【出版时间及名称】：2010年1月美国电力行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：PDF
        【页数】：56
        【目录或简介】：

Table of Contents
Regulated Utilities: Stock Selection Drives Strong Performance............................................................................. 4
Shifting to Cautious Sector View.........................................................................................................................................................4
Stock Picking Is Key............................................................................................................................................................................4
Valuation .............................................................................................................................................................................................4
Where We Could Be Wrong................................................................................................................................................................4
Stock Picks ..................................................................................................................................................................... 5
Overweights: Lowering TE to Equal-Weight, Adding NVE & WR........................................................................................................5
Underweights: Lowering ED, DUK, SO to Underweight Portfolio .........................................................................................................5
Key Current Debates...................................................................................................................................................... 6
Debate 1: Will Utilities Underperform in an Economic Recovery? ........................................................................... 7
Market’s view: Regulated utilities outperform in recessions but do not generate alpha in a recovery. ................................................................... 7
Our Strategy at This Point in the Cycle ...............................................................................................................................................7
However, Macro & Political Headwinds Could Make ’10 a Tough Year To Beat The Market In Regulated Utility Stocks ....................8
Debate 2: How Should Regulated Utility Stocks Be Valued? .................................................................................... 9
Market’s view: Look at relative P/E vs. the S&P 500 and/or the dividend yield on utility stocks vs. Treasury yields. ............................................. 9
The Market Often Overvalues Current Yield & Undervalues Growth in the Regulated Utility Universe………….12
Overweights.................................................................................................................................................................. 17
NV Energy (NVE, $11.93, Overweight, Price Target $14.25)...................................................................................... 18
Investment Thesis .............................................................................................................................................................................18
Potential Catalysts ............................................................................................................................................................................18
Investment Risks/Opportunities.........................................................................................................................................................18
Westar Energy (WR, $22.05, Overweight, Price Target $24)..................................................................................... 20
Investment Thesis .............................................................................................................................................................................20
Investment Risks/Opportunities.........................................................................................................................................................20
American Electric Power (AEP, $36, Overweight, Price Target $37.25) .................................................................. 22
Investment Thesis .............................................................................................................................................................................22
Potential Catalysts ............................................................................................................................................................................22
Investment Risks/Opportunities.........................................................................................................................................................22
CMS Energy (CMS, $15.75, Overweight, Price Target $17.25).................................................................................. 24
Investment Thesis .............................................................................................................................................................................24
Potential Catalysts ............................................................................................................................................................................24
Investment Risks/Opportunities.........................................................................................................................................................24
PG&E Corp. (PCG, $44.45, Overweight, Price Target $46.00)................................................................................... 26
Investment Thesis .............................................................................................................................................................................26
Investment Risks...............................................................................................................................................................................26