (7.8) (3.7) (1.7) 49.7 롯데제과 1,600, (6.7) (0.5) (9.1) 롯데칠성 1,470, (3.9) (7.0) 오리온 274, (0.2) (1.7) (12.7) 농심 219, (16.2) (12.5) (14.6) (2.4) (23.0) (5.8) 삼양사 68, (0.3) (8.7) 매일유업 38, (1.8) 오뚜기 153, (1.9) 대상 11, NA (20.0) (5.4) 빙그레 39, (3.0) (6.3) (2.4) (7.7) 80.3 삼양제넥스 102, (1.7) (1.7) (4.7) 롯데삼강 252, 동원F&B 72, (1.4) (8.2) 풀무원 42, (19.0) 진로발효 13, (3.0) (11.5) 무학 6, (2.6) (10.0) 대림수산 26, 자료: Factset, Mpustat, 미래에셋증권 리서치센터 추정 주1: 국외 기업은 I/B/E/S 컨센서스, 국내 기업 중 당사 커버리지 아닌 종목은 FnGuide 컨센서스, 당사 커버리지 종목은 당사 추정치 기준임 주2: : 기간별 Best : 기간별 Worst Aug MIRAE ASSET RESEARCH 27

28 <Graph 26> PER - EPS Growth 30.0 (Fw PER, X) CJ 25.0 롯데제과 오리온 삼양제넥스 롯데칠성 매일유업 빙그레 KT&G 동원F&B 하이트맥주 롯데삼강 10.0 농심 진로발효 풀무원 대림수산 오뚜기 (06~08E EPS CAGR, %) (30.0) (20.0) (10.0) 자료: Fnguide, Mpustat, 미래에셋증권 리서치센터 추정 <Graph 27> Tr.PBR - ROE Map (Tr.PBR, X) 오리온 KT&G CJ 매일유업 진로발효 2.0 하이트맥주 오뚜기 빙그레 롯데칠성 롯데제과 1.5 풀무원 대상 롯데삼강 농심 동원F&B 무학 1.0 삼양제넥스 0.5 삼양사 (07E ROE, %) 자료: Fnguide, Mpustat, 미래에셋증권 리서치센터 추정 <Graph 28> PEG Valuation (X) 삼양사 롯데삼강 오뚜기 동원F&B 풀무원 하이트맥주 KT&G 진로발효 매일유업 롯데칠성 농심 빙그레 CJ 자료: Fnguide, Mpustat, 미래에셋증권 리서치센터 추정 Aug MIRAE ASSET RESEARCH 28

29 Historical high 04/12월 1.7x 및 연초 1.6x 대비 30% 하향 조정된 relative PER <Graph 29> Korean F&B s Historical Relative PER (relative PEx) /01 02/01 03/01 04/01 05/01 06/01 07/01 자료: 미래에셋증권 리서치센터 추정 (주: Benchmark는 KOSPI) PBR은 여전히 시장 대비 약 22% 프리미엄 상태 <Graph 30> Korean F&B s Historical Relative PBR (relative PBx) /01 02/01 03/01 04/01 05/01 06/01 07/01 자료: 미래에셋증권 리서치센터 추정(주: Benchmark는 KOSPI) 상대 EV/EBITDA는 2005년 이래 최초로 1.0x 미만으로 하락 <Graph 31> Korean F&B s Historical Relative EV/EBITDA (relative EV/EBITDAx) /01 02/01 03/01 04/01 05/01 06/01 07/01 Aug MIRAE ASSET RESEARCH 29

30 자료: 미래에셋증권 리서치센터 추정(주: Benchmark는 KOSPI) Appendix: Company Profiles Aug MIRAE ASSET RESEARCH 30

31 Altria Group Inc. (MO-US) MO-US 02209S NYSE Common stock Headqrters New York New York USA Price Range PChg Val (M) Beta Web Site , Industry Tobacco (2430) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 76.6 % Insider Hldgs 0.2 % Q Earnings Release 17-Oct :00AM (EST) Ratios Relative Strength vs. S&P 500 Stock Index Latest 3 Yr Avg 5 Yr Avg 114 Gross Margin EBITD Margin Net Margin R&D%Sales ROA ROE Debt%Equity Payout Ratio Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 70,324 68,922 63,963 60,704 62,182 72,944 Revenue Growth (2.4) (14.8) 15.3 Cost of Goods Sold * 37,485 36,736 33,976 31,879 32,658 34,281 Gross Margin Operating Income 18,088 17,474 16,322 16,223 17,242 16,303 Operating Margin Interest Expense 1,331 1,556 1,417 1,367 1,424 1,659 Pretax Income 16,536 15,435 14,004 14,760 18,098 14,284 Tax Rate Net Income before Extraordinary Items 12,022 10,668 9,420 9,204 11,102 8,566 Net Income Growth (17.1) Net Margin EPS excl Extraordinary Items EPS Growth (13.2) Shares Outstanding 2, , , , , ,868.1 Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 26,152 25,781 25,901 21,382 17,441 17,275 Total Assets 104, , ,648 96,175 87,540 84,968 Current Liabilities 25,427 26,158 23,574 21,393 19,082 20,653 Long-Term Debt 14,498 17,868 18,683 21,163 21,355 18,651 Total Debt 18,699 24,134 22,980 24,539 23,320 22,102 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Altria Group Inc. (MO-US) , British American Tobacco p.l.c. (BATS-GB) , Reynolds American Inc. (RAI-US) , Altadis, S.A. (ALT-ES) , Altria Group Inc. (MO-US) Altria Group, Inc..is the parent company of Philip Morris International, Philip Morris USA and Philip Morris Capital Corporation, and is one of the world's largest tobacco corporations.. Philip Morris USA Inc manufactures and markets cigarettes in the United States. Philip Morris International Inc manufactures and markets cigarettes internationally. The major brands include Marlboro, Philip Morris, Parliament, Virginia Slims and others. In addition, Altria Group has a 28.6% economic and voting interest in SABMiller, plc, as a result of the 2002 Miller Brewing Company merger into South African Breweries plc, which formed SABMiller plc, the world's second-largest brewer. In March 2007, all shares of Kraft Foods Inc. owned by Altria were spun-off to Altria's shareholders and as a result, Altria no longer holds any interest in Kraft Foods. Aug MIRAE ASSET RESEARCH 31

32 Anheuser-Busch Cos. Inc. (BUD-US) BUD-US NYSE Common stock Headqrters St Louis Missouri USA Price Range PChg Val (M) Beta Web Site , Industry Beverages: Alcoholic (2425) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 64.4 % Insider Hldgs 1.0 % Conference Presentation 06-Sep :00AM (EST) Ratios Relative Strength vs. S&P 500 Stock Index Latest 3 Yr Avg 5 Yr Avg 104 Gross Margin EBITD Margin Net Margin R&D%Sales ROA ROE Debt%Equity Payout Ratio Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 15,717 15,036 14,934 14,147 13,566 12,912 Revenue Growth Cost of Goods Sold * 10,165 9,580 8,983 8,449 8,131 7,950 Gross Margin Operating Income 2,720 2,726 3,361 3,199 2,980 2,705 Operating Margin Interest Expense Pretax Income 2,277 2,192 2,999 2,824 2,624 2,378 Tax Rate Net Income before Extraordinary Items 1,965 1,839 2,240 2,076 1,934 1,705 Net Income Growth 6.9 (17.9) Net Margin EPS excl Extraordinary Items EPS Growth 7.7 (15.2) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 1,830 1,759 1,818 1,630 1,505 1,550 Total Assets 16,377 16,555 16,173 14,690 14,120 13,945 Current Liabilities 2,246 1,983 1,969 1,857 1,788 1,737 Long-Term Debt 7,654 7,972 8,279 7,285 6,603 5,984 Total Debt 7,654 7,972 8,279 7,285 6,603 5,984 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Anheuser-Busch Cos. Inc. (BUD-US) , SABMiller plc (SAB-GB) , Heineken N.V. (HEIA-NL) , Molson Coors Brewing Company (TAP-US) , Anheuser-Busch Cos. Inc. (BUD-US) Anheuser-Busch Companies, Inc.. Anheuser-Busch Companies, Inc. (ABC) is the holding company of Anheuser-Busch, Incorporated (ABI), a beer brewer, and is also the parent corporation to a number of subsidiaries that conduct various other business operations. ABC's operations comprise four segments: domestic beer, international beer, packaging, and entertainment. The Group's principal activities are categorized into five business segments. The Domestic beer segment consists of the Group's United States beer manufacturing and wholesale operations. The International beer segment consists of the Group's export sales and overseas beer production and marketing operations. The Entertainment segment consists of the Group's SeaWorld, Busch Gardens and other adventure park operations. The Packaging segment is comprised of the Group's aluminum beverage can and lid manufacturing, aluminum recycling, label printing, crown and closure liner material manufacturing and glass manufacturing operations. The Other segment is comprised of the Group's real estate development, transportation and communications businesses. Aug MIRAE ASSET RESEARCH 32

33 Archer Daniels Midland Co. (ADM-US) ADM-US NYSE Common stock Headqrters Decatur Illinois USA Price Range PChg Val (M) Beta Web Site , Industry Agricultural Commodities/Milling (2225) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 67.3 % Insider Hldgs 3.7 % Q Earnings Release (Proje 30-Oct :00AM Ratios Relati ve Strength vs. S&P 500 Stock Index Latest 3 Yr Avg 5 Yr Avg 190 Gross Margin EBITD Margin Net Margin R&D%Sales ROA ROE Debt%Equity Payout Ratio Income Statement Summary (Millions) 6/07 6/06 6/05 6/04 6/03 6/02 Net Sales 44,018 36,596 35,944 36,151 30,708 23,454 Revenue Growth (0.6) Cost of Goods Sold * 40,781 33,554 33,470 33,952 28,968 21,687 Gross Margin Operating Income 2,042 1,869 1,393 1, Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (11.7) 33.3 Net Margin EPS excl Extraordinary Items EPS Growth Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 6/07 6/06 6/05 6/04 6/03 6/02 Current Assets 11,826 9,711 10,339 8,422 7,363 Total Assets 21,269 18,598 19,369 17,183 15,416 Current Liabilities 6,165 5,367 6,750 5,147 4,719 Long-Term Debt 4,050 3,530 3,740 3,872 3,111 Total Debt 4,680 4,179 5,671 5,183 4,385 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Archer Daniels Midland Co. (ADM-US) , Bunge Limited (BG-US) , Corn Products International, Inc. (CPO-US) , Cargill, Incorporated (Private) Archer Daniels Midland Co. (ADM-US) Archer-Daniels-Midland Co. The Group's principal activities are to procure, transport, store, process and merchandise of agricultural commodities and products. The Group operates in four segments: Oilseeds Processing, Corn Processing, Agricultural Services and Other segment. The Oilseeds Processing segment processes oilseeds into vegetable oils and meals principally for the food and feed industries. The Corn Processing segment is engaged in wet milling and dry milling corn operations. The Agricultural Services segment utilizes the Company's extensive grain elevator and transportation network to buy, store, clean and transport agricultural commodities. In June 2007, it announced that it has entered into an agreement to acquire the business operations of Fasco Mills Company, headquartered in Mendota, Illinois is a family-owned grain and feed company operating one of the largest networks of grain elevators and rail shipping terminals in Illinois. Aug MIRAE ASSET RESEARCH 33

34 Ajinomoto Co. Inc. (2802) Tokyo Common stock Headqrters Chuo-Ku Tokyo Japan Price Range PChg Val (M) Beta Web Site , Industry Food: Specialty/Candy (2410) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 10.9 % Insider Hldgs 19.6 % Interim 2007 Earnings Release 09-Nov :00AM (EST) EPS Estimates Relative Strength vs. Japan 110 3/08 3/09 3/ Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Income Statement Summary (Billions) 3/07 3/06 3/05 3/04 3/03 3/02 Net Sales 1,159 1,107 1,073 1, Revenue Growth Cost of Goods Sold * Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (13.4) (22.1) Net Margin EPS excl Extraordinary Items EPS Growth (12.9) (22.0) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Billions) & Ratios 3/07 3/06 3/05 3/04 3/03 3/02 Current Assets Total Assets 1, Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Ajinomoto Co. Inc. (2802) , Archer Daniels Midland Company (ADM-US) 3, ,494, McCormick & Company, Incorporated (MKC-US) 4, , The Nisshin OilliO Group, Ltd. (2602) , Ajinomoto Co. Inc. (2802) Ajinomoto Company Incorporated. The Group's principal activities are the manufacture of seasonings, edible oil and other food and beverage products. The operations are carried out through the following divisions: Domestic food; Overseas food products; Amino acids; Pharmaceuticals and Other. Domestic food products and Overseas food products include Ajinomoto and other seasonings, edible oils, processed food, beverages, daily products. The company also provides amino acids, such as nucleotides, feed-use amino acids, amino acids for pharmaceuticals and foods, pharmaceutical fine chemicals, aspartame, and specialty chemicals. In addition, Ajinomoto Co. offers pharmaceuticals and medical foods for infusions, clinical nutrition, and dialysis/gastrointestinal diseases. It also provides packaging materials, and distribution and other services including distribution, engineering and packing. In July 2007, it announced plans to introduce Capsiate Natura, a capsinoid dietary supplement, into the United States market. Aug MIRAE ASSET RESEARCH 34

