巴克莱-全球-消费品行业-全球日用消费品CAGNY2020耐心是一个良性循环-2020.2.24-31页.pdf
《巴克莱-全球-消费品行业-全球日用消费品CAGNY2020耐心是一个良性循环-2020.2.24-31页.pdf》由会员分享,可在线阅读,更多相关《巴克莱-全球-消费品行业-全球日用消费品CAGNY2020耐心是一个良性循环-2020.2.24-31页.pdf(33页珍藏版)》请在启牛文库网上搜索。
1、Equity Research 24 February 2020 FOCUS Barclays Capital Inc.and/or one of its affiliates does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.I
2、nvestors should consider this report as only a single factor in making their investment decision.This research report has been prepared in whole or in part by equity research analysts based outside the US who are not registered/qualified as research analysts with FINRA.PLEASE SEE ANALYST CERTIFICATI
3、ON(S)AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 24.Restricted-Internal Global Consumer Staples CAGNY 20:Patience is a Virtu(ous)Cycle We came away from CAGNY 2020 sensing perhaps the most widespread agreement we have seen in a long time on the drivers of value creation amongst Staples companies,wit
4、h Food companies finally joining their HPC and Beverage peers in aiming for greater balance between top and bottom-line growth.This balanced approach,or“virtuous cycle”,has long been a hallmark of the HPC&Beverage space,while Packaged Food has seen greater variation in focus with the pendulum swingi
5、ng firmly in favor of the 3G cost cutting/margin enhancement model starting in 2015,but pivoting to a re-emphasize on top-line growth over the last two years.To this point,two years ago at CAGNY we started to sense a more proactive approach to pursuing growth across the industry,and last year we sum
6、marized the conference as an even stronger“Referendum on Growth”,with some companies even taking a growth at almost any cost mindset,particularly in packaged food.Notably,this included a material step up in investment across the sector.This year,in our view,most companies discussed continuing on thi
7、s path of improving top-line growth but with much more emphasis on how to strike a better balance between top-line and profitability,or returning to the“virtuous cycle”if you will.Some(PG)are already showing this balance while others(MDLZ,KO)appear poised to do so in 2020.Yet,for companies such as P
8、EP,CL,GIS,K,SJM,among others,we see 2020 as yet another step in a multi-year process of building back to a stronger and more sustainable growth and profitability profile.Interestingly,while increasing brand building investment was certainly a prominent topic amongst Consumer Staples companies,we als
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 巴克 全球 消费品 行业 日用消费品 CAGNY2020 耐心 一个 良性循环 2020.2 24 31
链接地址:https://www.wojuba.com/doc/1553949.html