【出版时间及名称】：2009年12月日本工业气体行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：91
        【目录或简介】：
Table of Contents
Recommendation summary............................................................ 3
Sector view: Overweight............................................................................................................ 3
Initiating coverage of Air Water with Buy and Taiyo Nippon Sanso with Hold .......................... 3
Valuation and risk ....................................................................................................................... 3
Performance of the industrial gas stocks ....................................... 4
The Japanese industrial gas stocks have outperformed substantially ....................................... 4
Industrial gas stocks have also performed well in Europe and the US ...................................... 5
The industrial gases sector ............................................................. 7
Outline of the industrial gases sector......................................................................................... 7
The industrial gases manufacturing process .............................................................................. 8
Three methods for supplying industrial gases and differences in pricing structure................... 9
Industrial gas users .................................................................................................................. 10
Domestic gas demand trends .................................................................................................. 12
Steel industry ........................................................................................................................... 15
Semiconductor and LCD sectors ............................................................................................. 16
Petrochemical industry............................................................................................................. 17
Little inventory risk ................................................................................................................... 18
Earnings structure and electricity costs ................................................................................... 19
Industrial gas sector reorganizations ........................................................................................ 20
Industrial gases market: Scale, growth trend ........................................................................... 21
Global market: Four European and US producers virtually unrivalled ...................................... 22
Gas majors’ market caps.......................................................................................................... 25
Why are the foreign majors so profitable? ............................................................................... 26
Industrial gas equipment overview .......................................................................................... 31
Discussion of financial conditions ................................................ 32
What is the impact of changes in accounting standards? Conclusion: Limited impact on
earnings ................................................................................................................................... 32
What is the impact on the pension investment of the two industrial gas firms?..................... 32
Pension overview (Appendix 1) ................................................................................................ 33
Status of corporate pension investment (Appendix 2) ............................................................. 34
Companies
Air Water Inc. (4088) ................................................................................................................ 35
Taiyo Nippon Sanso (4091)....................................................................................................... 57