35 Asahi Breweries Ltd. (2502) Tokyo Common stock Headqrters Sumida-Ku Tokyo Japan Price Range PChg Val (M) Beta Web Site , Industry Beverages: Alcoholic (2425) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 19.8 % Insider Hldgs 25.7 % Q Earnings Release (Proje 30-Oct :00AM EPS Estimates Relati ve Strength vs. Japan /07 12/08 12/09 Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Income Statement Summary (Billions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 1,446 1,430 1,444 1,400 1,375 1,433 Revenue Growth 1.1 (1.0) (4.1) 2.4 Cost of Goods Sold * ,009 Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth Net Margin EPS excl Extraordinary Items EPS Growth Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Billions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets Total Assets 1,269 1,199 1,221 1,206 1,247 1,297 Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Asahi Breweries Ltd. (2502) , Kirin Holdings Company, Limited (2503) 1, ,514, Sapporo Holdings Limited (2501) , Suntory Ltd. (Private) Asahi Breweries Ltd. (2502) Asahi Breweries Limited. The Group's principal activity is the brewing of beer and production of other alcoholics such as wine and spirits. The Group is also engaged in the production of soft drinks, foods and pharmaceuticals primarily in Japan, Europe, Asia, and the United States. It offers various alcoholic beverage products, including beer under Asahi Super Dry brand and happoshu under Asahi Honnama brand, as well as provides shochu, fruit wine, beer-taste, low-alcoholic beverages, ready to drink beverages, whisky and spirits, and wines under Asahi Shinnama 3, Asahi Gubinama, and Asahi Gokuuma brand names. The company s soft drink products comprise canned coffee, tea-based beverages, carbonated drinks, and other soft drinks. Its food and healthcare products consist of milk powder for infants and commercial use, baby food, skincare products, breath mint tablets, snack bars, quasi-drug made from brewer s yeast, and supplement tablets. Other activities include real estate business, operation of restaurants, wholesale of distribution and logistics. The operations are carried out through the following divisions: Alcoholic drinks; Soft drinks; Foods and Pharmaceuticals and Other. Aug MIRAE ASSET RESEARCH 35

36 British American Tobacco PLC (BATS-GB) BATS-GB London Common stock Headqrters London UK Price Range PChg Val (M) Beta Web Site , Industry Tobacco (2430) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 50.8 % Insider Hldgs 31.0 % Q Earnings Release 01-Nov :00AM (EST) EPS Estimates Relati ve Strength vs. Utd Kingdom 12/07 12/08 12/ Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 9,762 9,325 10,764 10,570 10,600 11,371 Revenue Growth 4.7 (13.4) 1.8 (0.3) (6.8) 4.2 Cost of Goods Sold * 4,699 4,543 8,811 8,388 8,459 9,161 Gross Margin Operating Income 2,696 2,489 1,886 2,109 2,079 2,151 Operating Margin Interest Expense Pretax Income 2,320 2,167 1,745 1,496 1,996 1,946 Tax Rate Net Income before Extraordinary Items 1,896 1,771 1, ,152 1,010 Net Income Growth (45.2) Net Margin EPS excl Extraordinary Items EPS Growth (47.1) Shares Outstanding 2, , , , , ,179.4 Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 5,391 5,904 5,740 7,137 6,247 6,824 Total Assets 17,503 18,757 17,625 18,710 16,079 17,070 Current Liabilities 4,453 5,836 4,800 6,454 4,716 5,833 Long-Term Debt 5,568 5,054 5,955 6,089 4,618 4,642 Total Debt 6,626 7,256 7,097 7,610 5,314 6,150 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity British American Tobacco PLC (BATS-GB) , Japan Tobacco Inc. (2914) 2, , Gallaher Group Plc (Private) Philip Morris International Inc. (Private) British American Tobacco PLC (BATS-GB) British American Tobacco p.l.c. is the second largest listed tobacco company in the world. The Group's principal activity is manufacturing, marketing and selling cigarettes and other tobacco products. The Group's operations are carried out through 689 billion cigarettes through 52 cigarette factories in 44 countries and have four separate factories in four countries manufacturing cigars, roll-your-own and pipe tobacco. Product brands include Kent, Dunhill, Lucky Strike, Pall Mall, Vogue, Viceroy, Rothmans, Kool, Benson & Hedges, State Express 555, Peter Stuyvesant, Jockey Club, Derby, Winfield, Star Filter, Hollywood, Free, du Maurier, Players, Matinee, MS, Sax, Boots, Raleigh, Montana, Wills Gold Flake, Parisienne, Belmont, Consul, Carlton and John Player Gold Leaf. The Group operates in the United Kingdom, Belgium, Cyprus, the Czech Republic, Finland, France, Germany, Greece, Hungary, Italy, the Netherlands, Poland, the United States of America, Russia, Serbia, Spain, Switzerland, Ukraine, Uzbekistan, Canada and Japan. In 2003, BAT acquired Ente Tabacchi Italiani (ETI) S.p.A, Italy's state tobacco company, which would bring significant opportunities to compete and grow ETI's local brands and BAT's international brands. Aug MIRAE ASSET RESEARCH 36

37 Coca-Cola Co. (KO-US) KO-US NYSE Common stock Headqrters Atlanta Georgia USA Price Range PChg Val (M) Beta Web Site , Industry Beverages: Non-Alcoholic (2420) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 66.9 % Insider Hldgs 5.1 % Conference Presentation 06-Sep :00PM (EST) Ratios Relative Strength vs. S&P 500 Stock Index Latest 3 Yr Avg 5 Yr Avg 104 Gross Margin EBITD Margin Net Margin R&D%Sales ROA ROE Debt%Equity Payout Ratio Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 24,088 23,104 21,962 21,044 19,564 20,092 Revenue Growth (2.6) (1.8) Cost of Goods Sold * 8,160 8,242 7,638 7,814 7,105 6,044 Gross Margin Operating Income 6,497 6,123 6,103 5,730 5,458 5,352 Operating Margin Interest Expense Pretax Income 6,476 6,006 5,601 5,089 5,115 5,518 Tax Rate Net Income before Extraordinary Items 5,080 4,872 4,847 4,347 3,417 3,979 Net Income Growth (14.1) 82.8 Net Margin EPS excl Extraordinary Items EPS Growth (13.7) 81.8 Shares Outstanding 2, , , , , ,486.2 Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 8,441 10,250 12,094 8,396 7,352 7,171 Total Assets 29,795 29,235 31,003 26,896 24,143 22,005 Current Liabilities 8,890 9,836 10,971 7,886 7,341 8,429 Long-Term Debt 1,314 1,154 1,157 2,517 2,701 1,219 Total Debt 4,582 5,700 7,178 5,423 5,356 5,118 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Coca-Cola Co. (KO-US) , Nestlé S.A. (NESN-CH) , PepsiCo, Inc. (PEP-US) , Cadbury Schweppes plc (CBRY-GB) , Coca-Cola Co. (KO-US) Coca-Cola Company (The). The Group's principal activity is to manufacture, distribute and market nonalcoholic beverage concentrates and syrups. The products of the Group include carbonated soft drinks and also various kinds of non carbonated beverages. The Group sells these beverages, concentrates and syrups to bottling and canning operations, distributors, fountain wholesalers and retailers. The other products marketed and distributed by the Group include juice drinks, sports drinks, water products, teas, coffees and other beverage products. The Group also has ownership interests in various canning and bottling operations. The operations of the Group are conducted in the United States, Europe, Eurasia, Middle East, Africa, Latin America and Asia. Its brands are Diet Coke, Fanta and Sprite. The Group acquired Kerry Beverages Limited, Apollinaris GmbH in September 2006 and TJC Holdings (Pty) Ltd in January On May 25, 2007, Coca-Cola announced it would purchase Glaceau, a maker of flavored vitaminenhanced drinks, flavored waters, and energy drinks, for $4.1 billion in cash. Aug MIRAE ASSET RESEARCH 37

38 Campbell Soup Co. (CPB-US) CPB-US NYSE Common stock Headqrters Camden New Jersey USA Price Range PChg Val (M) Beta Web Site , Industry Food: Major Diversified (2405) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 42.7 % Insider Hldgs 39.5 % Q Earnings Release (Proje 06-Sep :00AM (EST) Ratios Relati ve Strength vs. S&P 500 Stock Index Latest 3 Yr Avg 5 Yr Avg 120 Gross Margin EBITD Margin Net Margin R&D%Sales ROA ROE Debt%Equity Payout Ratio Income Statement Summary (Millions) 7/06 7/05 7/04 7/03 7/02 7/01 Net Sales 7,343 7,548 7,109 6,678 6,133 6,664 Revenue Growth (2.7) (8.0) 6.3 Cost of Goods Sold * 4,268 4,493 4,187 3,806 3,502 3,198 Gross Margin Operating Income 1,153 1,204 1,132 1,141 1,023 1,230 Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (19.1) (9.1) Net Margin EPS excl Extraordinary Items EPS Growth (2.7) (11.9) (4.4) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 7/06 7/05 7/04 7/03 7/02 7/01 Current Assets 2,112 1,512 1,481 1,290 1,199 1,221 Total Assets 7,869 6,770 6,675 6,205 5,721 5,927 Current Liabilities 2,962 2,002 2,339 2,783 2,678 3,120 Long-Term Debt 2,116 2,542 2,543 2,249 2,449 2,243 Total Debt 3,213 2,993 3,353 3,528 3,645 4,049 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Campbell Soup Co. (CPB-US) , Kraft Foods Inc. (KFT-US) , General Mills, Inc. (GIS-US) , H. J. Heinz Company (HNZ-US) , Campbell Soup Co. (CPB-US) Campbell Soup Company. The Group's principal activity is to manufacture and market soups, juice beverages, sauces, biscuits and confectionery products through four segments. The U.S. Soup, Sauces and Beverages segment comprises condensed and ready-to-serve soups; Swanson broth and canned poultry; Prego pasta sauce; Pace Mexican sauce; Campbell's Chunkychili; Campbell's canned pasta, gravies and beans; Campbell's Supper Bakes meal kits; V8 vegetable juice; V8 Splash juice beverages; and Campbell's tomato juice. The Baking and Snacking segment includes Pepperidge Farm cookies, crackers, bakery and frozen products in U.S. retail; Arnott's biscuits in Australia and Asia Pacific. The International segment consists of operations outside of North America. Other includes Godiva Chocolatier worldwide. Wal-Mart Stores is the largest customer of the Group. The trademarks of the Group include Campbell's, Liebig, Pepperidge Farm, V8 Splash, Prego, Swanson, Franco-American, Bla Band and McDonnells. Campbell Soup Co. may sell its Godiva chocolate brand in 2007 to focus on increasing global sales of healthier soups, snacks and beverages. Aug MIRAE ASSET RESEARCH 38

39 ConAgra Foods Inc. (CAG-US) CAG-US NYSE Common stock Headqrters Omaha Nebraska USA Price Range PChg Val (M) Beta Web Site , Industry Food: Major Diversified (2405) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 73.7 % Insider Hldgs 0.2 % Q Earnings Release (Proje 21-Sep :00AM Ratios Relati ve Strength vs. S&P 500 Stock Index Latest 3 Yr Avg 5 Yr Avg 110 Gross Margin EBITD Margin Net Margin R&D%Sales ROA ROE Debt%Equity Payout Ratio Income Statement Summary (Millions) 5/07 5/06 5/05 5/04 5/03 5/02 Net Sales 12,028 11,579 14,567 14,522 19,839 27,630 Revenue Growth 3.9 (20.5) 0.3 (26.8) (28.2) 1.6 Cost of Goods Sold * 8,844 8,723 11,465 11,326 16,016 23,537 Gross Margin Operating Income 1,300 1,182 1,372 1,387 1,515 1,670 Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth 14.7 (10.1) (16.7) (5.2) Net Margin EPS excl Extraordinary Items EPS Growth (38.0) (2.1) 7.4 (12.9) 15.7 Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 5/07 5/06 5/05 5/04 5/03 5/02 Current Assets 5,006 4,790 4,524 5,145 6,060 6,434 Total Assets 11,836 11,970 12,792 14,230 15,071 15,496 Current Liabilities 2,681 2,965 2,389 3,002 3,803 4,313 Long-Term Debt 3,420 3,155 4,349 5,281 5,395 5,919 Total Debt 3,460 3,586 4,475 5,694 5,931 6,159 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity ConAgra Foods Inc. (CAG-US) , Nestlé S.A. (NESN-CH) , Kraft Foods Inc. (KFT-US) , Unilever (Private) ConAgra Foods Inc. (CAG-US) Conagra Foods, Inc.. The Group's principal activities are to manufacture and market processed and packaged foods. It operates in four segments. The Consumer Foods segment includes branded, private label and customized food products which are sold in various retail and foodservice channels. The products include a variety of categories across frozen, refrigerated and shelf-stable temperature classes. The Food and Ingredients segment includes commercially branded foods and ingredients, which are sold principally to foodservice, food manufacturing and industrial customers. The Trading and Merchandising segment includes the sourcing, merchandising, trading, marketing and distribution of agricultural and energy commodities. The International Foods segment includes branded food products which are sold principally in retail channels in North America, Europe and Asia. The primary products include specialty potato products, milled grain ingredients, dehydrated vegetables and seasoning. On July 23, 2007, the company announced that it has acquired New York-based Alexia Foods Inc., a privately held natural food company. Aug MIRAE ASSET RESEARCH 39

