美股-投资策略-美国多产业投资策略：从财报可以得到的信息

1、COREU.S. Multi-IndustryLearnings from Earnings (6): Process, LNG Update; HVAC supplier margins still a battleINDUSTRY UPDATEU.S. Multi-Industry NEUTRAL UnchangedEquityResearch6February2019We summarize incremental findings since our report, HYPERLINK /go/publications/link?contentPubID=FC2435855 Learn

2、ings from Earnings 5 - HYPERLINK /go/publications/link?contentPubID=FC2435855 GE, HON, ROP Updates; Feb 3, 2019, as well as provide updated thoughts on EMR (EW), FLOW (EW), KMT (EW), LII (OW), and RBC (EW).ProcessAutomation updates: ProcessAutomationisanend-marketwhichwethought offeredsomeveryattrac

3、tivecharacteristicsin2018-inparticular,anaccelerating growthoutlookevenasbroaderIndustrialgrowthwaslikelytopeak.Entering2019(per HYPERLINK /go/publications/link?contentPubID=FC2427763 U.S. Multi-Industry: 2019 Outlook; December 17, 2018), we thought this dynamic was shifting,asProcessmarketsgrowth,a

4、lthoughstillhealthy,wouldlikelyslowthisyear. Whatweheardfromacoupleofglobalbellwetherssupportsthisview:(i)Oilprice volatilityhadonlyasmallimpactHONnotedthatoilsmovesmayhavetemporarily delayedcustomerinvestmentdecisionsinQ4;however,HONsProcessordersgrewat adouble-digitpace,andAlfaLavalnotedthatO&Gcus

5、tomerscapexprogramshave beencomingthroughasexpected;(ii)InstrumentsstilldrivinggrowthEMRsAS organicsalesgrew7%inQ4,fasterthanmoreDCS-centricpeers(wewaittoseehow longtheShort-Cyclebouncecanlast);(iii)ChinaremainsresilientYokogawaisstill seeingdouble-digitsalesgrowthinitsChinaControlsales;(iv)Impressi

6、onofpeaking momentumYokogawaexpectsitsFY18excl-Japansalestogrow2%,after6%growth inFY17,whileEMRnotedthatthiscyclemaybealittledifferent(vs.priorrecoveries), withASunderlyinggrowthslowingnow,after+10%inFY18.Weshowinsidedetailson Processbusinesses,anddemandtrendsacrossYokogawaetal.WherewilltheLNGgo?All

7、majorProcessparticipantsremainverybullishonLNGthis isinterestingintermsofitsimplicationforwhatweseeasthemostunlovedmarket(by investors)inGlobalindustrials-Gasturbines.Ifallthisgasisabouttobeunleashedon theworld,presumablyitssuppliersthinkdemandwillrise,andpowergenerations usagewilllikelyincrease(unl

8、essmuchhighergassupplyleadstomuchhighergas prices).Weshowinsidethefinalized,likely,andpossibleUSLNGprojectsfor2019.HVAC OEM supplier margin bifurcation may persist: Since mid-2018 ( HYPERLINK /go/publications/link?contentPubID=FC2403950 HVAC HYPERLINK /go/publications/link?contentPubID=FC2403950 mar

9、kets stand out amidst a rising industrial tide; August 9, 2018) we have highlighted thescopeforHVACOEMmarginstoreboundthisyear,partlyduetoimprovingprice/ costdynamics,andwesawinQ418thesemanufacturersenjoyedhealthymargin expansion,onaverage.ThestoryforthecomponentsuppliersisalittledifferentRBC Climat

10、eandEMRC&RSbothhadmargindeclineslastQ,andweforecasttheirmargins declineinearly2019,althoughbothintheoryshouldcatchuplaterintheyear.Onthe latterpoint,wearewatchingthereboundinironoreandcopperpricesclosely.In general,theHVACsupplierslowerpricingpowervis-vistheOEMsislikelytopersist.Inside,ourVendorData

