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《巴克莱-美股-生命科学工具与诊断行业-2017年9月:前景依然强劲-2017.10.3-barclays-u.s. life science tools & diagnostics barclays tools industrial tracker - sep 2017 outlook remains strong》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库。
1、EquityResearch3October2017U.S.LifeScienceTools&DiagnosticsINDUSTRYUPDATEBarclaysToolsIndustrialTracker–U.S.LifeScienceTools&DiagnosticsSep2017:OutlookRemainsStrongNEUTRALUnchangedGeographicPMIsshowedstrongmonthlyresultsandremainathealthyU.S.LifeScienceTools&Diagnosticsexpansion
2、arylevels,lendingsupporttoourthesisthattheIndustrialendmarketisJackMeehan,CFAshowingsignsofimprovement.Overall,September’sresultswerestrong,withtheU.S.+12125263909ISMmanufacturingPMIincreasing2.0m/mto60.8–thehighestreadingsinceMayjack.meehan@barclays.com2004.Europeimproved0.7m/
3、mto58.1.Additionally,Japan(up0.7m/mto52.9)andBCI,USGermany(up1.3m/mto60.6)bothsawniceincreases.OnlytheUK(down-0.8m/mto55.9)andChina(down-0.6m/mto51.0)hadPMIdecreases.PMIsbroadlyremainMitchellPetersen+12125263367inexpansionaryterritoryacrossothermarkets,whichweviewasahealthyread
4、ingmitchell.petersen@barclays.comfortheindustrialendmarketforourcoverage.Despitethemonthlydecline,weviewBCI,USChinaasanattractiveendmarketfortheLifeScienceToolscompaniesgiventhecountry’sinvestmentinareaswell-alignedwithourcoverage–notablyAndrewWaldbiopharmaceuticalandlifescienc
5、eresearch,aswellashigherenvironmentalstandards.+12125269436WefavorAgilentandThermoFisherinourLifeScienceToolscoverage,andbelieveandrew.wald@barclays.comBCI,USbetterIndustrialcommentarycouldleadtoimprovedrevenuegrowthin2H17.Asareminder,revenuegenerationfortheLifeScienceToolscomp
6、aniesishighlycorrelatedwithendmarketgrowthinthecompany’sindividualgeographies.Thelatestreadingswouldsuggest:USCompositePMIfromISMof60.8forSeptember2017,up2.0m/mEuropeManufacturingPMIfromMarkitof58.1forSeptember2017,up0.7m/mUKManufacturingPMIfromMarkitof55.9forSeptember2017,d
7、own-0.8m/mGermanyManufacturingPMIfromMarkitof60.6forSeptember2017,up1.3m/mJapanManufacturingPMIfromMarkitof52.9forSeptember2017,up0.7m/mChinaManufacturingPMIfromMarkitof51.0forSeptember2017,down-0.6m/mInthisreport,wealsotrackcapitalspendinglevelsatchemicalandenergycompanies,
8、oilprices,andrigcountstogaugethehealthoftheindustriale