40 CJ Corp. ( KR) Headqrters Korea (South) Price (000) Range (000) PChg Val (M) Beta Web Site ,688, Industry Food: Major Diversified (2405) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 6.0 % Insider Hldgs 42.7 % EPS Estimates 12/07 12/08 12/09 Mean 3, , , High 6, , , Low 2, , , Exp EPS Chg Mo Revision Mo Revision Forward P/E Relative Strength vs. Korea Income Statement Summary (Billions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 6,261 5,377 5,587 4,705 5,456 4,509 Revenue Growth 16.4 (3.7) 18.7 (13.8) Cost of Goods Sold * 4,036 3,497 3,707 3,444 4,304 3,245 Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth 6.8 (12.3) (11.5) Net Margin EPS excl Extraordinary Items 4,697 4,473 5,229 7,128 5,419 4,780 EPS Growth 5.0 (14.5) (26.6) Shares Outstanding Dividends per Share 1,500 1,500 1,650 1,750 1, Payout Ratio Balance Sheet (Billions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 2,725 2,408 1,649 1,542 1,369 1,540 Total Assets 7,174 5,976 5,138 4,385 4,308 4,448 Current Liabilities 3,278 2,311 2,123 1,666 1,826 2,289 Long-Term Debt 1,347 1, Total Debt 3,111 2,097 1,580 1,480 1,539 2,084 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity CJ Corp. ( KR) ,688, Nestlé S.A. (NESN-CH) 390, ,788, Kraft Foods Inc. (KFT-US) 30, ,659, Hitachi, Ltd. (6501) 6, ,652, CJ Corp. ( KR) CJ Corporation(CJ). The company engages in entertainment media, home shopping & logistics, traditional food & food service, and pharmaceutical businesses in Korea. The group operates in four divisions: Foods & Bio, Logistics, ecem, and the Synergy Group. In the Food and Bio division, the food operations comprise flour milling, and manufacture of cooking oil, frozen foods and other processed foods, such as Lunch Pop Spaghetti and fresh noodles and Dashida (a seasoning) and Hetbahn (steamed rice). The group s flour products are marketed under the brand name of Baeksul. Its biotechnology and pharmaceutical products include lysine for animal feed, nucleotide and monosodium glutamate, finished medicines, bulk pharmaceuticals, and amino acids. Its home and personal care products comprise Beat, a detergent, and Dr. Sedoc, toothpaste. The group also operated a chain of bakery, (Tous Les Jours) and operated 280 franchise shops, as of December 31, The logistics division provides logistics and door-to-door delivery services. The ecem division s activities comprise cyber trading, movie production and distribution, Internet service provision, and digital content distribution; and the operation of CGV, the movie multiplex chain; home shopping cable channel, m.net the music cable channel, and channel F, the cooking channel. The Synergy Group operations company to improve corporate governance, the latest step by South Korean family-run conglomerates to raise their management transparency. Aug MIRAE ASSET RESEARCH 40

41 Coca-Cola Amatil Ltd. (CCL-AU) CCL-AU ASX National Common stock Headqrters Sydney New South Wales Australia Price Range PChg Val (M) Beta Web Site , Industry Beverages: Non-Alcoholic (2420) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 33.6 % Insider Hldgs 32.2 % Interim 2007 Earnings Release 09-Aug :00AM (EST) EPS Estimates 12/07 12/08 12/09 Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Relati ve Strength vs. Australia Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 4,322 3,988 3,450 3,357 3,433 3,675 Revenue Growth (2.2) (6.6) (12.5) Cost of Goods Sold * 2,468 2,308 1,866 1,936 2,023 2,181 Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (11.9) (7.3) (53.2) Net Margin EPS excl Extraordinary Items EPS Growth (12.9) (8.2) (45.9) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 1,853 1,707 1,270 1,244 1,355 1,428 Total Assets 5,395 5,246 5,866 5,745 5,910 6,325 Current Liabilities 1,354 1,553 1,262 1,264 1,226 1,707 Long-Term Debt 2,148 1,749 1,366 1,435 1,335 1,443 Total Debt 2,515 2,301 1,817 1,840 1,795 2,515 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Coca-Cola Amatil Ltd. (CCL-AU) , Nestlé S.A. (NESN-CH) , PepsiCo, Inc. (PEP-US) , Cadbury Schweppes plc (CBRY-GB) , Coca-Cola Amatil Ltd. (CCL-AU) Coca-Cola Amatil Limited. The Group's principal activities are venturing in two business segments Beverage and Food. The Beverage segment is manufacturing, distributing and marketing carbonated soft drinks, still and mineral waters, fruit juices and other alcohol-free beverages; including the Grinders Coffee business, Grinders roasts, grinds, packs and sells coffee and provides coffee equipment and related services. The Food segment is processing and marketing fruits, vegetables and other food products. It operates in Australia, New Zealand, Papua New Guinea, Fiji, South Korea and Indonesia. The company was founded in 1904 as British Tobacco Company (Australia) Limited and changed its name to Amatil Limited in Further, the company changed its name to Coca-Cola Amatil Limited in In 2006, it made a joint venture known as Pacific Beverages Pty Ltd. with SABMiller plc to sell and distribute imported premium beer in Australia. The company also entered into an exclusive agreement through its joint venture company to sell and distribute the premium spirits portfolio of global premium spirits distributor Maxxium, which includes brands such as ABSOLUT VODKA, Jim Beam and Remy Martin. In July 2007, Coca-Cola Co.reportedly agreed to take part in LG Household & Health Care's acquisition of the South Korean bottling arm of Coca-Cola Amatil Ltd. Aug MIRAE ASSET RESEARCH 41

42 China Mengniu Dairy Co. Ltd. (2319-HK) 2319-HK B01B1L9 Hong Kong Common stock Headqrters Hong Kong Price Range PChg Val (M) Beta Web Site , Industry Food: Meat/Fish/Dairy (2415) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 41.6 % Insider Hldgs 25.2 % Interim 2007 Earnings Release (P 06-Sep :00AM (EST) EPS Estimates Relati ve Strength vs. Hong Kong 12/07 12/08 12/ Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 Net Sales 15,861 10,289 6,787 3,830 Revenue Growth Cost of Goods Sold * 12,228 7,995 5,276 2,865 Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth Net Margin EPS excl Extraordinary Items EPS Growth Shares Outstanding 1, , , ,000.0 Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 2,931 2,405 1, Total Assets 7,736 5,849 4,470 2,216 Current Liabilities 3,180 2,445 1,888 1,015 Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity China Mengniu Dairy Co. Ltd. (2319-HK) , Inner Mongolia Yili Industrial Group Company Limited ( , Shanghai Bright Dairy & Food Co., Ltd. ( CN) , China Mengniu Dairy Co. Ltd. (2319-HK) China Mengniu Dairy Company Limited. The Group's principal activities are the manufacturing and distribution of processed UHT milk, milk related drinks and yogurt products. Other activities include manufacturing and distribution of ice cream and other dairy products and investment holding. Its products are distributed in China, Hong Kong and Macau. The company operates in three segments: the liquid milk products segment, which manufactures and distributes processed UHT milk, milk beverages and yogurt; the ice cream products segment, which manufactures and distributes ice cream products, and the other dairy products segment, which manufactures and distributes processed milk powder and milk tablets products. At the end of 2006, it formed a joint venture with Danone Group to manufacture, develop, distribute and sell yogurt products. Aug MIRAE ASSET RESEARCH 42

43 Foster's Group Ltd. (FGL-AU) FGL-AU ASX National Common stock Headqrters Southbank Victoria Australia Price Range PChg Val (M) Beta Web Site , Industry Beverages: Alcoholic (2425) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 40.7 % Insider Hldgs 0.4 % FY 2007 Earnings Call 27-Aug :00PM EPS Estimates Relative Strength vs. Australia 105 6/07 6/08 6/09 Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Income Statement Summary (Millions) 6/06 6/05 6/04 6/03 6/02 6/01 Net Sales 4,908 3,972 3,908 4,732 4,572 4,177 Revenue Growth (17.4) Cost of Goods Sold * 2,757 1,991 1,985 2,387 2,269 2,113 Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (17.5) Net Margin EPS excl Extraordinary Items EPS Growth (18.6) Shares Outstanding 2, , , , , ,994.8 Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 6/06 6/05 6/04 6/03 6/02 6/01 Current Assets 2,861 3,336 2,512 3,001 2,641 2,231 Total Assets 10,013 11,380 8,056 9,341 9,202 8,876 Current Liabilities 1,573 1,866 2,060 2,271 1,697 1,426 Long-Term Debt 3,468 4,432 1,260 2,234 3,148 3,716 Total Debt 3,941 5,029 2,372 3,005 3,385 4,081 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Foster's Group Ltd. (FGL-AU) , Anheuser-Busch Companies, Inc. (BUD-US) , Constellation Brands, Inc. (STZ-US) , E. & J. Gallo Winery (Private) Foster's Group Ltd. (FGL-AU) Foster's Group Limited. Foster's Group is a premium global multi-beverage company delivering a total portfolio of beer, wine, spirits, cider and non-alcohol beverages. The Group's principal activities are producing and marketing alcoholic beverages. Major brands include Foster's Lager, Victoria Bitter, Crown Lager, Beringer, Lindemans, Wolf Blass, Penfolds, Rosemount, Matua Valley, Wynns Coonawarrra Estate and Castello di Gabbiano,The Black Douglas scotch, SKYY vodka and Cougar Bourbon. Foster's Group acquired the Australian wine-making group Southcorp in 2005 and added famous brands such as Penfolds, Lindemans and Rosemount to the Foster's revenues. In June 2007, Foster's Group Ltd. and Miller Brewing Company struck a licensing deal for Miller to produce Foster's Lager in the US, starting in November. Aug MIRAE ASSET RESEARCH 43

44 General Mills Inc. (GIS-US) GIS-US NYSE Common stock Headqrters Minneapolis Minnesota USA Price Range PChg Val (M) Beta Web Site , Industry Food: Major Diversified (2405) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 78.4 % Insider Hldgs 0.5 % Q Earnings Release (Proje 20-Sep :00AM (EST) Ratios Relati ve Strength vs. S&P 500 Stock Index Latest 3 Yr Avg 5 Yr Avg 108 Gross Margin EBITD Margin Net Margin R&D%Sales ROA ROE Debt%Equity Payout Ratio Income Statement Summary (Millions) 5/07 5/06 5/05 5/04 5/03 5/02 Net Sales 12,442 11,640 11,244 11,070 10,506 7,949 Revenue Growth Cost of Goods Sold * 7,955 6,966 6,816 6,584 6,109 4,767 Gross Margin Operating Income 2,097 1,996 2,010 2,079 1,995 1,273 Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth 5.0 (12.1) (30.7) Net Margin EPS excl Extraordinary Items EPS Growth (6.6) (18.2) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 5/07 5/06 5/05 5/04 5/03 5/02 Current Assets 3,054 3,176 3,055 3,215 3,179 3,437 Total Assets 18,184 18,207 18,066 18,448 18,227 16,540 Current Liabilities 5,845 6,138 4,184 2,757 3,444 5,747 Long-Term Debt 3,218 2,415 4,255 7,410 7,516 5,591 Total Debt 6,206 6,049 6,192 8,226 8,857 9,439 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity General Mills Inc. (GIS-US) , Kraft Foods Inc. (KFT-US) , Groupe Danone (BN-FR) , Kellogg Company (K-US) , General Mills Inc. (GIS-US) General Mills, Inc.. The Group's principal activity is to produce and market packaged consumer food products. The food products include cereals, desserts, flour and baking mixes, dinner and side dish products and organic products. It operates in three segments. U.S. Retail segment markets retail products primarily through its own sales organization, supported by advertising and other promotional activities. Bakeries and Foodservice segment markets mixes and unbaked, par-baked and fully baked frozen dough products to retail, supermarket and wholesale bakeries. International businesses segment consist of operations and sales in Canada, Latin America, Europe and the Asia/Pacific region. It also markets its products to foodservice operators, convenience stores and vending operators. The Group's brand names include Cheerois, Wheaties, Lucky Charms, Chex and Pillsbury. Among the Häagen-Dazs joint ventures in Asia, the largest is with Suntory and Takanashi Dairy in Japan. The company formed the Cereal Partners Worldwide (CPW) joint venture with Nestlé to focus on the global breakfast cereal category outside North America. In late 2004, the company transitioned its entire breakfast cereal line to whole grain due to scientific research showing the positive impact consuming whole grains has on individuals' health. Aug MIRAE ASSET RESEARCH 44

45 Groupe Danone (BN-FR) BN-FR B1Y9TB3 Euronext France Common stock Headqrters Paris France Price Range PChg Val (M) Beta Web Site , Industry Food: Major Diversified (2405) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 42.9 % Insider Hldgs 17.0 % Q Sales and Revenue Rele 17-Oct :00AM (EST) EPS Estimates Relative Strength vs. France /07 12/08 12/ Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 14,073 13,024 13,700 13,131 13,555 14,470 Revenue Growth 8.1 (4.9) 4.3 (3.1) (6.3) 1.3 Cost of Goods Sold * 7,214 6,644 6,439 6,105 6,586 7,345 Gross Margin Operating Income 1,941 1,772 1,705 1,604 1,590 1,609 Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (62.2) (34.6) (81.7) Net Margin EPS excl Extraordinary Items EPS Growth (6.4) (61.8) (32.3) (81.5) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 6,154 6,118 4,627 4,323 5,899 4,122 Total Assets 16,513 16,475 13,201 14,305 15,490 17,095 Current Liabilities 4,248 4,560 3,613 3,986 4,818 4,067 Long-Term Debt 5,705 5,692 3,614 4,171 4,092 5,425 Total Debt 6,121 6,561 4,051 5,036 5,638 5,936 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Groupe Danone (BN-FR) , Nestlé S.A. (NESN-CH) , The Coca-Cola Company (KO-US) , Kraft Foods Inc. (KFT-US) , Groupe Danone (BN-FR) Danone. The Group's principal activity is to produce and sell alimentary products. The Group operates under three major segments, Dairy products, Beverages and Biscuits,. Under Dairy products, the Group offers yoghurt, low fat and bio products. Under Beverages, the Group offers drinking water and beer. Under Biscuits, the Group offers cereal biscuits, sweet calorie biscuits and snacks. The Group also offers other food products such as sauce and pastes. The Group operates mainly in Europe and Asia.Witha viewto achieving leadership in the global sectors, in 1997, Group DANONE decided to restructure, setting up four new divisions - Fresh Dairy Products, Biscuits and Cereal Products, Beverages, and Asia-Pacific. About 55% of its 2005 net sales derive from Dairy, 27% from beverages, and 18% from biscuits and cereals. Concurrently, three international brands were brought to the forefront: Danone, Evian and LU. Recent years have seen some 40 acquisitions in Asia, Latin America, Central Europe, in Africa and in the Middle East. Danone owns many water brands world-wide. In Asia, it has acquired Yili, Aqua (Indonesia), and Robust (92%), and has a 51% holding in China's Wahaha Group, giving it a total market share of 20%, making it the leading vendor of packaged water in Asia. In September 2006, Danone acquired the Ukrainian fresh dairy company Rodich and acquired 49% of the Aug MIRAE ASSET RESEARCH 45