11、showscomparisonsside-by-sideofthegrowthratesfor global industrial businesses within different industries, so one can compare companyresultswithpeerswhoareyettoreportearnings.CapitalInc.oneofdoesandseekstodoinitsresearchAsabeawarethatthe mayhaveaofthatcouldtheofconsiderthisasonlyafactorinmakingtheirA

12、NALYSTONPAGEForafulllistofourratings,pricetargetandearningschangesinthisreport,pleasesee tableonpage2.U.S. Multi-Industry Julian Mitchell+1 212 526 1661 HYPERLINK mailto:julian.mitchell julian.mitchell BCI, USLee Sandquist+ 1 212 526 3717 HYPERLINK mailto:lee.sandquist lee.sandquist BCI, USJason Mak

13、ishi+1 212 526 5335 HYPERLINK mailto:jason.makishi jason.makishi BCI, USCompanyRatingPricePriceTargetEPSCompanyRatingPricePriceTargetEPSFY1(E)EPSFY2(E)OldNew05-Feb-19OldNew%ChgOldNew%ChgOldNew%ChgU.S. Multi-IndustryNeuNeu HYPERLINK /BC/composite/GER_COMPANY?ticker=EMR Emerson Electric Co. (EMR)EWEW6

14、6.9071.0071.00-3.603.6924.044.091 HYPERLINK /BC/composite/GER_COMPANY?ticker=KMT Kennametal (KMT)EWEW38.1038.0038.00-3.093.1623.443.471 HYPERLINK /BC/composite/GER_COMPANY?ticker=LII Lennox International (LII)OWOW235.07232.00242.00412.3612.300N/A12.72- HYPERLINK /BC/composite/GER_COMPANY?ticker=RBC

15、Regal Beloit Corporation (RBC)EWEW82.1082.0082.00-6.386.431N/A7.01- HYPERLINK /BC/composite/GER_COMPANY?ticker=FLOW SPX Flow (FLOW)EWEW31.8336.0034.00-62.542.530N/A2.77-Source:BarclaysResearch.SharepricesandtargetpricesareshownintheprimarylistingcurrencyandEPSestimatesareshowninthereportingcurrency.

16、 FY1(E):CurrentfiscalyearestimatesbyBarclaysResearch.FY2(E):NextfiscalyearestimatesbyBarclaysResearch.StockRating:OW:Overweight;EW:EqualWeight;UW:Underweight;RS:RatingSuspended IndustryView:Pos:Positive;Neu:Neutral;Neg:NegativeTableofContents HYPERLINK l _bookmark0 CATALYSTCALENDAR4 HYPERLINK l _boo

17、kmark1 SECTOR PERFORMANCE: HOW HAVE THE COMPANIES / HYPERLINK l _bookmark1 STOCKSPERFORMEDQTD? HYPERLINK l _bookmark2 INDIVIDUAL COMPANYTAKEAWAYS:EMR6 HYPERLINK l _bookmark3 INDIVIDUAL COMPANYTAKEAWAYS:FLOW9 HYPERLINK l _bookmark4 INDIVIDUAL COMPANYTAKEAWAYS:KMT11 HYPERLINK l _bookmark5 INDIVIDUALCO

18、MPANYTAKEAWAYS:LII14 HYPERLINK l _bookmark6 INDIVIDUAL COMPANYTAKEAWAYS:RBC16 HYPERLINK l _bookmark7 BROADDEMANDTRENDS18 HYPERLINK l _bookmark8 GEOGRAPHICDEMANDTRENDS21 HYPERLINK l _bookmark9 ENDMARKETDETAIL:PROCESSAUTOMATION22 HYPERLINK l _bookmark10 ENDMARKETORDERSANDSALESDATA26 HYPERLINK l _bookm

19、ark11 VENDORDATASUMMARYCHARTSSALESANDORDERS32 HYPERLINK l _bookmark12 ENDMARKETDETAIL:HVAC34 HYPERLINK l _bookmark13 FX36 HYPERLINK l _bookmark14 PROFITABILITY37 HYPERLINK l _bookmark15 VENDORDATA40Catalyst CalendarWeshowbelowourCatalystCalendar,whichprovidestheearningsdatesofcompaniesthatserveasrea

