【出版时间及名称】：2010年3月加拿大基础设施行业研究报告
        【作者】：加拿大帝国商业银行
        【文件格式】：pdf
        【页数】：58
        【目录或简介】：

Infrastructure Insights
An Update On The Infrastructure Market

Q4 results in the E&C sector reflected the economic slowdown, with revenue
and earnings growth in slightly negative territory. However, backlogs
appear to be benefiting from the effects of government stimulus funding
and an improving economy, up 3% Y/Y in our broader E&C universe.

The Canadian government has earmarked roughly $16 billion over two
years in incremental infrastructure spend (with only $8.5 billion committed
as of December 31) and it is estimated that only half of the U.S. stimulusfunded
transportation projects (worth ~US$30 billion) are under way.

While funds have been committed, actual spending has been limited as
projects have yet to be started. We expect this circumstance to change as
funds begin to flow in 2010. Furthermore, it is expected that several very
large P3 projects will be awarded in the coming quarters.

We, therefore, believe the E&C sector could see another leg of growth in
2010 based on a backlog-led turnaround, with stocks reacting accordingly.
Our Sector Outperformer-rated stocks include: ARE, CUQ, GNV.UN, IBG.UN,
SDC, and SNC.Table of Contents
Introduction........................................................................................... 3
Industry News........................................................................................ 4
Earnings Update ................................................................................... 13
Recent Research Publications ................................................................. 16
Infrastructure Industry Stock Performance............................................... 28
Industry Statistics................................................................................. 29
Monthly Residential Trends .................................................................... 32
Monthly Non-residential Trends .............................................................. 36
Residential Forecasts............................................................................. 38
Non-residential Forecasts....................................................................... 39
Industry Comparables ........................................................................... 40
Price Target Calculations And Key Risks To Price Targets ........................... 43