46 Goodman Fielder Ltd. (GFF-AU) GFF-AU B0T0H76 ASX National Common stock Headqrters Australia Price Range PChg Val (M) Beta Web Site , Industry Food: Major Diversified (2405) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 54.7 % Insider Hldgs 20.0 % Q Earnings Release 28-Aug :00AM EPS Estimates 6/07 6/08 6/09 Mean High N/A Low Exp EPS Chg Mo Revision 3 Mo Revision Forward P/E Income Statement Summary (Millions) 6/06 6/05 Net Sales 1, ,308.1 Revenue Growth (34.0) Cost of Goods Sold * ,412.2 Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (54.0) Net Margin EPS excl Extraordinary Items EPS Growth (26.5) Shares Outstanding 1, ,325.0 Dividends per Share 0.06 Payout Ratio 31.1 Balance Sheet (Millions) & Ratios 6/06 6/05 6/04 6/03 6/02 6/01 Current Assets Total Assets 3, ,086.6 Current Liabilities Long-Term Debt ,055.3 Total Debt ,106.3 Current Ratio Quick Ratio EBIT / Interest 6.3 Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover 6.9 Accounts Receivable Turnover 6.1 Total Asset Turnover 0.5 Return on Assets 4.8 Return on Equity 8.7 Goodman Fielder Ltd. (GFF-AU) , Goodman Fielder Ltd. (GFF-AU) Goodman Fielder Ltd. The Group's principal activities are manufacturing and supplying consumer food products including baking, spreads and oils, edible fats and dairy goods. The company markets its products to supermarkets, convenience stores, food manufacturers, wholesalers, and commercial customers. It offers its products under various brands, including Meadow Lea, Praise, White Wings, Pampas, Mighty Soft, Helga's, Wonder White, Meadow Fresh, and Irvines, as well as Vogel's brand. After acquisition of Country Life Bakery in 2006, the company acquired River Mill Bakeries and Canterbiry Flour Milles in March The company primarily operates in Australia, New Zealand, and the Pacific Islands. Aug MIRAE ASSET RESEARCH 46

47 Nestle S.A. (NESN-CH) NESN-CH Swiss Virt-X Common stock Headqrters 1800 Vevey Switzerland Price Range PChg Val (M) Beta Web Site , Industry Food: Major Diversified (2405) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 27.7 % Insider Hldgs 4.4 % Q Earnings Release 18-Oct :00AM (EST) EPS Estimates Relati ve Strength vs. Swi tzerl and /07 12/08 12/ Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 98,458 91,075 86,769 87,979 89,160 84,698 Revenue Growth (1.4) (1.3) Cost of Goods Sold * 40,713 37,946 37,745 39,154 39,959 38,250 Gross Margin Operating Income 12,811 11,369 8,687 8,871 8,630 9,076 Operating Margin Interest Expense 1,218 1,180 1,090 1,202 1,410 1,297 Pretax Income 11,614 9,875 7,679 8,012 9,368 8,350 Tax Rate Net Income before Extraordinary Items 9,123 8,002 6,717 6,213 7,564 6,681 Net Income Growth (17.9) Net Margin EPS excl Extraordinary Items EPS Growth (17.7) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 35,305 41,765 35,285 36,233 35,342 39,008 Total Assets 99, ,700 85,648 88,163 85,833 91,868 Current Liabilities 32,479 35,818 29,117 30,365 33,737 41,492 Long-Term Debt 6,952 8,153 10,731 14,064 10,548 9,946 Total Debt 22,446 26,958 25,453 29,483 29,250 35,432 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Nestle S.A. (NESN-CH) , Kraft Foods Inc. (KFT-US) , Groupe Danone (BN-FR) , ConAgra Foods, Inc. (CAG-US) , Nestle S.A. (NESN-CH) Nestle S.A.. The Group's principal activity is the manufacture of the following products: Beverages (instant coffee, ground roasted coffee, ready-to-drink coffee, chocolate and malt flavored beverages and mineral water); Prepared dishes, cooking aids (frozen products, soups, bouillons, sauces and culinary preparations, pasta and sauces, noodles, delicatessen products and cold meat); Milk products, nutrition and ice cream (powdered milk, coffee creamer, infant nutrition, dietetic foods, yoghurt, cereals, desserts and icecream); Pet care Products; Chocolate and Confectionery; Pharmaceutical Products (ophthalmic therapeutic drugs, contact lens care solutions, surgical instruments and equipment,intraocular lenses and products used during surgery and dermatology).there were two major acquisitions in North America in 2002: in July, Nestlé announced that the U.S. ice cream business was to be merged into Dreyer's, and in August, a USD 2.6bn acquisition was announced of Chef America, Inc., a leading U.S.-based hand-held frozen food product business. In 2006, Jenny Craig and Uncle Toby's were acquired, as well as Delta Ice Cream. The following year in April 2007, Nestle bought baby food manufacturer Gerber for $5.5 billion Nestlé completed its acquisition of Novartis Medical Nutrition in July Aug MIRAE ASSET RESEARCH 47

48 H.J. Heinz Co. (HNZ-US) HNZ-US NYSE Common stock Headqrters Pittsburgh Pennsylvania USA Price Range PChg Val (M) Beta Web Site , Industry Food: Major Diversified (2405) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 71.7 % Insider Hldgs 0.5 % Q Earnings Release 24-Aug :00AM Ratios Relati ve Strength vs. S&P 500 Stock Index Latest 3 Yr Avg 5 Yr Avg Gross Margin EBITD Margin Net Margin R&D%Sales ROA ROE Debt%Equity Payout Ratio Income Statement Summary (Millions) 4/07 4/06 4/05 4/04 4/03 4/02 Net Sales 9,002 8,643 8,912 8,415 8,237 9,431 Revenue Growth 4.1 (3.0) (12.7) 0.0 Cost of Goods Sold * 5,609 5,459 5,679 5,322 5,251 6,085 Gross Margin Operating Income 1,447 1,350 1,382 1,374 1,361 1,608 Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth 78.8 (39.8) (5.5) 40.3 (33.4) 68.5 Net Margin EPS excl Extraordinary Items EPS Growth (17.0) (15.7) 23.2 (14.2) 46.5 Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 4/07 4/06 4/05 4/04 4/03 4/02 Current Assets 3,019 2,704 3,646 3,611 3,284 3,374 Total Assets 10,033 9,738 10,578 9,877 9,225 10,278 Current Liabilities 2,505 2,018 2,587 2,469 1,926 2,509 Long-Term Debt 4,414 4,357 4,122 4,538 4,776 4,643 Total Debt 4,882 4,412 4,695 4,974 4,931 5,346 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity H.J. Heinz Co. (HNZ-US) , Nestlé S.A. (NESN-CH) , Campbell Soup Company (CPB-US) , ConAgra Foods, Inc. (CAG-US) , H.J. Heinz Co. (HNZ-US) H. J. Heinz Company(HEINZ). The Group's principal activity is to manufacture and market processed food products. The Group's products include ketchup, condiments, sauces, frozen foodsoups, beans, pasta meals, infant foods and other processed foods. The products are marketed by and distributed to grocery stores, pharmacies, mass merchants, club stores, foodservice distributors, hotels, restaurants and government agencies. Its top 15 power brands account for two-thirds of annual sales. The Group also owns or leases office space, warehouses, distribution centers and research and other facilities. Major Trademarks include Heinz, Classico, Farex, Ore-Ida, Boston Market, Smart Ones and Plasmon. The Group has operations in North America, Europe, Asia Pacific and Africa. In 2002, it sold U.S. StarKist seafood, North American pet foods and pet snacks, U.S. private label soup, College Inn broth, and U.S. baby food businesses to Del Monte Foods Company in an all-stock transaction. Aug MIRAE ASSET RESEARCH 48

49 Heineken Holding N.V. (HEIO-NL) HEIO-NL B0CCH46 Euronext Netherlands Common stock Headqrters 1017 Zd Amsterdam Netherlands Price Range PChg Val (M) Beta Web Site , Industry Beverages: Alcoholic (2425) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 18.7 % Insider Hldgs 58.8 % Q Earnings Release 29-Aug :00AM EPS Estimates Relative Strength vs. Netherlands /07 12/08 12/ Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 11,829 10,796 10,005 9,255 9,011 7,937 Revenue Growth Cost of Goods Sold * 6,714 6,237 5,767 5,268 4,682 4,229 Gross Margin Operating Income 1,478 1,256 1,248 1,229 1,282 1,147 Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (32.6) Net Margin EPS excl Extraordinary Items EPS Growth (32.6) (1.2) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 4,237 3,278 2,792 3,630 2,813 3,059 Total Assets 12,602 11,543 10,401 10,880 7,781 7,217 Current Liabilities 4,008 3,752 2,666 2,911 2,649 2,235 Long-Term Debt 2,058 2,195 2,620 2,668 1, Total Debt 3,299 3,255 3,571 3,521 1,993 1,088 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Heineken Holding N.V. (HEIO-NL) , Heineken Holding N.V. (HEIO-NL) Heineken Holding. The Group s principal activity is to operate as a holding company. owns 115 breweries in 65 countries, offering approximately 170 brands. Heineken sells its products through a network of distributors and breweries in North America, the United Kingdom, Ireland, Europe, and internationally. The Group's subsidiaries are involved in producing and distributing beer. The principal international brands are Heineken and Amstel, but the group brews and sells more than 170 international premium, regional, local and specialty beers, including Cruzcampo, Tiger, Zywiec, Birra Moretti, Ochota, Murphy s and Star. In June 2007, the company announced the acquisition of Krušovice Brewery in the Czech Republic from Radeberger Gruppe KG. As a result of this transaction, the market share of Heineken in the Czech Republic will increase to 8%, with total volumes of over 1.6 million hectolitres, improving Heineken s position in the market to number three. Aug MIRAE ASSET RESEARCH 49

50 Hershey Co. (HSY-US) HSY-US NYSE Common stock Headqrters Hershey Pennsylvania USA Price Range PChg Val (M) Beta Web Site , Industry Food: Specialty/Candy (2410) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 62.0 % Insider Hldgs 8.1 % Q Earnings Release 18-Oct :00AM (EST) Ratios Relati ve Strength vs. S&P 500 Stock Index Latest 3 Yr Avg 5 Yr Avg Gross Margin EBITD Margin Net Margin R&D%Sales ROA ROE Debt%Equity Payout Ratio Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 4,944 4,836 4,429 4,173 4,120 4,557 Revenue Growth (9.6) 8.0 Cost of Goods Sold * 3,080 2,943 2,680 2,543 2,555 2,614 Gross Margin Operating Income 1, Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth 13.3 (16.5) (38.1) Net Margin EPS excl Extraordinary Items EPS Growth 17.6 (13.5) (38.0) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 1,418 1,409 1,182 1,132 1,264 1,168 Total Assets 4,158 4,295 3,798 3,583 3,481 3,247 Current Liabilities 1,454 1,518 1, Long-Term Debt 1, Total Debt 2,092 1,762 1, Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Hershey Co. (HSY-US) , Nestlé S.A. (NESN-CH) , Cadbury Schweppes plc (CBRY-GB) , Mars, Incorporated (Private) Hershey Co. (HSY-US) Hershey Company (The) Formerly known as Hershey Foods Corporation. The Group's principal activities are to manufacture, distribute and sell confectionery, snack, refreshment and grocery products. The Group sells its confectionery and snack products in the form of chocolate bars, cookies and boxed items, refreshment products in the form of gum and mints, and grocery products in the form of baking ingredients, chocolate drink mixes, peanut butter, dessert toppings and beverages. The confectionery and snack products are sold under more than 50 brand names, few of which are Hershey's, Reese's, Hershey's Kisses, Almond Joy, among others. The Group's products are sold in the United States, Canada, Mexico Brazil and other international locations, such as Japan, Korea, the Philippines and China through sales representatives and food brokers, primarily to wholesale distributors, chain grocery stores, mass merchandisers, chain drug stores, vending companies, wholesale clubs, convenience stores, dollar stores, concessionaires, department stores, and natural food stores. Since 2004, the company has acquired the Mauna Loa Macadamia Nut Corp., Joseph Schmidt Confections, the San Francisco-based chocolatier and in 2006, it acquired Dagoba Organic Chocolate, a boutique chocolate maker based in Ashland, Oregon. In April 2007 the company started a joint venture with Lotte Confectionery Co. Ltd. to set up a chocolate manufacturing plant in China as part of its global growth strategy. Aug MIRAE ASSET RESEARCH 50

