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39
June 13, 2018

Top Longs Based on Momentum

a25
tickernamecountrysectorPeriodChange
2338WEICHAI POWER LTD HChinaIndustrials21.93
BBD.BBOMBARDIER INC CLASS BCanadaIndustrials19.93
EXPDEXPEDITORS INTERNATIONAL OF WASHINUnited StatesIndustrials19.22
586CHINA CONCH VENTURE HOLDINGS LTDChinaIndustrials17.86
6098RECRUIT HOLDINGS LTDJapanIndustrials16.79
006360GS ENGINEERING & CONSTRUCTION CORPKorea (South)Industrials15.16
006360GS ENGINEERING & CONSTRUCTION CORPKorea (South)Industrials15.16
JECJACOBS ENGINEERING GROUP INCUnited StatesIndustrials14.08
DICDUBAI INVESTMENTS PJSCUnited Arab EmiratesIndustrials14.00
WSKTWASKITA KARYA PERSERO CLS AIndonesiaIndustrials13.33

Top Shorts Based on Momentum

9d2
tickernamecountrysectorPeriodChange
IJMIJM CORP. BHDMalaysiaIndustrials-34.78
GAMUDAGAMUDA BHDMalaysiaIndustrials-31.54
ROSFAROS CONSTRUCTION CORPORATIONVietnamIndustrials-24.02
AIRASIAAIRASIA GROUPMalaysiaIndustrials-19.59
AIRASIAAIRASIA GROUPMalaysiaIndustrials-19.59
051600KEPCO PLANT SERVICE & ENGINEERINGKorea (South)Industrials-19.58
086280HYUNDAI GLOVIS LTDKorea (South)Industrials-18.01
086280HYUNDAI GLOVIS LTDKorea (South)Industrials-18.01
CCRO3COMPANHIA CONCESSOES RODOVIARIAS SBrazilIndustrials-17.66
CCRO3COMPANHIA CONCESSOES RODOVIARIAS SBrazilIndustrials-17.66
34b
MLIndexnameytd1monthFy1PE
STRQIN Index New York Stock Exchange (NYSE)STRATAQUANT INDUSTRIALS-0.742.8415.0
MXEF Index MSCIMSCI EM-1.94-0.4611.0
25

Commodities YTD Performance

1f40
NameUnitsKeyLastPriceCurrencyYTDChange USDpct1month
Lumber (CME)USD/1000 board feetLumber609.10USD35.2712.13
Cocking CoalCNY/MTCocking Coal1360CNY30.7722.52
Cocoa (ICE)USD/MTCocoa2517.00USD30.21-11.25
NickelUSD/MTNickel14870USD21.391.57
Orange Juice (ICE)USd/lb.Orange Juice1.6425USD20.5912.54
Wheat (CBOT)USd/bu.Wheat5.2575USD19.496.53
Cotton #2 (ICE)USd/lb.Cotton0.9057USD16.967.95
Brent Crude (ICE)USD/bbl.Oil76.32USD14.842.65
Lean Hogs (CME)USd/lb.Lean Hogs0.7943000000000001USD11.363.83
Corn (CBOT)USd/bu.Corn3.9625USD10.840.57
Ethanol (CBOT)USD/gal.Ethanol1.50USD10.290.67
Canola (ICE)CAD/MTCanola537.80CAD9.670.94
Soybean (CBOT)USd/bu.Soybean10.21USD5.72-0.99
SteelUSD/MTSteel555USD5.710.00
Oats (CBOT)USd/bu.Oats2.4225USD4.195.21
3Mo Tin (LME)USD/MT3Mo Tin20425.00USD2.00-5.98
3Mo Aluminum (LME)USD/MT3Mo Aluminum2275.00USD0.31-7.86
Feeder Cattle (CME)USd/lb.Feeder Cattle1.4487999999999999USD-0.43-1.32
Gold SpotUSD/t oz.Gold1301.15USD-0.81-1.87
Rough Rice (CBOT)USD/cwtRough Rice11.50USD-2.21-12.68
Platinum SpotUSD/t oz.Platinum907.44USD-3.39-0.45
Silver (Comex)USD/t oz.Silver16.45USD-4.25-1.20
Natural Gas (Nymex)USD/MMBtuNatural Gas2.88USD-4.643.60
Coffee 'C' (ICE)USd/lb.Coffee1.2195USD-5.942.52
3Mo Zinc (LME)USD/MT3Mo Zinc3089.00USD-6.93-4.44
Copper (Comex)USd/lb.Copper3.0435000000000003USD-7.00-3.43
Rubber (Tokyo)JPY/kgRubber191.50JPY-7.491.70
Palladium SpotUSD/t oz.Palladium980.26USD-10.14-0.58
Live Cattle (CME)USd/lb.Live Cattle1.014USD-17.39-3.96
Sugar #11 (ICE)USd/lb.Sugar0.1255USD-17.978.47
37

