【出版时间及名称】：2010年3月澳大利亚重工业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：43
        【目录或简介】：
This report outlines proprietary research and views
on each D&C stock under coverage following 1H10.
Remain Overweight Worley and Leighton: Worley is
now our top pick following an over-reaction to a
downgrade in guidance in January. The stock has
outperformed since early February and we believe this
may continue as we see E&P spend from International
Oil Companies lead to contract wins for Worley. We also
like Leighton, with record work in hand to drive revenue
growth in advance of a construction sector recovery. We
believe the market is not pricing in margin growth for
Leighton as the construction sector recovers.
Where we differ: Despite being positive on LNG, we
believe resourcing constraints may limit the number of
simultaneous projects implying potential project delays.
In our view, Leighton and Worley are the best relative
plays on LNG given their exposure to front-end work
such as site prep and civil works (Leighton) and
engineering design and project management (Worley).
This view in part leads us to be Equal-weight Downer
and UGL. We prefer Downer to UGL given the recent
pull back after 1H10, which is probably due to a
non-upgrade to guidance. Once the market digests this
quasi-downgrade we believe the stock may rally and
then trade in line, thus warranting our Equal-weight
rating.
Earnings Overview: Earnings were generally in-line to
down on pcp but the market appears well guided, with
earnings generally in line with expectations. Positive
results and a strong outlook were evident in the mining
sector, which favorably impacts related sectors such as
rail, project delivery and engineering and construction.
Evidence of a construction sector recovery in Non-Res
has been aided by positive approvals data. Oil services
were favorably impacted by outlook statements of the
E&Ps, with increased drilling budgets soon to be spent.