51 Kraft Foods Inc. (KFT-US) KFT-US 50075N NYSE Common stock Headqrters Northfield Illinois USA Price Range PChg Val (M) Beta Web Site , Industry Food: Major Diversified (2405) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 72.7 % Insider Hldgs 0.2 % Q Earnings Release (Proje 23-Oct :00AM Ratios Relative Strength vs. S&P 500 Stock Index Latest 3 Yr Avg 5 Yr Avg Gross Margin EBITD Margin Net Margin R&D%Sales ROA ROE Debt%Equity Payout Ratio Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 34,356 34,115 32,175 31,010 29,723 33,875 Revenue Growth (12.3) (2.3) Cost of Goods Sold * 21,922 21,799 20,262 18,837 17,727 18,493 Gross Margin Operating Income 5,255 5,210 5,315 5,973 6,287 4,966 Operating Margin Interest Expense ,452 Pretax Income 4,016 4,116 3,946 5,346 5,267 3,447 Tax Rate Net Income before Extraordinary Items 3,060 2,904 2,669 3,476 3,394 1,882 Net Income Growth (23.2) Net Margin EPS excl Extraordinary Items EPS Growth (22.9) Shares Outstanding 1, , , , , ,735.0 Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 8,254 8,153 9,722 8,124 7,456 7,006 Total Assets 55,574 57,628 59,928 59,285 57, 55,798 Current Liabilities 10,473 8,724 9,078 7,861 7,169 8,875 Long-Term Debt 7,081 8,475 9,723 11,591 12,976 13,134 Total Debt 10,821 11,200 12,518 13,462 14,443 16,007 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Kraft Foods Inc. (KFT-US) , Nestlé S.A. (NESN-CH) , ConAgra Foods, Inc. (CAG-US) , Sara Lee Corporation (SLE-US) , Kraft Foods Inc. (KFT-US) Kraft Foods Inc.. The Group's principal activity is to manufacture and market packaged retail food products. It operates through its subsidiaries, Kraft Foods North America Inc and Kraft Foods International Inc. The Group's brands span five consumer sectors: Snacks, Beverages, Cheese, Grocery and Convenient Meals. Products include cookies, crackers, confectionery, coffee, aseptic juice drinks, powdered beverages, natural, processed and cream cheese, ready-to-eat cereals, enhancers and desserts and convenient meals such as frozen pizza, packaged dinners, lunch combinations and processed meats. The Group's main brands include Kraft, Jacobs, Philadelphia, Maxwell House, Nabisco, Oscar Mayer and Post. The Group has operations in 72 countries with products sold in over 155 countries. In 2005, Kraft expands into Croatia and Slovenia bringing to 70 the total number of countries where the company has operations. In 2007, Kraft spun-off to Altria shareholders and in July, the company bought Groupe Danone's biscuit (cookie) and cereal division for $7.2 billion. Aug MIRAE ASSET RESEARCH 51

52 Kellogg Co. (K-US) K-US NYSE Common stock Headqrters Battle Creek Michigan USA Price Range PChg Val (M) Beta Web Site , Industry Food: Major Diversified (2405) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 84.6 % Insider Hldgs 0.4 % Q Earnings Release 29-Oct :00AM Ratios Relati ve Strength vs. S&P 500 Stock Index 106 Latest 3 Yr Avg 5 Yr Avg 104 Gross Margin EBITD Margin Net Margin R&D%Sales ROA ROE Debt%Equity Payout Ratio Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 10,907 10,177 9,614 8,812 8,304 8,853 Revenue Growth (6.2) 27.3 Cost of Goods Sold * 6,082 5,522 5,299 4,828 4,561 4,129 Gross Margin Operating Income 1,766 1,840 1,681 1,625 1,517 1,201 Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (18.0) Net Margin EPS excl Extraordinary Items EPS Growth (18.6) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 2,427 2,197 2,122 1,797 1,763 1,902 Total Assets 10,714 10,575 10,790 10,231 10,219 10,369 Current Liabilities 4,020 3,163 2,846 2,766 3,015 2,208 Long-Term Debt 3,053 3,703 3,893 4,265 4,519 5,619 Total Debt 5,044 4,897 4,881 5,164 5,717 6,215 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Kellogg Co. (K-US) , Nestlé S.A. (NESN-CH) , Kraft Foods Inc. (KFT-US) , General Mills, Inc. (GIS-US) , Kellogg Co. (K-US) Kellogg Company. The Group's principal activities are to manufacture and market ready to eat cereal and convenience foods, including cookies, crackers, toaster pastries, cereal bars, fruit snacks, frozen waffles, and veggie foods. The products of the Group are marketed under brand names, which includes Kellogg's, Cheez-It, Keebler and Murray and Austin and Famous Amos. Kellogg products are manufactured in 17 countries and marketed in more than 180 countries around the world. Kellogg Company's business is broadly divided into two divisions: Kellogg North America and Kellogg International. Kellogg North America includes retail cereal, retail snacks, and frozen and specialty channels businesses in both the United States and Canada. Kellogg International is divided into businesses in Europe, Latin America, and Asia and Australia(Asia Pacific). A multi-year global relationship with Kellogg and Disney was formed in 2002 to introduce several new cereal and snack food products to the market. Aug MIRAE ASSET RESEARCH 52

53 Kirin Holdings Co. Ltd. (2503) Tokyo Common stock Headqrters Chuo-Ku Tokyo Japan Price Range PChg Val (M) Beta Web Site ,514, Industry Beverages: Alcoholic (2425) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 14.1 % Insider Hldgs 22.0 % Interim 2007 Earnings Call 03-Aug :00AM (EST) EPS Estimates 12/07 12/08 12/09 Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Relative Strength vs. Japan Income Statement Summary (Billions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 1,666 1,632 1,655 1,598 1,583 1,562 Revenue Growth 2.1 (1.4) (1.2) Cost of Goods Sold * 1, ,033 1,012 1,027 1,027 Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (0.4) 40.7 (29.8) Net Margin EPS excl Extraordinary Items EPS Growth (29.2) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Billions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets Total Assets 1,948 1,922 1,806 1,746 1,686 1,614 Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Kirin Holdings Co. Ltd. (2503) ,514, Asahi Breweries, Ltd. (2502) 1, , Sapporo Holdings Limited (2501) , Suntory Ltd. (Private) Kirin Holdings Co. Ltd. (2503) Kirin Holdings Company Limited. Formerly known as Kirin Brewery Company, Limited. The Group's principal activities are the manufacture and sale of beer and other type of alcoholic beverages. The Group is also involved in the manufacture and sale of pharmaceuticals and undertake engineering services. The operations are carried out through the following divisions: Beer; Soft drinks; Pharmaceuticals and Other. Beer division deals with beer, Scotch whiskey, French wine, brandy and champagne; Soft drinks division deals with soft drinks and carbonated drinks; Pharmaceuticals division deals with kidney, blood/tumor cancer and immunology/allergy related; Other division deals with floriculture and engineering services. The company is also engaged in the agri-bio business, the functional food business, as well as the commercial facility management and operation business, among others. In July 2007, the company shifted to a pure holding company structure and formally began operations as Kirin Holdings Company, Limited ("Kirin HC"). Aug MIRAE ASSET RESEARCH 53

54 KT&G Corp. ( KR) KR Seoul Common stock Headqrters Daejeon Korea (South) Price (000) Range (000) PChg Val (M) Beta Web Site ,863, Industry Tobacco (2430) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 34.5 % Insider Hldgs 24.8 % Q Earnings Release (Proje 22-Oct :00AM EPS Estimates Relative Strength vs. Korea 12/07 12/08 12/ Mean 4, , , High 5, , , Low 4, , , Exp EPS Chg Mo Revision Mo Revision Forward P/E Income Statement Summary (Billions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 2,816 2,644 3,032 2,453 2,031 1,869 Revenue Growth 6.5 (12.8) Cost of Goods Sold * 1,302 1,244 1,338 1,137 1,053 1,227 Gross Margin Operating Income , Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth Net Margin EPS excl Extraordinary Items 4,603 3,510 3,180 3,728 2,373 1,853 EPS Growth (14.7) Shares Outstanding Dividends per Share 2,400 1,700 1,600 1,600 1,400 1,400 Payout Ratio Balance Sheet (Billions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 2,049 2,370 2,321 2,123 2,102 2,106 Total Assets 3,857 4,116 3,995 4,059 3,958 3,729 Current Liabilities , Long-Term Debt Total Debt , Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity KT&G Corp. ( KR) ,863, Altria Group, Inc. (MO-US) 64, ,050, British American Tobacco p.l.c. (BATS-GB) 30, ,175, Japan Tobacco Inc. (2914) 4,874, ,701, KT&G Corp. ( KR) KT&G Corporation engages in the manufacture and sale of tobacco. It primarily produces and sells cigarettes in Korea under the brand names LO CRUX, INDIGO, SEASONS, VISION, ZEST, The one, Esse Menthol, Esse Lights, Lumen, and Raison. The company also exports cigarettes under the brand names Pine Menthol Lights, Pine Lights, Pleasure, 88 Mild, Esse, Esse Lights, Esse Menthol, Esse One, Esse Field, and Carnival Full Flavor to the United States, China, and central and southeast Asia. The company was founded in 1899 and was formerly known as Korea Monopoly Corporation. It changed its name to Korea Tobacco and Ginseng Corporation in 1989 and to KT&G Corporation in Aug MIRAE ASSET RESEARCH 54

55 Kikkoman Corp. (2801) Tokyo Common stock Headqrters Noda Chiba Japan Price Range PChg Val (M) Beta Web Site , Industry Food: Specialty/Candy (2410) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 17.4 % Insider Hldgs 21.9 % EPS Estimates 3/08 3/09 3/10 Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Relative Strength vs. Japan Income Statement Summary (Billions) 3/07 3/06 3/05 3/04 3/03 3/02 Net Sales Revenue Growth (2.3) Cost of Goods Sold * Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth Net Margin EPS excl Extraordinary Items EPS Growth Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Billions) & Ratios 3/07 3/06 3/05 3/04 3/03 3/02 Current Assets Total Assets Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Kikkoman Corp. (2801) , H. J. Heinz Company (HNZ-US) 5, ,693, Ajinomoto Co., Inc. (2802) 1, , Suntory Ltd. (Private) Kikkoman Corp. (2801) Kikkoman Corporation. The Group's principal activity is to manufacture and market soy sauce. The operations are carried out through the following divisions: Food manufacturing and sale; Food wholesale; Coca-Cola; and Other. Food manufacture and marketing division deals in soy sauce and other sauces, tomato ketchup, seasonings and flavorings, wine, liquors, other alcoholic drinks and delicatessen products. Food wholesale division takes care of the purchase and sale of oriental foods. The Coca-Cola division deals in coca-cola, carbonated drinks, other beverages and related operations. Other operations relate t pharmaceuticals, real estate rental and leasing and the operation of restaurants. Kikkoman engages in the development and marketing of production machinery and automated systems for food, medicines, and livestock feed; management of restaurants and coffee shops; production and marketing of plant seedlings, fruits and vegetables, compost, and garden fertilizers, as well as the provision of gardening advisory services; operation of delivery trucks and warehouse facilities; and leasing and management of real estate and car parking centers. It operates primarily in Asia, North America, South and Central America, Europe, Middle East and Africa, Australia, and New Zealand. Aug MIRAE ASSET RESEARCH 55

56 Hite Brewery Co. Ltd. ( KR) KR Seoul Common stock Headqrters Seoul Korea (South) Price (000) Range (000) PChg Val (M) Beta Web Site ,522, Industry Beverages: Alcoholic (2425) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 15.5 % Insider Hldgs 46.5 % EPS Estimates 12/07 12/08 12/09 Mean 6, , , High 8, , , Low 5, , , Exp EPS Chg Mo Revision Mo Revision Forward P/E Relative Strength vs. Korea Income Statement Summary (Billions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 1,831 1, Revenue Growth Cost of Goods Sold * Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate (4.7) Net Income before Extraordinary Items Net Income Growth 65.8 (44.4) (10.3) Net Margin EPS excl Extraordinary Items 4,987 2,991 5,417 5,933 5,439 4,804 EPS Growth 66.7 (44.8) (8.7) (12.0) Shares Outstanding Dividends per Share 1, 1, 1, 1, 1, Payout Ratio Balance Sheet (Billions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 860 1, Total Assets 4,038 5,227 1,995 1,994 1,906 1,706 Current Liabilities 1,270 1, Long-Term Debt 1,199 1, Total Debt 1,753 2, Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Hite Brewery Co. Ltd. ( KR) ,522, Hite Brewery Co. Ltd. ( KR) Hite Brewery Company Limited(HITE). The group operates in the beer industry in South Korea and primarily engages in the manufacture and marketing of beer principally under Hite, Prime, Stout, Exfeel, Hite Saeng, Carlsberg, Foster, Hite Pitcher, and Prime Pitcher brand names. The company, through its subsidiaries, also provides glass for bottles, press, and steel pipes; wholesales and retails imported liquors; offers spirits; and operates golf club. It sells Lancelot and Cutty Sark whiskeys; Saint Emilion, Medoc, Beaujolais, Gamay, Bishop, and Bernkastel wines; Puriss spring water; and C1 Soju. In 2006, the company confirmed that it would sell Jinro Ltd.'s wholly owned unit in Japan to expand the distiller's presence in the market there. Aug MIRAE ASSET RESEARCH 56

57 IOI Corp. Bhd (1961-MY) 1961-MY B1Y3WG1 Kuala Lumpur Common stock Headqrters Putrajaya Malaysia Price Range PChg Val (M) Beta Web Site , Industry Agricultural Commodities/Milling (2225) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 26.5 % Insider Hldgs 41.3 % Q Earnings Release (Proje 21-Nov :00AM EPS Estimates Relative Strength vs. Malaysia 180 6/08 6/09 6/ Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Income Statement Summary (Millions) 6/06 6/05 6/04 6/03 6/02 6/01 Net Sales 6,110 6,073 4,993 3,908 2,411 1,292 Revenue Growth (1.2) Cost of Goods Sold * 4,237 4,219 3,236 2,588 1, Gross Margin Operating Income 1,063 1,139 1, Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (6.5) (3.9) Net Margin EPS excl Extraordinary Items EPS Growth (8.4) (3.7) Shares Outstanding 5, , , , , ,986.3 Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 6/06 6/05 6/04 6/03 6/02 6/01 Current Assets 3,454 3,743 2,254 1,870 1,266 1,006 Total Assets 10,216 10,386 8,739 7,551 5,560 4,665 Current Liabilities , , Long-Term Debt 2,334 3,093 1,274 1, Total Debt 2,496 3,219 2,049 1,893 1,120 1,057 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity IOI Corp. Bhd (1961-MY) , Genting Berhad (3182-MY) , Inch Kenneth Kajang Rubber (2607-MY) The Narborough Plantations PLC (NBP-GB) IOI Corp. Bhd (1961-MY) IOI Corporation Berhad. The Group's principal activities are the manufacturing of oleochemicals, specialty oils and fats, palm oil refinery and palm kernel crushing. Other ctivities include developing of residential and commercial properties; cultivating and processing of oil palm and rubber; and investing in shopping mall, office complex and other roperties. The Group is also involved in the management and operation of hotels and resorts, investment holding and provision of landscape services. The Group operates in Malaysia, Europe, North America, Asia and other countries. Aug MIRAE ASSET RESEARCH 57

