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1、COREU.S.Multi-IndustryCatalysts,andQuestionsforManagementTeams,aheadofQ4ConferenceSeasonAheadofindustrialconferencesandinvestormeetingsintheweeksahead,weprovideinthisreportalistofquestionsthatwethinkareworthaskingthevariousINDUSTRYUPDATEU.S.Multi-In
2、dustryNEUTRALUnchangedU.S.Multi-IndustryJulianMitchell+12125261661EquityResearch4November2018USMulti-Industrymanagementteams,aswellaslinkstorecentsalientreports.Stockswhichwethinkcouldofferinterestingupdatesbyyear-endinclude:(i)JCI–AnannouncementonP
3、ower’sfuturemaybeimminent;ifanexitoccurs,management’sdecisionsonBuildings,andtheuseofproceeds,couldhaveconsiderableconsequencesfortheBuildings/HVACindustry.(ii)UTX-TheclosingoftheCOLdealshouldresultinanincreasetoconsensusestimatesfor2019+;thisshouldb
4、efollowedshortlyafterwardsbytheoutcomeofthestrategicportfolioreview.(iii)MMM–TheNov.15investormeetingwillfocusonthenewCEO’smedium-termtargets,aswellaspreviewthe2019Outlook.(iv)ROK–UpdatesontheinitialprogressoftheROK/PTCcross-sellingeffortswilllikelyb
5、ethefocusoftheNov15investormeeting.(v)LII&DHR–2019outlookmeetingsaredueonDec12/13respectively.(vi)GE–WemayhearupdatesonthefinalizationoftheTCJA’simpactonCapital’scashneeds(pendingnewsfromtheTreasuryDepartment),andoncost-reductionsatthePowerbusiness(o
6、ncethenewCEOcompletestheoperatingpreviewsfor2019,inthecomingweeks).Positioning:Basedonourconversationsandmeetingswithinvestorsoverthelastmonth,sentimentappearsmostnegativeonGE(whichremainsthestockwiththemostincominginterest),JCI,FTV,andMMM,andmostpos
7、itivetowardsHONandIR.IncominginvestorinterestsofarinQ3hasincreasedatHON(amidstthespins),MMM,DHRandEMR(andithaslessenedforDOVandIR).AmongtheSMIDcapnames,incominginterestishighestatGDIandALLE.Q3SectorTrends:Aswehighlightedinourlastsectorreport‘Learning
8、sfromEarnings(Part7);November2,2018’,Q3organicsalesgrowthacceleratedfor~60%ofthegroup(relativetoQ2)withoverallorganicsalesgrowthreaching~5.5%,butgrossmarginshavedeclinedfor70%ofthecompanies.80%ofthesectorbeatourEPSestimates,similarto80%+in1H18.Organi