Country USD Yields Ordered By YTD Yield Change

1f40
countryYieldYieldChange
Jamaica10.964.00
Ecuador9.472.72
Zambia8.912.69
Lebanon9.292.03
Argentina7.691.93
Bahrain7.991.89
Turkey7.181.82
Tunisia7.541.75
Bermuda10.311.66
Italy5.981.53
Sri Lanka6.371.51
Pakistan7.641.50
Senegal7.021.50
Ethiopia7.141.33
Gabon7.361.31
India5.701.27
Russian Federation5.591.24
Belgium6.611.21
Cote D'Ivoire (Ivory Coast)6.871.16
China5.731.12
Lithuania3.581.11
Nigeria6.961.08
Serbia4.201.07
Dominican Republic5.891.06
Kenya6.751.06
Jordan7.251.06
Croatia (Hrvatska)4.251.05
Bolivia6.011.03
Romania4.361.02
Vietnam4.541.00
Ukraine7.700.98
Hungary4.110.95
Chile5.290.95
Trinidad and Tobago5.550.94
Supranational4.500.93
Ghana6.970.92
New Zealand6.000.92
Mexico5.430.91
Morocco4.860.91
El Salvador7.250.91
Indonesia4.890.91
Oman5.630.90
Macau5.910.88
Poland3.570.87
Peru4.880.86
Egypt6.630.85
Kuwait4.610.85
Brazil6.490.83
Malaysia4.420.82
Philippines4.160.82
Slovak Republic3.290.81
Panama4.920.80
Uruguay4.500.79
Hong Kong4.800.79
Colombia5.290.78
Kazakhstan5.480.77
Mongolia6.190.77
Singapore5.250.76
Taiwan4.200.75
Canada6.700.75
Qatar4.550.74
United Arab Emirates5.020.74
Costa Rica6.740.73
United Kingdom5.720.73
Guatemala5.410.68
South Africa5.540.67
Paraguay5.830.67
Netherlands5.000.65
Azerbaijan5.390.63
Iraq7.010.62
Thailand4.520.61
Australia5.290.59
Korea (South)4.340.58
Ireland5.590.58
Saudi Arabia5.250.55
Finland4.590.55
United States6.080.54
Sweden4.510.47
Israel5.860.44
France6.800.44
Angola7.350.37
Germany5.460.32
Switzerland7.300.16
Luxembourg8.35-1.61
Venezuela0.10-52.59

Industrials Regional Performance Last Month

1115
SubindustryEuropeEMUGEMWorld
Commercial & Professional Services: Professional Services2.442.432.753.38
Capital Goods: Building Products0.76-2.712.692.99
Commercial & Professional Services Industry Group2.391.94-1.102.95
Capital Goods: Trading Companies & Distributors2.081.651.112.86
Capital Goods: Industrial Conglomerates4.434.932.512.56
Capital Goods: Electrical Equipment1.761.41-2.582.46
Capital Goods Industry Group2.702.591.342.43
Industrials Sector2.161.750.822.39
Capital Goods: Machinery3.742.961.012.34
Commercial & Professional Services: Commercial Services & Supplies2.11-0.93-2.792.28
Transportation: Road & Rail2.700.00-2.482.24
Capital Goods: Construction & Engineering1.902.04-0.022.21
Capital Goods: Aerospace & Defense2.622.873.882.19
Transportation: Air Freight & Logistics-7.02-7.77-1.582.03
Transportation Industry Group-1.29-2.80-0.161.99
Transportation: Marine2.030.000.731.39
Transportation: Transportation Infrastructure0.550.550.031.12
Transportation: Airlines1.571.250.991.08