58 ITC Ltd. ( IN) IN B0JGGP5 Bombay Common stock Headqrters Kolkata West Bengal India Price Range PChg Val (M) Beta Web Site , Industry Tobacco (2430) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 43.0 % Insider Hldgs 32.1 % Analyst/Shareholder Mtg 27-Jul :00AM EPS Estimates Relati ve Strength vs. Indi a 3/08 3/09 3/ Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Income Statement Summary (Billions) 3/07 3/06 3/05 3/04 3/03 3/02 Net Sales Revenue Growth Cost of Goods Sold * Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth Net Margin EPS excl Extraordinary Items EPS Growth Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Billions) & Ratios 3/07 3/06 3/05 3/04 3/03 3/02 Current Assets Total Assets Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity ITC Ltd. ( IN) , Reliance Industries Limited ( IN) 1, ,427, Hindustan Lever Limited ( IN) , Tata Group (Private) ITC Ltd. ( IN) I.T.C. Limited(ITC). The Group's principal activities are to manufacture cigarettes and tobaccos. The Group operates through five business segments: Cigarettes, Hotels, Paperboards, Paper and Packing, Agri Business and Others. The Group is into Lifestyle retailing business, garments, greeting, gift and stationery, packaged foods and export of Indian agri-commodities. The Group provides a range of branded packaged and convenience food for its customers with its operations all over India. The brand names are India Kings, Wills, Gold Flake, Checkers, Hi-Val, Wills Sport, Expressions. In addition, ITC provides information technology services, such as CRM; product life cycle management and engineering services; ERP; supply chain management; e-business, B2B, B2C, and community portals; and business process outsourcing services. It also owns the Classic Golf Resort, a 27-hole golf course. Additionally, the company operates food retail chain under the Choupal Saagars brand. Aug MIRAE ASSET RESEARCH 58

59 Ito En Ltd. (2593) Headqrters Shibuya-Ku Tokyo Japan Price Range PChg Val (M) Beta Web Site , Industry Beverages: Non-Alcoholic (2420) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 15.4 % Insider Hldgs 39.2 % EPS Estimates 4/08 4/09 4/10 Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Relati ve Strength vs. Japan Income Statement Summary (Billions) 4/07 4/06 4/05 4/04 4/03 4/02 Net Sales Revenue Growth Cost of Goods Sold * Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (15.8) Net Margin EPS excl Extraordinary Items EPS Growth (15.8) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Billions) & Ratios 4/07 4/06 4/05 4/04 4/03 4/02 Current Assets Total Assets Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Ito En Ltd. (2593) , Tata Tea Group ( IN) 1, , R.C. Bigelow, Inc. (Private) Sara Lee Food & Beverage (Private) Ito En Ltd. (2593) Ito En, Ltd.. The Group's principal activity is to produce and market tea leaves and green-tea drinks. The operations are carried out through the following divisions: Beverages, Tea Leaves and Other. The Tea Leaves segment offers green tea leaves, oolong tea leaves, and other tea leaves. The Beverages segment provides green tea, oolong tea, black tea, fruit and vegetable juice, coffee, and other soft drinks. The company also provides seaweed products, Japanese sweets, and other products related to tea. Other operations include commodities like laver (edible seaweed) and Japanese sweets. Ito En markets its products through supermarkets, convenience stores, automated vending machines, and general retailers. Aug MIRAE ASSET RESEARCH 59

60 InBev (INB-BE) INB-BE Euronext Belgium Common stock Headqrters 3000 Leuven Belgium Price Range PChg Val (M) Beta Web Site , Industry Beverages: Alcoholic (2425) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 12.5 % Insider Hldgs 66.9 % Q Earnings Release 30-Aug :00AM EPS Estimates Relati ve Strength vs. Belgi um 12/07 12/08 12/ Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 13,308 11,656 8,568 7,044 6,992 7,303 Revenue Growth (4.3) 29.1 Cost of Goods Sold * 5,815 5,381 4,386 3,491 3,509 6,361 Gross Margin Operating Income 3,049 2,343 1, Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (33.1) Net Margin EPS excl Extraordinary Items EPS Growth (33.7) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 4,764 4,263 3,932 2,446 2,336 2,579 Total Assets 25,389 22,631 17,853 10,814 10,946 11,752 Current Liabilities 5,879 5,189 5,849 2,864 3,688 3,721 Long-Term Debt 5,146 4,466 2,217 2,198 1,762 2,310 Total Debt 6,440 5,698 4,391 2,897 3,204 3,390 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity InBev (INB-BE) , SABMiller plc (SAB-GB) , Anheuser-Busch Companies, Inc. (BUD-US) , Scottish & Newcastle plc (SCTN-GB) , InBev (INB-BE) InBev SA. The Group's principal activity is to produce and distribute beer. The Group owns over 200 brands and their global brands include Stella Artois, Brahma, Beck's and Leffe. The Group produces on an average 202 Million hectoliters of beer per year. The Group is also involved in production of soft drinks and markets it under the brand name Whitbread. The Group operates mainly in North America, Latin America, Europe and Asia-Pacific. InBev has a portfolio of more than 200 local brands including in Latin America: Skol, the third largest beer brand in the world. In Western Europe: Jupiler, the number 1 selling beer in Belgium. In Central and Eastern Europe: Siberian Crown, a leading premium brand sold throughout Russia. In Asia Pacific: Cass from South Korea, and Sedrin, a 10 million hectoliter brand in China. In 2000, InBev acquired Bass and Whitbread in the U.K., and in 2001 the company established itself in Germany, with the acquisition of Diebels. This was followed by the acquisition of Beck s & Co., the Gilde Group and Spaten. InBev operated as a family-owned business owned business until December In 2002, InBev strengthened its position in China, by acquiring stakes in the K.K. Brewery and the Zhujiang Brewery marked the most significant event in the company s recent history: the combination of Interbrew and AmBev to create InBev. Also in 2004, InBev acquired the China brewery activities of the Lion Group. By adding Fujian Sedrin in 2006, this made Inbev the No. 2 brewer in China - the world's largest beer market. In March 2007, InBev invested in the Indian beer market by taking a 49% shareholding in a 'long-term joint venture agreement with RKJ Group. Aug MIRAE ASSET RESEARCH 60

61 Lion Nathan Ltd. (LNN-AU) LNN-AU ASX National Common stock Headqrters Sydney New South Wales Australia Price Range PChg Val (M) Beta Web Site w w.lion-nathan.com , Industry Beverages: Alcoholic (2425) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 37.6 % Insider Hldgs 47.1 % FY 2007 Earnings Release 21-Nov :00AM EPS Estimates Relative Strength vs. Australia 105 9/07 9/08 9/09 Mean High Low Exp EPS Chg Mo Revision Mo Revision Forw ard P/E Income Statement Summary (Millions) 9/06 9/05 9/04 9/03 9/02 9/01 Net Sales 1,846 1,758 1,841 1,772 1,662 1,530 Revenue Growth 5.0 (4.5) Cost of Goods Sold * Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (11.1) Net Margin EPS excl Extraordinary Items EPS Growth (11.0) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 9/06 9/05 9/04 9/03 9/02 9/01 Current Assets Total Assets 2,579 4,028 4,228 4,298 4,171 3,463 Current Liabilities Long-Term Debt 1, ,180 1,402 1,361 1,070 Total Debt 1,149 1,086 1,288 1,435 1,428 1,078 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Lion Nathan Ltd. (LNN-AU) , Anheuser-Busch Companies, Inc. (BUD-US) , Foster's Group Limited (FGL-AU) , Asia Pacific Brew eries Limited (A46-SG) , Lion Nathan Ltd. (LNN-AU) Lion Nathan Ltd. The Group's principal activities are producing, marketing and distributing premium alcoholic beverages. Major brands include Tooheys, XXXX, Hahn, West End, Sw an, Emu, Southmark, James Squire, Becks, Pilsner Urquell, Lion, Speight's, Steinlager, Waikato, Canterbury Draught, Mac's, Stella Artois, Guinness and Kikenny, Taihushui, Rheineck, Kirin Pure and Light, Argyle, Bridgew ater Mill, Croser, Knappstein, Mitchelton, Petaluma, Preece, Sharefarmers, Smithbrook, St. Hallett Stonier, Tatachilla and Wither Hills. Its principal operations are in Australia and New Zealand, how ever some of its beer and w ine brands are distributed globally. LNI also exports its products to approximately 20 countries. In addition, the company engages in contract bottling for the beverages industry; liquor retailing through 38 stores throughout New Zealand, as of December 20, 2006, as w ell as through its online channel; and malt extract production. In March 2007, the company announced its acquisition of the Inner Circle Rum trademark and distillery operations. Aug MIRAE ASSET RESEARCH 61

62 Lotte Confectionary Co. Ltd. ( KR) KR Seoul Common stock Headqrters Seoul Korea (South) Price (000) Range (000) PChg Val (M) Beta Web Site w w.lotteconf.co.kr ,309, Industry Food: Specialty/Candy (2410) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 28.2 % Insider Hldgs 51.0 % EPS Estimates 12/07 12/08 12/09 Mean 92, , , High 92, , , Low 92, , , Exp EPS Chg Mo Revision Mo Revision Relative Strength vs. Korea Income Statement Summary (Billions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 1,121 1,174 1,150 1,106 1, Revenue Growth (4.5) Cost of Goods Sold * Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (44.9) Net Margin EPS excl Extraordinary Items 211,903 70,437 39,689 71,342 69,660 46,399 EPS Growth (44.4) Shares Outstanding Dividends per Share 2,750 2,500 2,000 2,000 2,000 1,500 Payout Ratio Balance Sheet (Billions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets Total Assets 1,947 1,648 1,107 1, Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Lotte Confectionary Co. Ltd. ( KR) ,309, Lotte Confectionary Co. Ltd. ( KR) Lotte Confectionery Co. The Group operates in the confectionery industry in South Korea and internationally. It offers various products, including chew ing gums, candies, biscuits and snacks, chocolates, soft cakes, and ice creams. In January 2007, Hershey Co., and Lotte Confectionery Co. Ltd. announced a manufacturing joint venture in China that w ill produce Hershey and Lotte products for the market in China. Aug MIRAE ASSET RESEARCH 62

63 Lotte Chilsung Beverage Co. Ltd. ( KR) KR Seoul Common stock Headqrters Seoul Korea (South) Price (000) Range (000) PChg Val (M) Beta Web Site ,849, Industry Beverages: Non-Alcoholic (2420) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 29.8 % Insider Hldgs 52.9 % EPS Estimates 12/07 12/08 12/09 Mean 54, , , High 59, , , Low 50, , , Exp EPS Chg Mo Revision Mo Revision Forward P/E Relati ve Strength vs. Korea Income Statement Summary (Billions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 1,103 1,092 1,162 1,109 1,104 1,102 Revenue Growth 0.9 (6.0) Cost of Goods Sold * Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (11.8) (30.6) (2.3) (0.8) Net Margin EPS excl Extraordinary Items 57,953 65,933 94,773 97,197 97,747 78,466 EPS Growth (12.1) (30.4) (2.5) (0.6) Shares Outstanding Dividends per Share 2,250 2,250 2,000 2,000 2,000 1,500 Payout Ratio Balance Sheet (Billions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets Total Assets 1,816 1,281 1,149 1, Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Lotte Chilsung Beverage Co. Ltd. ( KR) ,849, Lotte Chilsung Beverage Co. Ltd. ( KR) Lotte Chilsung Beverage Co., Ltd.. The Group engages in the manufacture and sale of various alcoholic and nonalcoholic beverages in Korea. Its products primarily include lemon lime soda, milk soda, refreshing water, coffee and tea, fruit juices, alcohol and spirits, functional beverages, and sac juice. The company also markets and sells its products in Japan, the People's Republic of China, the United States, Russia, and East Asia. In 2005 the company established Lotte Aodeli Beverage Co., Ltd, the joint-stock company with Luo He Chang Da Co., Ltd and Lotte Huabang Beverage Co. Ltd in China. Aug MIRAE ASSET RESEARCH 63

64 Nissin Food Products Co. Ltd. (2897) Tokyo Common stock Headqrters Yodogawa-Ku, Osaka Osaka Japan Price Range PChg Val (M) Beta Web Site , Industry Food: Specialty/Candy (2410) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 27.8 % Insider Hldgs 41.3 % FY 2006 Earnings Release 11-May :00AM (EST) EPS Estimates 3/08 3/09 3/10 Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Relati ve Strength vs. Japan Income Statement Summary (Billions) 3/07 3/06 3/05 3/04 3/03 3/02 Net Sales Revenue Growth (1.0) Cost of Goods Sold * Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth 23.3 (7.4) 18.2 (2.6) 20.8 (21.5) Net Margin EPS excl Extraordinary Items EPS Growth 24.8 (6.9) 18.3 (1.8) 23.2 (21.3) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Billions) & Ratios 3/07 3/06 3/05 3/04 3/03 3/02 Current Assets Total Assets Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Nissin Food Products Co. Ltd. (2897) , First Pacific Company Limited (142-HK) , Ryoshoku Limited (7451) 2, , Kato Sangyo Co., Ltd. (9869) 1, , Nissin Food Products Co. Ltd. (2897) Nissin Food Products Co Ltd. The Group's principal activity is to manufacture and market instant noodles and oil fried processed food products. The Group is also involved in the manufacture of frozen and chilled foods and other processed foods. In addition, the company markets products, such as Psyllium Noodles and Chitosan Noodles, as well as products containing psyllium, a natural dietary fiber, that include ramen, corn flakes, powdered drink mixes, and fiber Jelly. It also offers pillow-type and cup-type instant noodles. The Operations are carried out through the following divisions: Noodle and Other. The Noodles division includes cup noodles, refrigerate food and child food. The Other includes sweet stuff and cold drinks. Aug MIRAE ASSET RESEARCH 64

