2010年1月欧洲重工业行业研究报告

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【出版时间及名称】：2010年1月欧洲重工业行业研究报告
        【作者】：摩根大通
        【文件格式】：pdf
        【页数】：52
        【目录或简介】：

Table of Contents
Summary of estimate changes................................................3
Q4'09 Survey: Modest Demand Improvement Expected.......4
Only a Modest Improvement in the Outlook ..........................4
Gradual sales increase anticipated.........................................5
Net Pricing a Meaningful Negative..........................................6
Working Capital, Inventory Improvements Start to Lessen..7
Upgrade Atlas Copco to Overweight ......................................8
Manufacturing Indicators – Point to Strong Improvement IP
.................................................................................................10
Construction Equipment – Sentiment Improving ................17
Trucks – End-markets showing sequential improvement ..20
Automotive – Steep recovery in production coming...........21
Mining – Outlook notes the strongest improvement...........23
Assa Abloy..............................................................................26
Q4’09 Preview.........................................................................26
Atlas Copco ............................................................................29
Q4’09 Preview.........................................................................29
Outotec....................................................................................33
Q4’09 Preview.........................................................................33
Sandvik....................................................................................35
Q4’09 Preview.........................................................................35
SKF ..........................................................................................37
Q4’09 Preview.........................................................................37
Valuation Methodology and Risks ........................................40

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