【出版时间及名称】：2010年美国化工展望
        【作者】：德意志银行
        【文件格式】：pdf
        【页数】：39
        【目录或简介】：

Table of Contents
2010 Outlook...................................................................................... 6
Recovery remains on track........................................................................................................6
December 2009 Quarter .................................................................. 12
Sector earnings to be up an average of 24% YoY...................................................................12
Energy and raw materials ............................................................... 16
Flat-to-down oil price outlook limits potential for margin pressure .........................................16
FX trends in 2010 ............................................................................. 18
Stronger dollar likely a headwind to overseas earnings in 2H.................................................18
Valuations slightly above long-run averages ................................ 19
Rapid rise in shares has re-flated chemicals multiples............................................................19
Normalized Earnings ....................................................................... 20
Estimating 2011 earnings on the basis of “normalized”, “peak”, and “normalized-plus”
operating margins ...................................................................................................................20
M&A Prospects ................................................................................ 25
Activity likely to increase in 2010 ............................................................................................25
Top picks: Monsanto, Celanese, Solutia........................................ 27
Appendix A: US chemicals sales by region ................................... 30
Appendix B: Comparison Tables, Valuations & Risks .................. 31
Sector valuation & risks...........................................................................................................35
Top picks: valuations & risks ...................................................................................................35