BDA-爱洋葱Orion英语学习研究报告-20130928.pptx

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BDA-爱洋葱Orion英语学习研究报告-20130928.pptx

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OrionChina:Cutting-edgeRD,EstablishedModernTrade,ImprovingTraditionalTradeBranding;RMB10BNSalesIn2015E(6.6BNIn13E)InAllLikelihood

OrionKorea:FoodBusiness,BolsteredBySophisticatedRD,AndBranding/ChannelTrailingOnlyLotte,HasLimitedDownsideRisk

BDAReportonOrion(KOSE:001800)29September2013?BDA2013

2TableofContentsExecutiveSummarySnapshotofOrionChinaBusinessInsightsKoreaBusinessInsights

OrionChina:thepackagedcakebusinesshaslongbeenplayingtheroleof“star”andprovidingsolidcashflowsforOrion’sstronggrowth;whiletheotherthreeproductlines(crispy,biscuitsandgum),despitecatchingupquicklyinthepastthreeyears,arestill“questionmarks”3SectorGrowth

(09-12CAGR)RelativeM/S(2012)BiscuitsCrispyGumPackaged

Cake(Pie)BiscuitsGumCrispyFoodPackagedCakesMarketPositioningProfitabilityDistantleaderinoverallmarketandpiesectorTheonlyplayerinhigh-endsegment,highimitationbarriersfordomesticfollowersHighlyprofitable~40%GM10%APOptimizedcoststructureduetoeconomiesofscaleNo.4inoverallmarketandNo.1insnackingbiscuitsectorPioneerofchildrensegmentModeratelyprofitable45%GM15%APModerateAPinputandreducedyearbyyearNo.2inoverallmarketbutlagsfarbehindthedominantleaderNicheleaderinlarge-sizedbottlegumformatNo.3inoverallsectorClosefollowersinchipsandextrudedpelletssectorswithinnovativeproductsRelativelylow~50%GMand25%APHighestAPinputtoexpandM/S;yetreducedyearbyyearRelativelylow50%GMand20%APHighAPlevelhavetobemaintainedtokeepmarketshareEvaluationofOrion’sExistingProductPortfolio(2012)StrategicPositioningbyBCGMatrixStarCashCowLeanDogQuestionMarkSource:BDAanalysis1234

HistoricallyOrionhassuccessfullyachievedgrowthinChinathankstostrongproducts,solidmodernchannelexpansionandproperexecution;ThesefactorswillcontinuetohelpOrionsecurelong-termgrowthAfistfulofp