【出版时间及名称】：2010年1月芬兰工程机械行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：38
        【目录或简介】：
Table of Contents
Exuberance ahead ............................................................................. 4
Robust macro indicators ...........................................................................................................4
End-market exposure – air of optimism .......................................... 6
Non residential construction (Kone, Cargotec)..........................................................................6
Metals and mining (Metso, Outotec) ........................................................................................6
Ship building (Wartsila, Cargotec) .............................................................................................7
Port machinery (Cargotec and Konecranes) ............................................................................10
Power generation (Wartsila)....................................................................................................10
Pulp and Paper (Metso)...........................................................................................................11
Diversified industrials (Konecranes, Cargotec) ........................................................................12
Sustainability of announced cost savings..................................... 13
USD exposure – a sensitivity analysis ........................................... 14
Asia Pacific exposure ...................................................................... 16
Valuation – Finnish universe cheap compared to Europe............ 18
Cargotec (Buy, target price E24) .................................................... 21
Q4 due on 3 February: expecting received orders to be down 17% YoY to Euro 525m; key
focus still on internal restructuring..........................................................................................21
Kone (Hold, target price E31).......................................................... 23
Q4 due on 26 January: expecting received orders to be up 6.5% YoY at Euro 900m; key focus
on FY10E guidance .................................................................................................................23
Konecranes (Buy, target price E23)................................................ 25
Q4 due on 4 February: expecting received orders to be down 13% YoY at Euro 355m.........25
Metso (Buy, target price E30) ......................................................... 27
Q4 due on 8 February: received orders expected to be up 27% YoY at Euro 1130m.............27
Outotec (Buy, target price E30) ...................................................... 29
Q4 due on 9 February: order intake estimated to be up 16.8% YoY at Euro 140m ................29
Wartsila (Hold, target price E29) .................................................... 31
Q4 due on 28 January: received orders expected to be up 28% YoY at Euro 1050m ............31
Valuation and risks.......................................................................... 33
Cargotec, Buy, target price Euro 24 ........................................................................................33
Kone, Hold, target price Euro 31.............................................................................................33
Konecranes, Buy, target price Euro 23....................................................................................33
Metso, Buy, target price Euro 30 ............................................................................................34
Outotec, Buy, target price Euro 30 .........................................................................................34
Wartsila, Hold, target price Euro 29 ........................................................................................34