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雷达卡
A quick summary of 1Q12 sub-sector performance 4
Our top ideas in Global Civil Aerospace 4
Our top ideas in Global Defense 7
Key theme: Initiated coverage - China’s Aero & Defense industry 8
GS SUSTAIN – identifying the long-run winners in Global A&D 10
GS EPS estimates vs. consensus 12
Global valuation multiples and global share price performance 14
Civil Aerospace (1): Outlook for GDP, air traffic, aftermarket 16
Civil Aerospace (2): Airbus & Boeing update 20
Civil Aerospace (3): Regional jets – recovery still dominated by ERJ 21
Civil Aerospace (4): The risks - airline profits and aircraft financing 22
Civil Aerospace (5): Business jets – the latest of late cycle 24
Defense (1): US defense – aversion now decidedly consensus 26
Defense (2): Europe – awaiting more cuts in the UK and France 28
M&A watch – a fairly quiet 1Q 2012 30
Boeing (BA): Conviction Buy 33
BE Aerospace (BEAV): Conviction Buy 34
Precision Castparts (PCP): Conviction Buy 35
Embraer (ERJ): Buy 36
Textron (TXT): Buy 37
AeroVironment (AVAV): Buy 38
Huntington Ingalls (HII): Sell 39
L-3 Communications (LLL): Sell 40
Northrop Grumman (NOC): Sell 41
MTU Aero Engines (MTXGn.DE): Conviction Buy 42
Rolls Royce (RR.L): Conviction Buy 43
Safran (SAF.PA): Conviction Buy 44
BAE Systems (BAES.L): Sell 45
Finmeccanica (SIFI.MI): Sell 46
Ultra Electronics (ULE.L): Buy 47
AviChina (2357.HK): Buy 48
Xian Aero-Engine(600893.SS): Buy 49
Xian Aircraft International (000768.SZ): Sell 50
Appendix 1: Sales split per company – US, Europe and China 52
Appendix 2: Large and regional jets (in development / production) 54
Appendix 3: Global civil aerospace suppliers: Who does what 56
Appendix 4: The size and growth of the global defense market 58
Appendix 5: Understanding the US defense budget 59
2012-04-10_高盛高华_步入2012年二季度，对全球民用航空制造业的看法更加积极.pdf
(1.78 MB)
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