Industrials Regional Performance YTD

115a
SubindustryEuropeEMUGEMWorld
Capital Goods: Aerospace & Defense13.0616.60-2.439.85
Transportation: Road & Rail8.200.00-1.838.06
Capital Goods: Trading Companies & Distributors4.82-5.57-10.485.32
Commercial & Professional Services: Professional Services-0.112.200.004.02
Commercial & Professional Services Industry Group-0.082.17-3.573.14
Transportation Industry Group-10.80-14.39-9.392.45
Commercial & Professional Services: Commercial Services & Supplies0.192.13-5.221.67
Industrials Sector-1.14-1.43-4.460.17
Capital Goods Industry Group0.501.01-2.22-0.86
Transportation: Air Freight & Logistics-22.48-25.82-3.33-1.09
Capital Goods: Electrical Equipment-5.60-2.73-14.93-2.72
Capital Goods: Construction & Engineering-3.21-2.616.78-2.94
Capital Goods: Building Products-2.66-11.81-7.79-5.31
Transportation: Transportation Infrastructure-5.21-5.21-11.20-5.32
Capital Goods: Machinery-3.13-4.486.63-5.55
Transportation: Airlines-5.76-10.23-8.47-6.33
Capital Goods: Industrial Conglomerates-0.88-2.08-7.62-7.59
Transportation: Marine-13.170.00-13.22-14.51

Industrials Performance in Various Countries Last Month

d32
countryPeriodChange
Canada7.96
Indonesia7.55
United Arab Emirates6.06
United Kingdom4.65
United States4.35
Netherlands4.27
New Zealand4.02
Thailand3.03
China2.70
Sweden1.49
Finland1.41
Denmark1.24
Taiwan1.14
Japan0.86
Switzerland0.60
Spain0.24
Australia-0.49
France-1.08
Hong Kong-2.97
Qatar-3.52
Korea (South)-3.54
Germany-3.91
Singapore-4.92
Philippines-5.86
India-6.74
Morocco-8.71
Kuwait-9.52
Brazil-9.64
Italy-10.06
Bangladesh-11.40
Vietnam-12.01
Mexico-12.66
Turkey-12.83
Malaysia-12.86
South Africa-13.54
Chile-17.07

Industrials Valuation and Growth in Various Countries (Simple Averages)

147c
CountryPEFy0PEFy12018Growth
CHILE0.000.00156.06
TURKEY14.209.0055.43
FINLAND16.3314.0051.25
AUSTRALIA9.508.5039.39
FRANCE20.8819.3138.23
MALAYSIA17.6011.6032.53
SPAIN19.2917.4330.85
CANADA21.2517.7529.29
ITALY27.5023.0027.13
JAPAN14.6513.5326.80
SOUTH AFRICA12.3314.0023.49
TAIWAN16.1512.8523.29
UNITED STATES20.6415.5321.75
GERMANY18.5013.5020.32
NETHERLANDS22.6716.3319.51
HONG KONG9.408.6019.25
SOUTH KOREA7.5010.6218.11
CHINA13.169.9517.69
SWITZERLAND0.000.0015.57
SWEDEN19.6317.2514.82
BRITAIN17.6316.1313.72
RUSSIA2.303.009.80
DENMARK21.5018.507.64
PHILIPPINES20.6017.005.41
INDIA8.2210.561.92
CYPRUS7.009.000.37
UAE0.000.000.00
MEXICO12.2014.20-5.34
BRAZIL16.2914.57-7.16
INDONESIA21.0016.00-10.82
SINGAPORE0.000.00-14.47
1bbe
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    35
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    Link to Industrials Macro Page 39

    Industrials sector trades at 2018 simple average 1d PE Fy1 of 13.3 x and 2018 4c PE Fy2 of 12.0 x

    Industrials sector trades at 2018 simple average 20 EV/EBITDA of 8.7 x and 2018 5b EV/EBITDA of 8.0 x

    In terms of Dividend yield Industrials sector trades at 2018 1c Yield of 1.6 % and 2018 52 Dividend Yield of 1.8 %

    On ROE basis Industrials sector trades at 2018 1b ROE of 11.8 % and 2018 57 ROE of 12.1 %

