资源描述:
《巴克莱-美股-生命科学器械与诊断-巴克莱器械产业追踪:8月份pmi指数改善对2017年下半年来说是一个好的开始-20170905-barclays-u.s. life science tools & diagnostics barclays tools industrial tracker》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、EquityResearch5September2017U.S.LifeScienceTools&DiagnosticsINDUSTRYUPDATEBarclaysToolsIndustrialTracker–U.S.LifeScienceTools&DiagnosticsAug2017:ImprovingPMIsContinueNEUTRALUnchangedGoodStartfor2H17U.S.LifeScienceTools&DiagnosticsJackMeehan,CFAGeographicPMIsshowedstrongmonthlyresults
2、andremainathealthy+12125263909expansionarylevels,lendingsupporttoourthesisthattheIndustrialendmarketisjack.meehan@barclays.comshowingsignsofimprovement.Overall,Augustresultsweresolid,withtheU.S.ISMBCI,USmanufacturingPMIincreasing2.5m/mto58.8andEuropeincreasing0.8m/mto57.4.Additionall
3、y,theChinaCaixinManufacturingPMIimproved0.5m/mto51.6,theU.K.MitchellPetersenimproved1.6m/mto56.9,andGermanyincreased1.2m/mto59.3.Wecontinueto+12125263367mitchell.petersen@barclays.comviewChinaasanattractiveendmarketfortheLifeScienceToolscompaniesgivenBCI,USthecountry’sinvestmentinare
4、aswell-alignedwithourcoverage–notablybiopharmaceuticalandlifescienceresearch,aswellashigherenvironmentalAndrewWaldstandards.PMIsbroadlyremaininexpansionaryterritoryacrossothermarkets,which+12125269436weviewasahealthyreadingfortheindustrialendmarketforourcoverage.Weandrew.wald@barclay
5、s.comcontinuetofavorOverweight-ratedAgilentandThermoFisherinourLifeScienceBCI,USToolscoverage,andbelievebetterIndustrialcommentarycouldleadtoimprovedrevenuegrowthin2H17.Asareminder,revenuegenerationfortheLifeScienceToolscompaniesishighlycorrelatedwithendmarketgrowthinthecompany’sindi
6、vidualgeographies.Thelatestreadingswouldsuggest:USCompositePMIfromISMof58.8forAugust2017,up2.5m/mEuropeManufacturingPMIfromMarkitof57.4foraugust2017,up0.8m/mUKManufacturingPMIfromMarkitof56.9forAugust2017,up1.6m/mGermanyManufacturingPMIfromMarkitof59.3forAugust2017,up1.2m/mJapan
7、ManufacturingPMIfromMarkitof52.2forAugust2017,up0.1m/mChinaManufacturingPMIfromMarkitof51.6forAugust2017,up0.5m/mInthisreport,wealsotrackcapitalspendinglevelsatchemicalandenergycompanies,oilprices,andrigcountstogaugethehealthoftheindustrialendmarket.Afteranumberofyearsofpressure,web
8、elievethebot