j.p.摩根 - transportation and logistics weekly fast track ups leans in

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1、Completed15Jun201711:57PMEDTDisseminated16Jun201712:48AMEDTNorthAmericaEquityResearch16June2017TransportationandLogisticsWeeklyFastTrack:UPSLeansIntoCapacityExpansions,CNOutlinesaLongRunwayforGrowthThisweeklypublicationhighlightscurrenttrendsacrosstrans

2、portsandlogisticsinAirfreight&Surfaceadditiontofrequentlyaskedquestionsandourviewofmarketsentiment.WetrackTransportationtruckloadmarketmetrics,anumberofraildatapointsbeyondtheweeklycarloads,andACBrianP.Ossenbeck,CFAthemonthlyupdatesofkeyindicators.Alsoi

3、ncludedarelinkstorecentthematicwork(1-212)622-1023aswellasrelevantJ.P.Morganeconomic,strategy,andcommodityresearch.brian.p.ossenbeck@jpmorgan.comKeytopicoftheweek:UPSpickinguppaceofnewcapacityadditions.TheBloombergJPMAOSSENBECKcompanycontinuestoramp

4、upadditionsandexpansionsofparcelprocessingJ.P.MorganSecuritiesLLCfacilities.Thisactivityappearsconsistentwith2017capex+43%YoYbutthetrendisJamesAllenworthwatchinggiventhefacilitiesareskewingtowardlargerhubsandnewlocations.(1-212)622-9418Sinceourlaunchont

5、heparcelindustryinDecember2016wehaveseenfivefacilityjames.allen@jpmorgan.comannouncementstotaling$1.1Bn.J.P.MorganSecuritiesLLCSectorsentiment,FAQs,news,andselectstockviewsLilyAn(1-212)622-9566CNinvestordaydetailsnewvolumeopportunities.CNhostedtheirinv

6、estordaylily.an@jpmorgan.comonJune12-14andfocusedonsignificantrevenueopportunitiesthrough2022,J.P.MorganSecuritiesLLCparticularlyintheintermodalandpetrochemicalendmarkets.WeexpectthatCNSanketPParabcancontinuetocapturefuel-adjustedincrementalmarginsof~68

7、%,whichwould(91-22)6157-3342enablethemtoachieve10%averageEPSgrowthoverthenext5years;seeoursanket.p.parab@jpmorgan.comrecapnotehere.J.P.MorganIndiaPrivateLimitedContainerlinerdiscipline&pricingimprove.JPMtransportresearchteamshostedacallwithGerryWang,CE

8、OofcontainershiplessorSeaspan(SSW,Neutralrated).SmoothexecutionoftherecentlyexpandedalliancesandabetterrateenvironmentshouldresultinpositiveYoYinternationalcontainerimportsagainstaneasycompfromachallenged2016.ThereadacrosstoNorth