资源描述：
《巴克莱-美股-交通运输业-3季度预览：保持信心》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、EquityResearch13October2017NorthAmericaTransportationEARNINGSPREVIEW3Q17Preview,KeepingtheFaithNorthAmericaShippingFollowingastrongsummerforfundamentals,alongwithrenewedinvestorenthusiasmNEGATIVEforcyclicalexpansion,weexpecttransportstocloseout2017onastrongnote,Unchangedespeciallyforthelarge
2、capstocks.Aswehighlightedlastmonth,earlierthissummerinvestorsseemedtobeconcernedthatindustrialdemandandthustransportvolumeNorthAmericaTransportationgrowthwasabout‘asgoodasitwouldget’(see‘ValueinLargeCapasPeakArrives’,11POSITIVESep17).DespitechallengesfromMotherNature(howmanyhurricanesdidweha
3、vethisUnchangedyear?),itappearscontinuedstrengtheningacrossnearlyeveryverticaldroveanotherhealthyoutcomefortransportdemandinthethirdquarter.Further,tighteningcapacityForafulllistofourratings,pricetargetandacrossnearlyallmodesisdrivingpricinginflationhigherforcarriers,suggestingastrongearning
4、schangesinthisreport,pleaseseetableonpage2.revenueoutlookfor2018.However,themarkethasbeensomewhatdivergentonthestocks,withthesmallandmidcaptransportequitiesbenefitingfromgreaterenthusiasm,NorthAmericaTransportationwithouraverageSMIDcaptransporttrading24xvs.18xforourlargecapcoverageon2018esti
5、mates.Nonetheless,weremainoptimisticthatacontinuedrecoveryinglobalNorthAmericaShippingindustrialdemandcoupledwithstrongerconsumptionsupportabright2018earningsBrandonR.Oglenskiforecast.Pleaseseeourrecent‘deepdive’reportsonspecificsforthe2018outlookinour+12125268903brandon.oglenski@barclays.co
6、mrailroadandfreightcoverage(‘DeepDiveon2018RailOutlook’,18Sep17;and‘DeepBCI,USDiveon2018FreightOutlook’,2Oct17).VanKegelRailsprimedforanotherrecordyearin2018,despiteknownchallenges.Tightening+12125265019NorthAmericatruckingcapacitycoupledwithcontinuedgainsinindustrial,energy,van.kegel@barcla
7、ys.comconsumerandglobaltradedemandsetupforastrongcyclicalrailearningsoutcomeinBCI,US2018.Nonetheless,investorsappearfocusedonthenegatives,suchasUSgrain,coalandautodemand,whichappearchallenged.Nonetheless,weexpectafavorableearningsMatthewWisniewski+
