【出版时间及名称】：2010年1月全球电力设备行业研究报告
        【作者】：汇丰银行
        【文件格式】：PDF
        【页数】：76
        【目录或简介】：
Low-voltage electrical equipment offers
robust growth, driven by urbanisation in
emerging markets (EM) and energy
efficiency in developing markets (DM)
􀀗 We believe the market has discounted
a recovery in construction markets but
is underestimating operating leverage
􀀗 We upgrade Schneider Electric and
Legrand to OW(V) from N(V); we raise
target prices to EUR95 from EUR80 for
Schneider and to EUR25 from EUR21
for Legrand
High value in low voltage
Schneider Electric and Legrand, the world’s two largest lowvoltage
electrical equipment suppliers, both benefit from longterm
demographic growth drivers. 2010 will be the last year in
which town-dwellers will be a global minority, and this
urbanisation is most notable in emerging markets. A global
urban population growing at a rate of 150,000-200,000 per day
provides robust support for growth in power distribution.
Despite the absence of a binding agreement at Copenhagen,
the need for energy efficiency is as pressing as ever. The
same secular themes that led to the 2008 oil spike are still
present. The growth of the building efficiency ecolabel
industry underlines the economic and social importance of
green buildings – and both Schneider and Legrand are
positioning themselves well to exploit this opportunity.
In this report we upgrade low-voltage world leader Schneider
Electric (SU FP) to Overweight (V) from
Neutral (V), and raise our target price to EUR95 from EUR80.
We increase our 2010e EPS by 17%, placing it 6% above
consensus, and 2011e EPS by 41% (16% above consensus).
We also upgrade low-voltage world No2 Legrand (LR FP) to
Overweight (V) from Neutral (V) and raise our target price
to EUR25 from EUR21. We upgrade our 2010e EPS by 5%
to EUR1.36 (7% above consensus) and our 2011e EPS by
11% to EUR1.63 (9% above consensus).