巴克莱-美股-生命科学-工具和诊断-下半年预期加速扩张

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1、EquityResearch1August2017U.S.LifeScienceTools&DiagnosticsINDUSTRYUPDATEBarclaysToolsIndustrialTracker–JulyU.S.LifeScienceTools&Diagnostics2017:ExpansionaryStartto2H17NEUTRALUnchangedGeographicPMIsshowedmixedmonthlyresults,butremainathealthyU.S.LifeScienceTools&Diagnosticsexpansionarylevels,lend

2、ingsupporttoourthesisthattheIndustrialendmarketisJackMeehan,CFAshowingsignsofimprovement.Overall,Julyresultsweremixed,withtheU.S.ISM+12125263909manufacturingPMIdeclining1.5m/mto56.3andEuropedeclining0.8m/mto56.6.jack.meehan@barclays.comAspositives,theChinaCaixinManufacturingPMIimproved0.7m/mto5

3、1.1andtheBCI,USU.K.improved0.9m/mto55.1.WhileGermanydeclined1.5m/m,thePMIof58.1forJulyremainsathealthyexpansionarylevels.WecontinuetoviewChinaasanMitchellPetersen+12125263367attractiveendmarketfortheLifeScienceToolscompaniesgiventhecountry’smitchell.petersen@barclays.cominvestmentinareaswell-al

4、ignedwithourcoverage–notablybiopharmaceuticalBCI,USandlifescienceresearch,aswellashigherenvironmentalstandards.PMIsbroadlyremaininexpansionaryterritoryacrossothermarkets,whichweviewasahealthyAndrewWaldreadingfortheindustrialendmarketforourcoverage.WecontinuetofavorAgilent+12125269436andThermoFi

5、sherinourLifeScienceToolscoverage,andbelievebetterIndustrialandrew.wald@barclays.comBCI,UScommentarycouldleadtoimprovedrevenuegrowthin2H17.Asareminder,revenuegenerationfortheLifeScienceToolscompaniesishighlycorrelatedwithendmarketgrowthinthecompany’sindividualgeographies.Thelatestreadingswoulds

6、uggest:USCompositePMIfromISMof56.3forJuly2017,down1.5m/mEuropeManufacturingPMIfromMarkitof56.6forJuly2017,down0.8m/mUKManufacturingPMIfromMarkitof55.1forJuly2017,up0.9m/mGermanyManufacturingPMIfromMarkitof58.1forJuly2017,down1.5m/mJapanManufacturingPMIfromMarkitof52.1forJuly2017,down0.3m/m

7、ChinaManufacturingPMIfromMarkitof51.1forJuly2017,up0.7m/mInthisreport,wealsotrackcapitalspendinglevelsatchemicalandenergycompanies,oilprices,andrigcountstogaugethehealthoftheindustrialendmarket.Afteranumberofyearsofpressure,webel