【出版时间及名称】：2010年5月美国化工行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：35
        【目录或简介】：
Initiating coverage of US paints and coatings:
• Valspar (Overweight) is our preferred name in the
US coatings market, driven by the outlook for industrial
coatings and the DIY architectural paint market,
combined with an attractive valuation.
• PPG (Equal-weight) also has an attractive mix of
end markets, will benefit from greater margin expansion
and has higher EPS growth, on our estimates; but we
believe this is baked into its premium valuation.
• Sherwin Williams (Equal-weight) is a pure play on
the US architectural coatings market and a recovery in
US housing sentiment.
• Akzo Nobel (Overweight; covered by Paul Walsh)
looks attractively valued and has good end markets.
AlphaWise consumer survey points to a recovery in
the architectural paints market. Our proprietary US
consumer paints survey canvassed opinion from >2,750
consumers across the US. An increased number of
respondents intend to paint either the inside or outside
of their house over the next six months, and more intend
to carry out the work themselves, suggesting that the
VAL and PPG (concentrated in the DIY market) stand to
benefit more from the market improvement than SHW.
Industrial coatings to outperform architectural
coatings: Growth in both auto and industrial OEM is set
to far exceed that of architectural. The market has
probably not recognized the growth expected in
machinery orders anticipated in the next 2–3 years.
Some 10–15% of the US construction fleet was exported
during this downturn (versus 2% in previous downturns).
Combined with aging, the US construction fleet looks
light, even in a weak construction environment. Valspar
is best leveraged to this upside.
Raw material inflation is likely to cap margin
expansion in near term: With raw materials up
10–40% in 1Q, all coatings companies will likely suffer
some margin compression in the near term. On a 1- to
2-year view, architectural coatings are likely to suffer
greater raw material inflation than industrial coatings

Table of Contents
Introduction………………………………………………2
Highest Growth Driven by Industrial and Emerging
Markets ………………………………………………5
Raw Material Inflation Likely to Pressure Margins
in Near Term……………..……………………………7
Market Overview……………………………………… 10
OEM Coatings Market Overview… ………………… 11
Architectural Coatings Market Overview…………… 14
US Consumer Survey for Decorative Paints……… 19
Special Purpose Coatings Market Overview……… 24
Risk/Reward Snapshots ……………….…………… 26