HS-全球-投资策略-智能建筑：进一步投资以推动有机增长和并购-2020.3-90页.pdf

Equities Global March 2020 By: Edward Perry, Sean McLoughlin and Puneet Garg S P O T L I G H T Smart Buildings Further investment to drive organic growth and MA Investment in Smart Buildings continues to drive top-line organic growth across our coverage. Now, MA is also a factor Three key factors drive adoption: improved returns on automation platforms; an ever greater focus on sustainability; user comfort Our analysis indicates Schneider Electric (Buy, TP EUR105 from EUR100) remains the greatest beneficiary of this trend. We upgrade Assa Abloy (TP to SEK205 from SEK200) and dormakaba (TP to CHF555 from CHF575) to Hold from Reduce. Adjust our target prices for all other stocks. We cut 2020e earnings across the board on COVID-19 impact and include scenario analysis for all companies 2020 Institutional Investor survey nd rd Voting opens 2 March – 3 April 2020 If you value our service and insights, please vote II Research has acquired the Extel survey Click here to vote Disclosures Disclaimer: This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Equities ● Global