Mining equipment lessors seeing signs
of the aftermarket picking up in 2H14
Event
 We spoke with Macquarie’s mining equipment leasing business to collect on-theground
data points in the mining space.
Impact
 More emergency orders portend favorably for aftermarket – Our contacts
indicated they are seeing a gradual increase in the frequency of emergency
orders by miners to get equipment fixed. Recall that Joy Global (JOY US,
US$58.70, Outperform, TP: US$68.00) indicated it was seeing a similar trend on
its conference call last quarter. Our contacts further went on to say that they
expect the aftermarket to recover meaningfully in the second half of 2014 based
on the service hours they are seeing and discussions with their clients. We think
this portends very favorably for Joy’s aftermarket business.
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