汇丰银行：德国制造业研究报告2008年5月

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

Overall, German industrial sector Q1 2008 results surprised more on the up- than the
downside. We believe that record order backlogs mean 2008 guidance looks safe and,
so far, there are no signs of a severe cyclical downturn.
Analysis of the industrial stocks we cover for sensitivity to cyclical swings and materials
prices indicates that these two factors should be seen as serious risks to operating
performance. In contrast, in terms of the USD/EUR exchange-rate sensitivity of our
industrials universe, we believe operating risks are generally limited, even though
investor sentiment towards the sector is quite strongly influenced by this factor.
We have lowered our rating for Gildemeister to Underweight (V) from Neutral (V), with
a price target or EUR19, and raised our rating on Wincor Nixdorf to Overweight from
Neutral, with a price target of EUR62. The Overweight stocks with the greatest total
potential return in our universe are Pfleiderer (V) (56%), Klöckner & Co (V) (53%),
technotrans (46%), Washtec (45%) and RATIONAL (43%).

Q1 results with no signs of a
severe downswing 7
Q1 results generally stronger than we expected 7
Upward movements in 2008 guidance remain exceptions 7
Little 2009 guidance available 8
HSBC EPS 2008-2010e up 1% on average 8
Average target prices unchanged, but mixed picture at
company level 9
New ratings 10
HSBC industrials in light of
major risk factors 12
Cyclical earnings risks looming in the background 12
Material prices still an issue 14
USD poses more risks for sentiment than earnings 15
Overview of risk assessments 18
Changes in forecasts, target
prices and ratings 19
General remarks 19
Demag Cranes (D9CGn.DE, Neutral (V), TP EUR41) 21
Deutz (DEZG.DE, Overweight (V), TP EUR9) 23
Dürr (DUEG.DE, Overweight, TP EUR39) 25
elexis (EEXG.DE, Overweight, TP EUR25) 27
GEA Group (G1AG.DE, Underweight (V), TP EUR23) 29
Gildemeister (GILG.DE, down from Neutral (V) to
Underweight (V), TP EUR19) 31
Heidelberger Druckmaschinen (HDDG.DE, Neutral (V), TP
EUR19) 33
Jungheinrich (JUNG_p.DE, Neutral, TP EUR25) 35
Klöckner & Co (KCOGn.DE, Overweight (V), TP EUR57)37
Klöckner-Werke (KLKG.DE, Underweight, TP EUR14.7) 39
Koenig & Bauer (SKBG.DE, Neutral, TP EUR22.5) 41
KRONES (KRNG.DE, from Neutral to Neutral (V), TP
EUR60) 43
KUKA (IWKG.DE, Overweight (V), TP EUR26) 45
Masterflex (MZXG.DE, Overweight, TP EUR22) 47
MTU Aero Engines (MTXGn.DE, from Overweight to
Overweight (V), TP EUR34) 49
OHB Technology (OHBG.DE, Overweight, TP EUR14.6) 51
Pfleiderer (PFDGn.DE, Overweight (V), TP EUR20) 53
R.Stahl (RSLG.DE, Overweight, TP EUR38.5) 55
RATIONAL (RAAG.DE, Overweight (V), TP EUR193) 57
Rheinmetall (RHMG.DE, Overweight, TP EUR62) 59
Salzgitter (SZGG.DE, Overweight (V), TP EUR155) 61
SGL Group (SGCG.DE, Neutral (V), TP EUR47) 63
technotrans (TTRG.DE, Overweight, TP EUR19) 65
Vossloh (VOSG.DE, Overweight (V), TP EUR108) 67
WashTec (WSUG.DE, Overweight, TP EUR16) 69
Wincor Nixdorf (WING.DE, to Overweight from Neutral,
TP EUR62) 71
Events calendar 2008 73
Appendix 73
HSBC EPS versus consensus EPS 2008-10e 74
Contents

288841.pdf (2.5 MB, 需要: 500 个论坛币)

2009-1-27 11:43:00 上传

汇丰银行：德国制造业研究报告2008年5月
需要: 500 个论坛币  [购买]

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：研究报告 汇丰银行 制造业 Sensitivity Industrials 研究报告 制造业 德国 汇丰银行