巴克莱-美股-生命科学与技术-2017.7.5-u.s. life science tools & diagnostics barclays tools industrial tracker - june 2017 outlook remains healthy

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1、EquityResearch5July2017U.S.LifeScienceTools&DiagnosticsINDUSTRYUPDATEBarclaysToolsIndustrialTracker–U.S.LifeScienceTools&DiagnosticsJune2017:OutlookRemainsHealthyNEUTRALUnchangedGeographicPMIsremainathealthyexpansionarylevels,lendingsupporttoourU.S.LifeScienceTools&Diagnosticsthesisthat

2、theIndustrialendmarketisshowingsignsofimprovement.Overall,JuneJackMeehan,CFAresultswerebroadlypositive,withtheU.S.ISMmanufacturingPMIimproving2.9m/m+12125263909to57.8,Europeimproving0.4m/mto57.4,andGermanyimproving0.1m/mto59.6.jack.meehan@barclays.comTheonenotabledeclinewasintheUK,where

3、themanufacturingPMIdropped2.0m/mBCI,USto54.3.InChina,theCaixinmanufacturingPMIimproved0.8m/mto50.4,representingamoveintoexpansionaryterritory.WecontinuetoviewChinaasanMitchellPetersen+12125263367attractiveendmarketfortheLifeScienceToolscompaniesgiventhecountry’smitchell.petersen@barclay

4、s.cominvestmentinareaswell-alignedwithourcoverage–notablybiopharmaceuticalBCI,USandlifescienceresearch,aswellashigherenvironmentalstandards.PMIsbroadlyremaininexpansionaryterritoryacrossothermarkets,whichweviewasahealthyAndrewWaldreadingfortheindustrialendmarketforourcoverage.Wecontinue

5、tofavorAgilent+12125269436andThermoFisherinourLifeScienceToolscoverage,andbelievebetterIndustrialandrew.wald@barclays.comBCI,UScommentarycouldleadtoimprovedrevenuegrowthin2H17.Asareminder,revenuegenerationfortheLifeScienceToolscompaniesishighlycorrelatedwithendmarketgrowthinthecompany’s

6、individualgeographies.Thelatestreadingswouldsuggest:USCompositePMIfromISMof57.8forJune2017,up2.9m/mEuropeManufacturingPMIfromMarkitof57.4forJune2017,up0.4m/mUKManufacturingPMIfromMarkitof54.3forJune2017,down2.0m/mGermanyManufacturingPMIfromMarkitof59.6forJune2017,up0.1m/mJapanManuf

7、acturingPMIfromMarkitof52.4forJune2017,down0.7m/mChinaManufacturingPMIfromMarkitof50.4forJune2017,up0.8m/mInthisreport,wealsotrackcapitalspendinglevelsatchemicalandenergycompanies,oilprices,andrigcountstogaugethehealthoftheindustrialendmarket.Afteranumberofyearsofpressure,webe