65 Nong Shim Co. Ltd. ( KR) KR Seoul Common stock Headqrters Korea (South) Price (000) Range (000) PChg Val (M) Beta Web Site ,344, Industry Food: Specialty/Candy (2410) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 18.6 % Insider Hldgs 55.9 % EPS Estimates 12/07 12/08 12/09 Mean 20, , , High 24, , , Low 18, , , Exp EPS Chg Mo Revision Mo Revision Forward P/E Relati ve Strength vs. Korea Income Statement Summary (Billions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 1,672 1,638 1,661 1,567 1,377 1,284 Revenue Growth 2.1 (1.4) Cost of Goods Sold * 1,123 1,090 1,132 1, Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (5.6) (8.1) (1.9) Net Margin EPS excl Extraordinary Items 18,727 20,725 22,558 16,427 11,419 10,658 EPS Growth (9.6) (8.1) (2.2) Shares Outstanding Dividends per Share 4,000 4,000 4,000 3,000 1, Payout Ratio Balance Sheet (Billions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets Total Assets 1,575 1,534 1,369 1,254 1,333 1,215 Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Nong Shim Co. Ltd. ( KR) ,344, Campbell Soup Company (CPB-US) 35, ,564, Nissin Food Products Co., Ltd. (2897) 29, ,623, Katokichi Co., Ltd. (2873) 4, , Nong Shim Co. Ltd. ( KR) Nong Shim Company Limited. The Group's principal activities are the manufacture and sale of food products specializing in instant noodles, snacks, instant rice and fruit juice. Major brand includes Shin ramyun, Ansung tang myun, Neoguri, Chapagetti, Bowl noodle hot taste, Big bowl noodle shrimp taste, Shin cup noodle and Saeng saeng bowl udon taste. Its products are exported to over 80 countries overseas. The company also engages in management and administration consulting, market research and business operation consulting, and real estate business. In addition, it involves in providing technology information, and research and development services; managing sports facilities; operating food-processing and packaging businesses, as well as advertising business, including producing and sales operation of advertising facilities; and specialized packaging material manufacturing. Aug MIRAE ASSET RESEARCH 65

66 Nippon Meat Packers Inc. (2282) Tokyo Common stock Headqrters Chuo-Ku, Osaka Osaka Japan Price Range PChg Val (M) Beta Web Site , Industry Food: Meat/Fish/Dairy (2415) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 20.1 % Insider Hldgs 33.3 % Q Earnings Release (Proje 10-Aug :00AM (EST) EPS Estimates 3/08 3/09 3/10 Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Relative Strength vs. Japan Income Statement Summary (Billions) 3/07 3/06 3/05 3/04 3/03 3/02 Net Sales Revenue Growth (3.7) 3.8 Cost of Goods Sold * Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (.0) (75.1) (30.8) Net Margin EPS excl Extraordinary Items EPS Growth (.0) (75.1) (30.8) Shares Outstanding Dividends per Share Payout Ratio , Balance Sheet (Billions) & Ratios 3/07 3/06 3/05 3/04 3/03 3/02 Current Assets Total Assets Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Nippon Meat Packers Inc. (2282) , Tyson Foods, Inc. (TSN-US) 2, , Itoham Foods Inc. (2284) , Maruha Group Inc. (1334) , Nippon Meat Packers Inc. (2282) Nippon Meat Packers Inc(NIPPON-HAM). The Group's principal activities are the production, marketing and distribution of fresh meat products, processed foods and delicatessen products. The operations are carried out through the following business divisions: Fresh meat and Other. The Fresh meat division deals with ham, sausages and fresh meat. It also provides marine foods and processed marine products; offers other food products, including dairy products, such as cheese, yogurt, and lactic probiotic beverages; and provides freeze-dried foods, such as soups, vermicelli, and collagen soups. In addition, Nippon Meat Packers markets health-food products through mail order and online sales. The company also operates in Australia and North America. In addition, it processes leather in Australia principally for exporting to China and Italy. Aug MIRAE ASSET RESEARCH 66

67 Nisshin Seifun Group Inc. (2002) Tokyo Common stock Headqrters Chiyoda-Ku Tokyo Japan Price Range PChg Val (M) Beta Web Site , Industry Agricultural Commodities/Milling (2225) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 9.0 % Insider Hldgs 33.1 % Q Earnings Release (Proje 09-Nov :00AM (EST) EPS Estimates Relati ve Strength vs. Japan 3/08 3/09 3/10 Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Income Statement Summary (Billions) 3/07 3/06 3/05 3/04 3/03 3/02 Net Sales Revenue Growth (0.8) 1.2 (4.1) (1.4) Cost of Goods Sold * Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (9.1) (0.4) (16.2) Net Margin EPS excl Extraordinary Items EPS Growth (7.8) (14.8) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Billions) & Ratios 3/07 3/06 3/05 3/04 3/03 3/02 Current Assets Total Assets Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Nisshin Seifun Group Inc. (2002) , Nestlé S.A. (NESN-CH) 48, ,497, Ajinomoto Co., Inc. (2802) 1, , Nippon Flour Mills Co., Ltd. (2001) , Nisshin Seifun Group Inc. (2002) Nisshin Seifun Group Incorporated. The Group's principal activities are the manufacture and sale of flour. The operations are carried out through the following divisions: Foods, Flour milling and Other. Foods include pre-mixed foods, frozen foods, processed food, pasta, pasta sauce, bread crumbs and batter mix. Flour includes wheat flour, wheat bran and germ-by-products. The company also engages in the manufacture and sale of health foods, active pharmaceutical ingredients, and pharmaceutical products, as well as pet food. In addition, it designs and manages manufacturing and processing facilities for grains, food materials and chemicals, and the sale of powder processing related equipment. Further, the company provides a range of manufactured goods to industry, including screen-printing materials, mesh products for industrialuse, electronic parts, plastic molding, and insect nets. Nisshin Seifun Group operates primarily in Japan, China, Thailand, Indonesia, Singapore, the United States, and Canada. Aug MIRAE ASSET RESEARCH 67

68 PepsiCo Inc. (PEP-US) PEP-US NYSE Common stock Headqrters Purchase New York USA Price Range PChg Val (M) Beta Web Site , Industry Beverages: Non-Alcoholic (2420) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 70.6 % Insider Hldgs 0.1 % Q Earnings Release (Proje 11-Oct :00AM (EST) Ratios Relative Strength vs. S&P 500 Stock Index Latest 3 Yr Avg 5 Yr Avg 112 Gross Margin EBITD Margin Net Margin R&D%Sales ROA ROE Debt%Equity Payout Ratio Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 35,137 32,562 29,261 26,971 25,112 26,935 Revenue Growth (6.8) 31.8 Cost of Goods Sold * 15,924 14,326 13,553 12,524 11,635 10,919 Gross Margin Operating Income 6,439 5,922 5,409 4,987 4,954 4,408 Operating Margin Interest Expense Pretax Income 6,373 5,825 5,166 4,669 4,588 3,869 Tax Rate Net Income before Extraordinary Items 5,642 4,078 4,174 3,568 3,313 2,661 Net Income Growth 38.4 (2.3) Net Margin EPS excl Extraordinary Items EPS Growth 39.7 (2.0) (0.7) Shares Outstanding 1, , , , , ,756.0 Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 9,130 10,454 8,639 6,930 6,413 5,853 Total Assets 29,930 31,727 27,987 25,327 23,474 21,695 Current Liabilities 6,860 9,406 6,752 6,415 6,052 4,998 Long-Term Debt 2,550 2,313 2,397 1,702 2,187 2,651 Total Debt 2,824 5,202 3,451 2,293 2,749 3,005 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity PepsiCo Inc. (PEP-US) , The Coca-Cola Company (KO-US) , Kraft Foods Inc. (KFT-US) , Cadbury Schweppes plc (CBRY-GB) , PepsiCo Inc. (PEP-US) Pepsico Inc.. The Group's principal activities are to manufacture market and sell salty, sweet and grain-based snacks, carbonated and non-carbonated beverages and foods. The Group operates in four divisions: Frito-Lay North America manufactures markets and sells branded snacks, which includes Lay's potato chips, Doritos flavored tortilla chips and Cheetos cheese flavored snacks. PepsiCo Beverages North America manufactures beverage concentrates, fountain syrups and finished goods for Pepsi, Diet Pepsi, Pepsi One, Mountain Dew, Mug etc. PepsiCo International manufactures a variety of salty and sweet snack brands including Sabritas, Gamesa and Alegro. The company markets Frito-Lay brands on a global level, and introduces unique products for local tastes. Quaker Foods North America manufactures, markets and sells cereals, rice, pasta and other branded products, which includes Quaker oatmeal, Cap'n Crunch and Life ready-to-eat cereals, Rice-A-Roni, etc. The Group operates in the United States, the United Kingdom, France, Australia, Germany, Netherlands, Argentina and Asia Pacific. In 2006, Pepsi acquired IZZE beverage company and New Zealand snack company Bluebird Foods. In August 2007, PepsiAmericas, Inc. and PepsiCo announced that they completed the joint purchase of 80 percent of Sandora, LLC, the leading juice company in Ukraine. Aug MIRAE ASSET RESEARCH 68

69 Japan Tobacco Inc. (2914) Tokyo Common stock Headqrters Minato-Ku Tokyo Japan Price (000) Range (000) PChg Val (M) Beta Web Site ,767, Industry Tobacco (2430) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 16.0 % Insider Hldgs 56.3 % FY 2007 Earnings Call 10-Aug :00AM (EST) EPS Estimates 3/08 3/09 3/10 Mean 27, , , High 29, , , Low 25, , , Exp EPS Chg Mo Revision Mo Revision Forward P/E Relati ve Strength vs. Japan Income Statement Summary (Billions) 3/07 3/06 3/05 3/04 3/03 3/02 Net Sales 4,769 4,638 4,665 4,625 4,492 4,544 Revenue Growth 2.8 (0.6) (1.1) 0.9 Cost of Goods Sold * 3,902 3,788 3,769 3,747 3,626 3,681 Gross Margin Operating Income Operating Margin Interest Expense Pretax Income (8) Tax Rate Net Income before Extraordinary Items (8) Net Income Growth (110.1) (15.6) Net Margin (0.2) EPS excl Extraordinary Items 22,001 21,017 6,418 (793) 7,506 3,685 EPS Growth (110.6) (15.6) Shares Outstanding Dividends per Share 4,000 3,200 2,400 2,000 2,000 1,600 Payout Ratio (252.1) Balance Sheet (Billions) & Ratios 3/07 3/06 3/05 3/04 3/03 3/02 Current Assets 1,841 1,608 1,504 1,478 1,346 1,302 Total Assets 3,289 2,934 2,830 2,908 2,893 2,992 Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets (0.3) Return on Equity (0.5) Japan Tobacco Inc. (2914) ,767, Altria Group, Inc. (MO-US) 7, ,800, The Coca-Cola Company (KO-US) 6, ,522, British American Tobacco p.l.c. (BATS-GB) 3, ,801, Japan Tobacco Inc. (2914) Japan Tobacco Incorporated. The Group's principal activities are the manufacture, sale and import of tobacco. It manufactures cigarette brands including Camel, Mild Seven, Salem and Winston. The Group is also involved in the manufacture of soft drinks and processed foods. The operations are carried out through the following divisions: Domestic tobacco; International tobacco; Pharmaceuticals, Foods and Others. The Tobacco division is involved in tobacco products. The Pharmaceutical division includes medicine. The Foods division includes beverages and processed foods. The Other division is involved in real estate, and engineering. Japan Tobacco icompleted the largest ever foreign takeover in Japanese history through acquisition of Gallaher Group plc in April Aug MIRAE ASSET RESEARCH 69

