HSBC：Global Capital Goods-091112

Global Capital Goods

12 November 2009

The slow lane back to growth 3
Key top-down conclusions 3
Key stock picks 4
Long-term capex analysis 7
Capex by region 10
Capex by customer industry 13
Data by product category 19
PPI adjusted data 23
Sector capex 25
Capex by industry 26
Construction 26
Manufacturing 28
Process 30
Utilities 32
Transport 34
Capex by product 36
Production technology 36
Building technology 38
Power technology 40
Commercial vehicles 42
Railways 44
Civil aerospace 46
Shipbuilding 48
Regional summaries 49
Regional data 50
Americas 50
EMEA 52
Asia-Pacific 54
Appendix: assumptions &
sources 55
Disclosure appendix 64
Disclaimer 70
Contents