Zhongmin Baihui

Zhongmin Baihui: Philip Securities has a non-rated report. The house visited 7 ZMBH dept stores in Xiamen and Quanzhou - the two major cities of Fujian province. Notes ZMBH appears to be able to stand its ground in Fujian, yielding remarkable growth over the past 16 yrs, despite the competitive retail market comprising indigenous dept store players like Xinhuadu and Tianhong, as well as international supermarket giants like Walmart, Carrefour and Tesco. Mgt envisions opening more dept stores in the following 2-3 yrs, with ambitions to become a dept store leader in Fujian and beyond. ZMBH owns 6 operational dept stores, and manages 4 stabilized dept stores for its non-listed sister co, Quanzhou ZMBH, with an aggregate floor space of 1.8m sf. The group has another 5 new stores in the pipeline.