《2020虚拟全球工业和运输会议指南.docx》由会员分享，可在线阅读，更多相关《2020虚拟全球工业和运输会议指南.docx（21页珍藏版）》请在taowenge.com淘文阁网|工程机械CAD图纸|机械工程制图|CAD装配图下载|SolidWorks_CaTia_CAD_UG_PROE_设计图分享下载上搜索。
1、1 June 2020EquitiesAmericasIndustrialMarkus MittermaierAnalyst +1-212-713 2716Damian Karas, CFAAnalyst +1-212-713 2267Neal BurkAssociate Analyst + 1-212-713 4066Nicholas Amicucci, CFA, CPAAssociate Analyst +1-212-882 5036Global ResearchElectrical Engineering & Multi-Industry Guide to the 2020 Virtua
2、l Global Industrials and Transportation ConferenceTimely updates half way through one of the most volatile quartersThis Tuesday and Wednesday (June 2-3rd), UBS will be hosting its 6th annual Global Industrials and Transportation Conference. Given the ongoing pandemic, this years conference will take
3、 place virtually but nonetheless will still feature senior management from many leading EEMI companies as part of a broader industrials and transportation line-up. Its not too late to register.if you havent done so yet you can do so here or contact your sales representative.EEMI Conference GuideOur
4、EEMI line up for firesides and meetings, in order of appearance: Crane Co (CFO), ITT (CEO & CFO), 3M (CFO), Rockwell Automation (CFO), GE Gas Power (CEO), APi Group (CEO, CFO & Co-Chairman), Stanley Black 8t Decker (CFO), Ingersoll-Rand (CEO & CFO), SPX Corp (CEO). In addition, Gates is also hosting
5、 1on1 meetings only.Figure 1: Tuesday schedule (larger print on next page)Figure 2: Wednesday schedule (larger on next page)第UBSAgendaGluiwl mduvuHs & TMfispofUtKjn Vuiual ConlerFrxe fund*. June/笈UBSAgendaGlobal Indu乂ryB fi rransportetion Vwtual Conte/x;eIMCIBROam CoCowoMgartMt9iwM RC6eanmbjb.cvvtbx
6、mcxwwn* cwenrrwcnr*mmoit9m.iHnaiwU0rvnsronrwarrM twMm twralow J ,IHRtWMB teRMM (wMimm w iebfMm :ftmes. iw.OmmzvntwKnow. CW:-J (. ，树s C 一 , II I rLMMA eetWUDU iMMXftQB OS MM CMTVt WhM OB M MFitfWWVItW Of B H NM GKS9W0M Ucrnfc rmop m Ud numaa匕aF 学出_ ”一*e “ piWWM3，工 ete Mtm M iaov Wmawnnrve . Dort，1Tot
7、fGTM H srar vmv (fMTiwnjM crw ci OHtMiCkkrwComMMteouoHvtnl m. wvMirr . CM t ofiw ITS. s mt. e.Kwocme Hlwe Mortw.(rMr*HvrtfiMwneewwi wwn e*n rwir, 2 iw/MbMfM, S E14 y i一f tw,wrwKFftrrC I ss 50% realized by end of June)? What incremental margins would you expect once the business returns to growth?MT:
8、 What has been driving Frictions market share gains in NA and China? Have you started observing any competitive responses now that you have established a more prominent position in these markets? Is there a market share ceiling as OEMs look to diversify their own supply chains?MT: You highlighted 2
9、strategic Friction awards with a leading EV manufacturer in 1Q. What does increasing EV penetration mean for the friction industry and how is ITT positioned for the transition from ICE to EV?MT: You have a reputation for industry leading production technology in Friction - how have you stayed ahead
10、of the curve, and is it only a matter of time before competitors catch up?MT: In light the less volatile/more stable nature of friction aftermarket, why does focusing on the OEM make sense for ITT?IP: What is Industrial Process* strategy in terms of balancing revenue growth vs. improving segment pro
11、fitability? What is right mix of projects vs. aftermarket & service? Do you plan to increase/decrease focus on different end markets?IP: Has industry M&A in recent years affected competitive dynamics? Is further consolidation inevitable/necessary, and is ITT looking to participate?CCT: Apart from he
12、adcount reductions, are there other strategic sales changes you are weighing? How are you thinking about path for commercial aerospace/737Max situation? Does military spend around the Presidential election present an added risk?Portfolio: With auto OEM constituting substantial/increasing portion of
13、EPS, are there limitations to your level of concentration in auto end markets, or do you see more opportunities to create shareholder value by adding to this part of the portfolio? What is the strategic rationale behind your current portfolio and how does the multi-industrial model make sense for IT
14、T?Capital allocation: Coming out this crisis, will you still be open to taking on more financial leverage than in the past or has the current crisis changed your perspective?Company DescriptionRockwell Automation, Inc., a leader in industrial automation and information, makes its customers more prod
15、uctive and the world more sustainable. Overall demand for Rockwells hardware and software products, solutions and services is driven by: investments in manufacturing, including upgrades, modifications and expansions of existing facilities or production lines and new facilities or production lines, a
16、nd investments in basic materials production capacity, which may be related to commodity pricing levels.Rockwell Automation (ROK, Neutral, PT $200)Analyst: Markus Mittermaier212 713 2716 | Have you seen any evidence that May was substantially better than April? And how should we think about that now
17、 in early June?Do you see evidence of reshoring? This theme of US re-shoring has been around for years - are there any signs that its actually underway?Assuming we begin to see some re-shoring of manufacturing facilities what types of end markets do you think would be the first movers and which of t
