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1、 Disclosures & Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Issuer of report: The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch View HSBC Global Resear

2、ch at: https:/ Votingopens1stJune 6th AugustIf you valueour serviceand insightVotenowAsiamoney Brokers Poll 2021 Recovery path looks bumpy due to COVID-19 variants; some regions have tightened social distancing measures With earnings season coming soon, we highlight stocks that provide structural gr

3、owth opportunities with ample upside We continue to prefer discretionary (vs. staples) and beneficiaries of the re-opening theme, and highlight a few staple names Rally in discretionary to continue, in our view We are on a recovery path, past the worst; however, with COVID-19 variants along the way,

4、 the road to recovery looks bumpy. During this volatile period, we maintain our view that despite changes in how consumers shop, such as avoiding offline retail outlets and shifting to online channels, the key long-term trends remain unchanged. These include premiumisation, more luxury spending and

5、an eventual recovery in duty-free stores in Korea (see Asia Consumer & Retail: The year of normalization II, 13 May 2021). We expect operating profit for the discretionary sector to grow around 55% this year, while staples, which had benefited from the pandemic, are set to lag due to a high base eff

6、ect (see Exhibit 1). We continue to expect pent-up demand emerging as normal activities resume like travel and eating out. Where do we go from here? In the Asia consumer space, we see the biggest growth opportunities in the discretionary sector this year and favour stocks that: 1) are expected to sh