    Largest Companies in Industrials by Market Capitalisation mn$

    179f
    TickerCompanyCountryIndustrySubIndustryMarketCapUSDmn
    BA USBoeing Co/TheUNITED STATESCapital GoodsAerospace & Defense198176.0
    MMM US3M CoUNITED STATESCapital GoodsIndustrial Conglomerates128706.0
    GE USGeneral Electric CoUNITED STATESCapital GoodsIndustrial Conglomerates114448.0
    SIE GRSiemens AGGERMANYCapital GoodsIndustrial Conglomerates110916.0
    HON USHoneywell International IncUNITED STATESCapital GoodsIndustrial Conglomerates109615.0
    UNP USUnion Pacific CorpUNITED STATESTransportationRailroads104253.0
    UTX USUnited Technologies CorpUNITED STATESCapital GoodsAerospace & Defense98610.0
    LMT USLockheed Martin CorpUNITED STATESCapital GoodsAerospace & Defense98003.0
    UPS USUnited Parcel Service IncUNITED STATESTransportationAir Freight & Logistics92180.0
    CAT USCaterpillar IncUNITED STATESCapital GoodsConstruction Machinery & Heavy89727.0
    AIR FPAirbus SEFRANCECapital GoodsAerospace & Defense89380.0
    GD USGeneral Dynamics CorpUNITED STATESCapital GoodsAerospace & Defense65046.0
    FDX USFedEx CorpUNITED STATESTransportationAir Freight & Logistics64642.0
    RTN USRaytheon CoUNITED STATESCapital GoodsAerospace & Defense63742.0
    NOC USNorthrop Grumman CorpUNITED STATESCapital GoodsAerospace & Defense61391.0
    DG FPVinci SAFRANCECapital GoodsConstruction & Engineering60305.0
    DPW GRDeutsche Post AGGERMANYTransportationAir Freight & Logistics55655.0
    CNR CNCanadian National Railway CoCANADATransportationRailroads55431.0
    ITW USIllinois Tool Works IncUNITED STATESCapital GoodsIndustrial Machinery52829.0
    SU FPSchneider Electric SEFRANCECapital GoodsElectrical Components & Equipm50584.0

    Number of Companies in Industrials by Country by SubIndustry and Market Capitalisation mn$

    1231
    CountryIndustrySubIndustryNumber of companiesMarketCapUSDmn
    RussiaTransportation & LogisticsTransportation & Logistics12157.0
    SOUTH KOREATransportationAirlines13013.0
    SOUTH KOREATransportationMarine11383.0
    SOUTH KOREATransportationAir Freight & Logistics16158.0
    CHINATransportationAirlines238911.0
    HONG KONGTransportationMarine Ports & Services29910.0
    CHINATransportationHighways & Railtracks211822.0
    CHINATransportationMarine212641.0
    TAIWANTransportationMarine57400.0
    TAIWANTransportationAirlines24157.0
    HONG KONGTransportationRailroads133027.0
    CHINATransportationAirport Services16278.0
    JAPANTransportationRailroads240609.0
    JAPANTransportationAir Freight & Logistics110646.0
    JAPANTransportationAirlines227378.0
    UNITED STATESTransportationAirlines377801.0
    SPAINTransportationHighways & Railtracks122320.0
    INDIATransportationMarine Ports & Services112153.0
    RUSSIATransportationAirlines12602.0
    AUSTRALIATransportationRailroads26873.0

    Top Companies Industrials by Dividend Yield

    6dd
    TickerCompanyCountryIndustrySubIndustryDividendYld_fy1
    HMSG LIHMS HYDRAULIC MACHINES & SYSTEMS GROUP PLCRUSSIACapital GoodsIndustrial Machinery10.0
    GLTR LIGlobaltrans Investment PLCCYPRUSTransportationRailroads9.0
    AFLT RMAeroflot PJSCRUSSIATransportationAirlines8.0
    CPI LNCapita PLCBRITAINCommercial & Professional ServHuman Resource & Employment Se7.0
    576 HKZhejiang Expressway Co LtdCHINATransportationHighways & Railtracks6.0

    Cheapest Companies in Industrials on FY1 PE

    710
    TickerCompanyCountryIndustrySubIndustryPE_fy1
    6502 JPToshiba CorpJAPANCapital GoodsIndustrial Conglomerates3.0
    CPI LNCapita PLCBRITAINCommercial & Professional ServHuman Resource & Employment Se3.0
    000880 KSHanwha CorpSOUTH KOREACapital GoodsIndustrial Conglomerates4.0
    HMSG LIHMS HYDRAULIC MACHINES & SYSTEMS GROUP PLCRUSSIACapital GoodsIndustrial Machinery4.0
    OHLMEX* MMOHL Mexico SAB de CVMEXICOTransportationHighways & Railtracks4.0


    Earnings Relises and Dividends

    4c4
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