18、hose verticals is typically higher margin for ROK?How do you think about Hardware and Software longer term. We see a different approach between yourselves and some of your peers, especially in Europe who have started to integrate software into their captive offering sooner.Can you provide some color
19、 surrounding your competitive advantage in the PLC space?Are customers continuing to invest in Information Solutions and connected software now? And do you think your IC/CS business can actually show growth in F3Q20?Can you discuss how long the organization can sustain the level of SG&A you laid out
20、 in April?What are your ambitions toward M&A? Are you maintaining an active pipeline right now?Do you think the buyback will get completed this year?Anything notable to call out from a regional or end-market perspective now that we are 2/3s of the way through F3Q?Are project delays and getting into
21、plants for final acceptances still an issue at this point?Company DescriptionSPX Corp is a $1.5B revenue, 11.5% EBIT margin, $1.7B market cap manufacturer of highly engineered HVAC products, detection & measurement technologies, and power grid equipment.The major manufacturing markets served include
22、 commercial construction, transportation infrastructure (aviation, marine, municipal bus/rail), power transmission & distribution, and telecom.SPX Corp (SPXC, Buy, PT $47)Analyst: Damian Karas, CFA212 713 2267 | HVAC Heating: What market trends you are seeing as it relates to forced air vs. hydronic
23、 vs. direct heating systems, condensing vs. non-condensing boilers, gas vs. electric, and high efficiency - and how is SPX positioned? Where do you stand in commercial HE market share? How is Patterson-Kelley meshing with the business?HVAC Cooling: What does the replacement demand profile look like
24、for cooling towers? In light of COVID-19, what are potential implications of increasing focus on air filtration/disinfection within commercial buildings? How have Everest products been performing, and have you seen any competitive response to early success/share gains driven by these technologies?De
25、tection & Measurement: Which areas within the segment are you most optimistic about in the near-term and where are the biggest risks? Which areas are you most excited about over the long term? Where would you assess each subsegment with respect to business cycle (Genfare transportation collection, i
26、nfrastructure location/detection equipment, TCI, and Flash lighting)?Transformers: You have very good visibility into next year and 11 months backlog, but how do you feel about your funnel and the ability to fill that backlog as you work through the year? Are you seeing any signs that capacity is sh
27、rinking, and what will it take to see more price uplift in the market? What is the state of the existing low/medium-voltage transformer installed base (age, footprint, technology, etc.), and how will trends towards energy efficiency and electrification impact the business? Are you seeing any tractio
28、n in high voltage, and has/could the current administrations focus on domestic manufacturing impact this?Process Cooling: Having already divested or shrunk a lot of the structurally challenged/lower margin businesses within your ES segment (e.g. dry cooling, heat exchangers, larger process cooling p
29、rojects), what do you think is the underlying growth rate for the remaining process cooling? How is the components growth strategy progressing? What is the entitlement margin for this business?Patterson-Kelley: How has integration gone? Deal brings small water heaters business which is new to SPX -
30、how are you thinking strategically about this asset?Capital Allocation: How are you nurturing your M&A pipeline during the current global pandemic? How are you thinking about timing and capacity for capital deployment? What have you learned from early M&A process these last 3 years?Portfolio Composi
31、tion: How do you think about the breadth and fit across the current portfolio - and can you continue to move into new areas or do you need to narrow the focus? If you were you to look to simplify, which assets have less synergies with the rest of the business?Company DescriptionSWK is a diversified
32、global provider of hand tools, power tools and related accessories, engineered fastening systems and products, services and equipment for oil & gas and infrastructure applications, commercial electronic security and monitoring systems, healthcare solutions, and mechanical access solutions (primarily
33、 automatic doors). Approximately 55% of the Companys revenue are generated in the US, with the remainder largely from Europe (22%), Emerging Markets (14%) and Canada (4%).Stanley Black & Decker (SWK, Buy, PT $136)Analyst: Markus Mittermaier212 713 2716 | What changed between the earnings call and no
34、w for you to significantly reduce the estimated revenue decline in 2Q20? Was it simply the big box channel companies buying aggressively?On POS trends is it as simple as people have more time at home and they are looking for things to do so they decide to undertake some DIY projects?How prepared are you for a potential surge in o