j.p.摩根-美股-transportation and logistics

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1、Completed22Jun201708:13PMEDTDisseminated23Jun201712:15AMEDTNorthAmericaEquityResearch23June2017TransportationandLogisticsWeeklyFastTrack:CSXLeadsHeadcountReductionsAmidAcceleratingRailInflationThisweeklypublicationhighlightscurrenttrendsacrosstransportsandlogisticsinAirfrei

2、ght&Surfaceadditiontofrequentlyaskedquestionsandourviewofmarketsentiment.WetrackTransportationtruckloadmarketmetrics,anumberofraildatapointsbeyondtheweeklycarloads,andACBrianP.Ossenbeck,CFAthemonthlyupdatesofkeyindicators.Alsoincludedarelinkstorecentthematicwork(1-212)622-1

3、023aswellasrelevantJ.P.Morganeconomic,strategy,andcommodityresearch.brian.p.ossenbeck@jpmorgan.comKeytopicoftheweek:Railinflationaccelerates.TheAAR's3Q17railinflationBloombergJPMAOSSENBECKindex(ex-fuel)confirmsongoingcostpressureasittrendedupsequentiallyandisJ.P.MorganS

4、ecuritiesLLC2.3%higherYoY.UNPhasbeenunderscrutinyforrecordingrelativelyslowpricingJamesAllengrowthcomparedtoacceleratingcostinflation.Iftherailsachievetheirgoalof“price(1-212)622-9418aboveinflation”thiswilltranslatetoincrementalcostpressurefortheintermodaljames.allen@jpmorg

5、an.comproviders,especiallyHUBGwhichdoesnothavearevenue-sharingagreement.WeJ.P.MorganSecuritiesLLCpreviouslyhighlightedtheinitialAARcostindexestimatefor3Qhere.LilyAnSectorsentiment,FAQs,news,andselectstockviews(1-212)622-9566lily.an@jpmorgan.comRussellReconstruction2017.Fri

6、dayJune23istheeffectivedateforRussellJ.P.MorganSecuritiesLLCreconstruction;estimatedcut-offmarketcapfortheRussell2000is$144mmandSanketPParabfortheRussell1000,$3.4B.Acomprehensiveoverviewisavailablehere.For(91-22)6157-3342transportinvestors,wenoteXPOisbeingmoveduptotheRussel

7、l1000andsanket.p.parab@jpmorgan.comprojectednetindexerdemandis-4.3mmshs,2.75xADV.SNDRisbeingaddedtoJ.P.MorganIndiaPrivateLimitedtheRussell2000,withprojectedindexerdemandof+2.9mmshs,3.8xADVContainershippingcall.JPMresearchanalystshostedaninvestorbriefingoncontainershipping.

8、HighlightsincludestrongerQ2demandwithhelpfromrestocking,andacrosstheboardrecoveryi