Beiersdorf Is Most at Risk From Local Chinese Companies: Goldman
2015-08-12 06:59:25.415 GMT
By Heather Burke
(Bloomberg) -- Local Chinese cos. have taken about 26% of
mass skincare market from multinationals since 2010, Goldman
says in note; Beiersdorf most at risk.
* Success of local cos. have improved products, been faster in
responding to growth in online sales, “niche” areas such
as natural ingredients
* Commodity, fragmented, mass-market products including color
makeup, skincare, bath most at risk from local cos.;
multinationals with premium lines will be more resistant
* Beiersdorf most at risk from increased emerging mkt
competition because of reliance on Nivea, lack of M&A focus;
reiterates sell, PT cut to EU67.5 vs EU71
* L’Oreal should be helped by more upscale brands and M&A
record, may have soft mass mkt lines; removed from
Conviction List and Focus List, kept at buy; PT cut to EU183
vs EU202
* Reckitt cut to neutral after 11% outperformance YTD vs
consumer staples, PT cut to 6,070p vs 6,390p
* Henkel reiterated sell, PT cut to EU96.5 vs EU99
For Related News and Information:
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To contact the reporter on this story:
Heather Burke in London at +44-20-3525-2044 or
hburke2@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net
2015-08-12 06:59:25.415 GMT
By Heather Burke
(Bloomberg) -- Local Chinese cos. have taken about 26% of
mass skincare market from multinationals since 2010, Goldman
says in note; Beiersdorf most at risk.
* Success of local cos. have improved products, been faster in
responding to growth in online sales, “niche” areas such
as natural ingredients
* Commodity, fragmented, mass-market products including color
makeup, skincare, bath most at risk from local cos.;
multinationals with premium lines will be more resistant
* Beiersdorf most at risk from increased emerging mkt
competition because of reliance on Nivea, lack of M&A focus;
reiterates sell, PT cut to EU67.5 vs EU71
* L’Oreal should be helped by more upscale brands and M&A
record, may have soft mass mkt lines; removed from
Conviction List and Focus List, kept at buy; PT cut to EU183
vs EU202
* Reckitt cut to neutral after 11% outperformance YTD vs
consumer staples, PT cut to 6,070p vs 6,390p
* Henkel reiterated sell, PT cut to EU96.5 vs EU99
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Heather Burke in London at +44-20-3525-2044 or
hburke2@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net