【出版时间及名称】：2010年4月德国制造业研究报告
        【作者】：汇丰银行
        【文件格式】：pdf
        【页数】：60
        【目录或简介】：
Latest company news suggests a
bottom has been reached and the first
signs of a recovery have appeared
 Companies with a high share of opexrelated
and emerging-market sales
seem in the best position for a recovery
 Our high-conviction ideas are
Rheinmetall, Tognum, Vossloh and
Wincor Nixdorf, all Overweight (V)
The worst should be behind us
After a difficult 2009, when 12 out of 27 of our industrials
stocks showed a net loss, most companies are looking at
2010 with cautious optimism. Outlook statements are mostly
vague and managements are still pointing out risk factors,
but the general opinion is that a bottom should be reached,
allowing stable or slightly better sales and improved
operating earnings. The latter is a result of often severe
restructuring, which is expected to pay off starting this year.
Useful guideline for investors
With the fundamental development of companies still uncertain,
we discuss several questions as useful guidelines for investors,
among them opex- vs capex-related sales, emerging-markets
sales, and operating sensitivity to currency and material prices.
We screen our German industrials universe accordingly.
Our high-conviction ideas are shown in the table below. We
discuss those ideas in individual sections in the second part
of this report.

Recovery not a single-factor
issue 3
Outperformance of industrials
could last 9
Company profiles 12
Rheinmetall 13
Tognum 20
Vossloh 30
Wincor Nixdorf 41
Appendix 48
Disclosure appendix 56
Disclaimer 60
Contents