70 Sara Lee Corp. (SLE-US) SLE-US NYSE Common stock Headqrters Downers Grove Illinois USA Price Range PChg Val (M) Beta Web Site , Industry Food: Major Diversified (2405) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 71.3 % Insider Hldgs 0.3 % Q Earnings Release (Proje 08-Nov :00AM (EST) Ratios Relative Strength vs. S&P 500 Stock Index Latest 3 Yr Avg 5 Yr Avg Gross Margin EBITD Margin Net Margin R&D%Sales ROA ROE Debt%Equity Payout Ratio Income Statement Summary (Millions) 6/07 6/06 6/05 6/04 6/03 6/02 Net Sales 12,278 15,944 19,254 19,566 18,291 17,628 Revenue Growth (23.0) (17.2) (1.6) (0.7) Cost of Goods Sold * 7,552 10,019 12,291 12,012 11,052 10,820 Gross Margin Operating Income 850 1,244 1,461 1,673 1,690 1,596 Operating Margin Interest Expense Pretax Income Tax Rate (1.7) Net Income before Extraordinary Items Net Income Growth 3.9 (43.9) (42.5) (37.0) Net Margin EPS excl Extraordinary Items EPS Growth (48.2) (68.2) 27.5 (10.4) (21.4) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 6/07 6/06 6/05 6/04 6/03 6/02 Current Assets 6,774 5,811 5,746 5,953 4,986 Total Assets 14,431 14,102 14,608 15,084 13,753 Current Liabilities 6,277 4,968 5,423 5,199 5,463 Long-Term Debt 3,807 4,115 4,171 5,157 4,326 Total Debt 5,959 4,754 5,295 6,236 5,515 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Sara Lee Corp. (SLE-US) , Kraft Foods Inc. (KFT-US) , Tyson Foods, Inc. (TSN-US) , Interstate Bakeries Corporation (IBCIQ-US) Sara Lee Corp. (SLE-US) Sara Lee Corporation. The main businesses are Sara Lee Food & Beverage, Sara Lee Foodservice and Sara Lee International. The Group's principal activity is to manufacture and market food and beverage, branded apparel and household products. The Group operates through five segments: Meats, Bakery, Beverage, Household Products and Branded apparel. The products and services include fresh and frozen baked goods, processed meats, coffee and tea, beverage systems, intimate apparel, underwear, activewear, legwear, sportswear and other apparel, personal, household and shoe care products. The brand names include Ball Park, Hillshire Farm, Jimmy Dean, Sara Lee, Earth Grains, IronKids, Hanes, Playtex, Just My Size, Lovable, Champion, Pretty Polly, Elbeo, Bellinda and Philippe Matignon. The company markets and sells its products primarily to supermarkets, distributors, restaurants, hospitals, other large institutions, and warehouse clubs through its direct sales force, independent wholesalers, and outside brokers. The Group has operations in 58 countries and markets products in nearly 200 nations featured the divestiture of Sara Lee s European meats and European branded apparel businesses. The corporation spun-off to its shareholders the Branded Apparel, Americas/Asia, business, into a separate, publicly traded company called Hanesbrands Inc. In addition to the monetary benefits, the company is now tightly focused on its core businesses -- food, beverage, and household and body care. Aug MIRAE ASSET RESEARCH 70

71 Tingyi (Cayman Islands) Holding Corp. (322-HK) 322-HK Hong Kong Common stock Headqrters Hong Kong Price Range PChg Val (M) Beta Web Site , Industry Food: Specialty/Candy (2410) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 4.6 % Insider Hldgs 74.9 % Interim 2007 Earnings Release 20-Aug :00AM (EST) EPS Estimates 12/07 12/08 12/09 Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Relati ve Strength vs. Hong Kong Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 18,116 14,352 11,425 9,816 8,583 7,367 Revenue Growth Cost of Goods Sold * 12,285 9,856 8,274 7,081 5,675 4,890 Gross Margin Operating Income 1,580 1, Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth 20.5 (56.9) (60.7) Net Margin EPS excl Extraordinary Items EPS Growth 20.3 (57.0) (60.8) Shares Outstanding 5, , , , , ,588.7 Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 3,719 3,238 2,930 2,579 2,536 2,780 Total Assets 14,766 12,294 11,118 10,224 9,224 8,918 Current Liabilities 5,411 3,760 3,739 3,319 2,512 3,142 Long-Term Debt ,095 1,984 1,379 Total Debt 2,086 1,183 1,555 3,376 2,833 3,031 Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Tingyi (Cayman Islands) Holding Corp. (322-HK) , Uni-President Enterprises Corp. (1216-TW) , First Pacific Company Limited (142-HK) , New Dragon Asia Corp. (NWD-US) Tingyi (Cayman Islands) Holding Corp. (322-HK) Tingyi (Cayman Islands) Holding Corporation. The Group's principal activities are manufacture and sale of instant noodles, beverages and baked products. Other activities include manufacture of packaging materials, dehydrated vegetables and seasoning flavors, provision of installation and maintenance services of machinery, engineering related ultancy and research services, property management and related consultancy services, property development, logistics services and investment holding. Operations are carried out in he British Virgin Islands, Cayman Islands and the People's Republic of China. The Group markets their products through the Mr Kon brand name which is distributed throughout the People's Republic of China. Aug MIRAE ASSET RESEARCH 71

72 Uni-President Enterprises Corp. (1216-TW) 1216-TW Taipei Common stock Headqrters Yungkang City Tainan County Taiwan Price Range PChg Val (M) Beta Web Site , Industry Food: Major Diversified (2405) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 15.9 % Insider Hldgs 13.9 % Interim 2007 Earnings Release (P 31-Aug :00AM EPS Estimates Relative Strength vs. Taiwan 12/07 12/08 12/ Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Income Statement Summary (Billions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales Revenue Growth (14.0) Cost of Goods Sold * Gross Margin Operating Income (1) (2) 0 0 (3) (2) Operating Margin (0.5) (0.7) (4.8) (3.9) Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth 58.4 (20.1) (11.1) 93.7 (49.7) (11.0) Net Margin EPS excl Extraordinary Items EPS Growth 59.7 (19.5) (10.5) 90.1 (48.2) (10.8) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Billions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets Total Assets Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Uni-President Enterprises Corp. (1216-TW) , Nestlé S.A. (NESN-CH) 13, ,241, Sumitomo Corporation (8053) , FamilyMart Co., Ltd. (8028) , Uni-President Enterprises Corp. (1216-TW) Uni President Enterprises Corporation. The company, through its subsidiaries, engages in the production and marketing of various types of food and health products. It operates in five groups: Provisions, Instant Food, Dairy and Beverage, General Foods, and Consumer Health. It also provides investment and recreation services. Other activities include procurement and distribution of commodity and vending machines and franchising bakery chain store. The company primarily markets its products in Taiwan, China, Southeast Asia, and other regions. Aug MIRAE ASSET RESEARCH 72

73 Yakult Honsha Co. Ltd. (2267) Tokyo Common stock Headqrters Minato-Ku Tokyo Japan Price Range PChg Val (M) Beta Web Site , Industry Food: Meat/Fish/Dairy (2415) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 6.2 % Insider Hldgs 42.5 % EPS Estimates 3/08 3/09 3/10 Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Relative Strength vs. Japan Income Statement Summary (Billions) 3/07 3/06 3/05 3/04 3/03 3/02 Net Sales Revenue Growth (1.6) Cost of Goods Sold * Gross Margin Operating Income Operating Margin Interest Expense Pretax Income Tax Rate Net Income before Extraordinary Items Net Income Growth (6.5) Net Margin EPS excl Extraordinary Items EPS Growth (6.6) Shares Outstanding Dividends per Share Payout Ratio Balance Sheet (Billions) & Ratios 3/07 3/06 3/05 3/04 3/03 3/02 Current Assets Total Assets Current Liabilities Long-Term Debt Total Debt Current Ratio Quick Ratio EBIT / Interest Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets Return on Equity Yakult Honsha Co. Ltd. (2267) , Yakult Honsha Co. Ltd. (2267) Yakult Honsha Co Ltd. The Group's principal activities are to manufacture and sell drinks and foods. The Group is also involved in the manufacture and sale of pharmaceutical products. The operations are carried out through the following divisions: Beverages and Foods, Pharmaceuticals and Others. The Beverages and Food products division deals in fermented milk drinks, yogurts, yogurt drinks, beverages and noodles. The Pharmaceuticals division is involved in the production and sale of anticancer drugs and other pharmaceutical products. Its other businesses comprise management of the Tokyo Yakult Swallows Baseball Club, a league professional baseball team in Japan; and cosmetics, including color-free products, facial wash, skin lotions, AC whitening essence, and whitening lotions. The company operates in Japan, the Americas, Asia, Oceania, and Europe. In 2006, a decision was made to enter the Vietnamese market in alliance with Danone Groupe. Aug MIRAE ASSET RESEARCH 73

74 Wilmar International Ltd. (F34-SG) F34-SG B17KC69 Singapore Common stock Headqrters Singapore Price Range PChg Val (M) Beta Web Site , Industry Agricultural Commodities/Milling (2225) P/E P/Book P/CF P/Sales Div Yield Inst Hldgs 1.5 % Insider Hldgs 57.9 % #N/A EPS Estimates 12/07 12/08 12/09 Mean High Low Exp EPS Chg Mo Revision Mo Revision Forward P/E Relative Strength vs. Singapore Income Statement Summary (Millions) 12/06 12/05 12/04 12/03 12/02 12/01 Net Sales 8, Revenue Growth Cost of Goods Sold * 7, Gross Margin Operating Income 262 (7) (1) (12) (2) (4) Operating Margin 3.1 (40.5) (7.7) (87.1) (23.5) (45.2) Interest Expense Pretax Income 214 (7) (1) (12) (2) (4) Tax Rate 21.5 (0.4) (5.0) (0.6) 1.6 (0.1) Net Income before Extraordinary Items 165 (7) (1) (12) (2) (4) Net Income Growth (777.5) 93.6 (418.3) Net Margin 2.0 (39.3) (5.2) (87.6) (21.5) (43.1) EPS excl Extraordinary Items 0.1 (0.3) (0.0) (0.5) (0.1) (0.2) EPS Growth (779.3) 93.7 (406.6) Shares Outstanding 2, Dividends per Share Payout Ratio Balance Sheet (Millions) & Ratios 12/06 12/05 12/04 12/03 12/02 12/01 Current Assets 1, Total Assets 2, Current Liabilities 1, Long-Term Debt Total Debt 1, Current Ratio Quick Ratio EBIT / Interest 3.0 (47.2) (7.6) (193.9) (90.8) (21.5) Total Assets/Equity L-T Debt % Total Capitalization Inventory Turnover Accounts Receivable Turnover Total Asset Turnover Return on Assets 11.7 (36.7) (3.3) (44.0) (7.1) (10.4) Return on Equity 36.7 (80.5) (6.3) (65.6) (8.6) (12.1) Wilmar International Ltd. (F34-SG) , Wilmar International Ltd. (F34-SG) Wilmar International Limited Formerly known as Ezyhealth Asia Pacific Limited. The Group's principal activities are merchandising and refinery, plantation and palm oil mills. Other activities includes in the ship-owning and chartering operations; trading of oleo chemical and biodiesel; distribution of frying oil, margarine, and shortening; development of industrial estate; coal business and trading; processing of cocoa butter and powder; manufacture and sale of fertilizers; and rental of storage facilities. It serves food manufacturing, cosmetics, and pharmaceutical industries. The company sells its products in India, the People of Republic of China, South East Asia, and internationally. Its customers include refiners, processors, wholesalers, and retailers. The company markets its edible oil under Sania and Fortune brand names. Aug MIRAE ASSET RESEARCH 74

75 투자의견 종목별 투자의견 (6개월 기준) BUY : 현주가 대비 목표주가 +20% 초과 Hold : 현주가 대비 목표주가 ±10%이내 Reduce : 현주가 대비 목표주가 20%초과 단, 업종 투자의견에 의한 ±10%내의 조정치 감안 가능 업종별 투자의견 Attractive : 현 업종지수대비 +10% 초과 Neutral : 현 업종지수대비 ±10% 이내 Cautious : 현 업종지수 대비 10%초과 업종별 투자의견의 용어를 재정리 함 Overweight Attractive / Underweight Cautious로 2005년 8월 3일부터 변경함 Earnings Quality Score Earnings Quality Score = 0.70*(Earnings Stability) *(Earnings Certainty) *(Earnings Forecast Accuracy) 1. Historical Earnings Stability - 최근 5년간 분기 순이익 성장률(YoY)의 변동성을 분위 지표로 변환. - 변동성은 outlier에 의한 왜곡현상을 최소화하기 위해 표준편차(SD) 대신 MAD(Median Absolute Deviation)로 산정. - 순이익 분기 성장률(YoY) 변동성이 낮을수록 동 지표값이 높음. 2. Consensus Forecast Certainty - 12개월 예상 EPS(컨센서스 기준) 추정치에 대한 애널리스트간 견해차를 분위 지표로 변환. - 견해차는 12개월 예상 EPS의 '표준편차 / 평균'으로 산정. - 견해차가 작을수록 동 지표값이 높음. 3. Consensus Forecast Accuracy - 최근 3년간의 EPS surprise(=[연말 실제치 - 연초 추정치]/연초 추정치)의 절대크기를 분위 지표로 변환. - EPS surprise는 '(연말 실제치 - 연초 추정치)/연초 추정치'로 산정. - Surprise의 절대크기가 낮을수록 동 지표값이 높음. * 참고사항 1) Consensus Forecast Certainty 및 Consensus Forecast Accuracy는 예상 EPS 컨센서스 추정치 수가 5개 이상인 기업만을 대상으로 하였음. 2) 각 지표를 산정할 수 없을 경우에는 평균인 50을 부여하였음. Compliance Notice 본 자료는 투자자의 증권투자를 돕기 위하여 당사 고객에 한하여 배포되는 자료로서 어떠한 경우에도 복사되거나 대여될 수 없습니다. 본 조사자료에 수록된 내용은 당사 리서치센터가 신뢰할 만한 자료 및 정보로부터 얻어진 것이나 당사는 그 정확성이나 완전성을 보장할 수 없습니다. 따라서, 어떠한 경우에도 본 자료는 고객의 증권투자의 결과에 대한 법적 책임소재에 대한 증빙자료로 사용될 수 없습니다. 당사는 8월28일 현재 KT&G를 기초자산으로 하는 ELW발행 및 LP회사임을 알려드립니다. 동 자료는 기관투자가 또는 제3자에게 사전 제공한 사실이 없습니다. 자료에 게재된 내용들은 본인의 의견을 정확하게 반영하고 있으며, 외부의 부당한 압력이나 간섭 없이 작성되었음을 확인함. 작 성 자 : 한국희 담당자 보유주식수 1%이상 유가증권 계열사 자사주 종목 담당자 종류 수량 취득가 취득일 보유여부 발행관련 관계여부 취득부 해당사항없음 Aug MIRAE ASSET RESEARCH 75