The Global Point

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The Global Point

Expect investor pessimism to abate; Open a ST positive view) . Citi’s preferred 10

big-cap China consumer stocks with attractive valuation: Midea, Anta, Li Ning,

CTF, Mengniu, Haidilao, Tsingtao, Bosideng, CR Beer, WH Group (detailed in <a...

Xiaopo Wei, CFA | Vincent Young

Australia Retail - How will retailers manage cost pressures?

We refresh our forecasts across our retail coverage in advance of the August

results. We lower our FY27e earnings forecasts for most retailers as we update our

CODB estimates in light of the recent FWC decision. Most discretionary retailers

appear to be facing negative jaws as we generally model CODB growth ahead of

sales growth in FY27e. We downgrade our rating on Woolworths to Sell and

upgrade our rating on Metcash to Neutral. This reflects recent share price

performance for both and movements in VA consensus earnings for Metcash.

Adrian Lemme, CFA

Retail award growth has accelerated Supermarket relative PE multiples

7% Ratio (x) 12-month forward PE Relative multiples

6% 1.6x WOW COL MTS

5% 1.4x

4% 1.2x

3% 1.0x

2% 0.8x

1% 0.6x

0% 0.4x

-1% 0.2x

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2025 2026 0.0x

Modern award increase CPI Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Jul-26

CEEMEA

Airtel Africa PLC (AAF.L) - Resuming Coverage with a Neutral/High Risk rating

We have renewed our rating after a period of Rating Suspended with a

Neutral/High Risk rating and a target price of GBp380. We believe Airtel Africa

remains structurally well positioned to benefit from the continued adoption of

telecoms services and rising data consumption across its markets. As the

company accelerates investment with increased capex envelope, we expect the