全球机械行业策略分析.pdfVIP

WHAT’S COOKIN’ IN MACHINERY AND ENGINEERING CONSTRUCTION THE IDES OF MACH CATALYST WATCH 3/20 AIA ABI Data 3/22 Baker Hughes Rig Count 3/20 EIA Petroleum Status Report 3/22 EU Truck Data 3/20 (est.) ATA Truck Tonnage Data WHAT’S HOT AND WHAT’S NOT Machinery: The Machinery names underperformed the market this week, with NAV and OSK under pressure and CAT outperforming. This week, we also published our Construction Equipment: Re-energized note where we are taking a closer look at the potential impact of major energy awards moving forward to construction equipment demand given our reinforced view that the next LNG wave is coming following the CS LNG conference. On a similar note, CAT’s retail stats were solid for Construction, up 8% in February vs up 7% last month, which is holding up very well despite tough comps. Resources growth slowed to up 7% from up 17% last month on tougher comps. ET sales inflected negative, down 1% with the weakness primarily in OG where sales were down 10%. NAV was under pressure following VW announcing that it has suspended the Traton IPO due to unfavorable market conditions. Our EU team believes that uncertainty around Brexit may have contributed to the decision, as pricing of the IPO could potentially have come in parallel with a “hard Brexit” decision. We think OSK’s underperformance was a function of funding for the JLTV program being cut by 12% ($1.6