德银-欧洲-非食品零售行业-商店里还有什么？-20180131-28页

31January2018Retail-NonFoodEuropeanNon-FoodRetailRetailRetail-NonFoodIndustryUpdateEuropeIndustryEuropeanNon-FoodRetailDate31January2018DeutscheBankMarketsResearchWhatwasinstoreRevisitingthedbAccess20thannualStoreTourandtheOutlookforretailOnemonthonfromourOutlookreportWhatsinstoreandonlinefor2018,andafteravolatileearningsseason,werevisitourinvestmenttheses.Our20thannualdbAccessRetailStoreTourcontrastedtheconfidentonlineandvalueretailerswiththegenerallycautioustraditionalstore-basedretailers.Thevaluationgapshavewidenedinthepastmonth,however,andthereforeinthisreportweupgradeH&M(fromSelltoHold)anddowngradeASOS(fromBuytoHold).WereiterateourtoppicksABFoods,B&M(witharaisedtargetprice)andBoohoo.Thedifferenceamonthhasmade:anothermonthofpolarisationTherehasbeenawidespreadofperformanceofnon-foodretailstockssofarin2018(Figur