中国成奢侈品牌LV最大消费国

　　Emerging markets will account for at least 80% of growth in the luxury-goods sector, averaging around 9% a year, compared with 2% in the developed world, according to Francesca Di Pasquantonio at Deutsche Bank. LVMH is well-placed to capture this growth, with stores in India, Indonesia, Vietnam and, coming soon, Mongolia.

　　德意志银行(Deutsche Bank)的Francesca Di Pasquantonio估计，新兴市场将占奢侈品行业增长至少80%的比例，平均每年增长9%左右，而发达国家增幅仅为2%。LVMH在印度、印尼、越南都有门店，在蒙古也即将开设门店，因此占据着有利地位，可从新兴市场增长中获利。

　　The question is how much room there is for the sector's heady valuations to progress. LVMH shares are trading at 18 times 2010 earnings, compared with the sector average of 16 times, but still below the precrisis level of more than 20. Deutsche Bank has raised its earnings forecasts for the first time in two years, and others may follow. For LVMH investors, this could still be the year of the bull.

　　问题在于，奢侈品行业令人兴奋的估值还有多大的成长空间。LVMH股票基于2010年收益的市盈率为18倍，整个行业平均为16倍，但仍低于危机前20倍以上的水平。德意志银行两年来首次提高其收益预期，其他机构也可能有同样举措。对于LVMH投资者来说，今年可能仍然是“牛”年。