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【出版时间及名称】：2010年美国软件行业前景展望
【作者】：瑞士信贷
【文件格式】：pdf
【页数】：80
【目录或简介】：
Table of Contents
2009 – Year in Review 4
What to Watch for in 2010? 7
How to Invest in a Recovery in Corporate Spending? 7
Recovery in Applications Spending 11
What Are the Four Drivers of License Growth? 11
What Are the Lead Indicators for License Sales? And, Why Are They Boosting
Our Confidence in a Rebound in SAP’s Applications License Revenue Growth? 15
Potential Application Modernization Cycle to Commence Early This Decade 20
PC Refresh Cycle 21
Potential Areas for Upside at Microsoft 24
What Are the Key Product Cycles in 2010? 27
Symantec 27
NetBackup, Backup Exec, Storage Foundation, Symantec Endpoint Protection,
Altiris Total Management Suite 27
Microsoft 30
Microsoft Office 2010 30
Microsoft Project Natal 33
Adobe 34
Adobe Creative Suite 5 (CS5) 34
Adobe Acrobat 10 38
SAP 38
SAP Business ByDesign 38
Oracle 40
Oracle Fusion Applications 40
What Are Credit Suisse’s Stock Picks for 2010? 41
Large-cap Stock Picks 42
Microsoft (MSFT) 42
SAP (SAP) 43
Small- and Mid-cap Stock Picks 43
Symantec (SYMC) 43
VeriSign (VRSN) 43
Check Point Software Technologies (CHKP) 43
Autonomy (AUTN.L) 43
Rackspace (RAX) 44
What are Estimates for 2010? 44
Where Are Consensus Estimates for 2010? 44
Foreign Currency Impact 45
Credit Suisse versus Consensus 46
Revenue and EPS Growth by Company 47
Sector Thesis Review/Update 47
Secular Thesis 50
Software Continues to Gain Share of the IT Budget 50
Share Gaining Subsegments of Software 53
Cyclical Thesis 55
Software Is a Late-cycle Technology Segment with Less Cyclical Variability than
Other Technology Sectors 55
Software’s Performance in Past Economic Cycles 57
Revenue Growth 57
Stock Price Performance 59
Seasonal Thesis 61
Software Spending Patterns 61
Seasonal Trading Patterns 62
Valuation 67
Historical Valuation Analysis 67
Sources and References 76
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