20、d-throughs(i.e.havepertinentendmarkets/competingsegments) tothecompaniesinourCoverage.FIGURE 1Catalyst Calendar (All dates that have not yet been disclosed by the respective companies are estimated by Bloomberg)AcuityBrandsMeritorAcuityBrandsMeritorLittelfuseEatonCorpParkerHannifinNventElectricHubbe

21、llGatesIndustrialCorpBorgwarnerSchneiderElectricLegrandAllison Transmission Holding AbbUnited Technologies CorpKoninklijke Philips NvSiemens Gamesa Renewable ESiemens Healthineers AgSiemens Ag-RegGeneralElectricCoBaker Hughes A Ge CoHoneywell International IncMitsubishi Heavy IndustriesVestas Wind S

22、ystems A/SAbb Ltd-RegRolls-Royce Holdings PlcNidec Corp01/23/2019Skf Ab-B Shares01/29/2019Ingersoll-Rand Plc01/30/2019Rexnord Corp01/30/2019RegalBeloitCorpLennox International Inc02/05/2019Emerson Electric Co02/05/2019Rbc Bearings Inc02/05/2019Timken Co02/07/2019Franklin Electric Co Inc02/19/2019Alt

23、ra Industrial Motion Corp02/21/2019Teco Electric & Machinery03/29/2019Stanley Black & Decker Inc01/22/2019United Technologies Corp01/23/2019Makita Corp01/30/2019Fortune Brands Home & Securi01/31/2019Johnson Controls Internation02/01/2019Emerson Electric Co02/05/2019Snap-On Inc02/07/2019Masco Corp02/

24、07/2019Allegion Plc02/19/2019Toro Co02/21/2019Techtronic Industries Co Ltd03/06/2019Osg Corp01/11/2019Fastenal Co01/17/2019Sandvik Ab01/21/2019Msc Industrial Direct Co-A01/09/2019Ww Grainger Inc01/24/2019Kennametal Inc02/04/2019Stanley Black &DeckerIncAssaAbloyAllegionDormakabaDoverDoverGeneralElect

25、ricIllinoisToolWorksNationalOilwellVarcoColfaxLincolnElectricFlowserveUnitedUnitedTechnologiesCorpDoverCorpIngersoll-RandPlcJohnson Controls Internation LennoxInternationalIncDaikinIndustriesLtdJohnson&Johnson&JohnsonDanaherThermoFisherScientificPerkinelmerEvoquaWaterTechnologiesMettler-ToledoAgilen

26、tTechnologiesDentsplySironaIdexCorpPentairPlcSpxFlowIncEmersonElectricCoFlowserveCorpHDSTaiwan Semiconductor-Sp Adr Taiwan Semiconductor-Sp Adr Johnson&JohnsonTexasInstrumentsInc3MCoIdexCorpDanaherCorpAnixterInternationalIncCorningIncAppleIncThermo FisherScientificIncHoneywellInternationalIncIllinoi

27、sToolWorksMsaSafetyIncHenkel Ag &CoKgaaRXNHd Supply Holdings IncHd Supply Holdings IncMsc Industrial Direct Co-AWw Grainger IncApplied Industrial Tech Inc Wesco International Inc Watsco IncIdexCorpRockwellAutomationIncRexnord Corp01/30/2019Xylem Inc01/31/2019Kennametal Inc02/04/2019Regal Beloit Corp

28、02/04/2019Emerson Electric Co02/05/2019Rbc Bearings Inc02/05/2019Timken Co02/07/2019Watts Water Technologies-A02/07/2019Geberit Ag-Reg03/12/2019DOVDover01/29/2019Idex01/29/2019Danaher01/29/2019Electronics For Imaging01/30/2019Lennox02/05/2019Fortive02/07/2019Franklin Electric02/19/2019Itt Inc02/22/2

29、019United Technologies01/23/2019United Technologies01/23/2019Rockwell Automation01/29/2019Ingersoll-Rand01/30/2019Eaton Corp01/31/2019Honeywell International02/01/2019Regal Beloit02/04/2019EmersonElectricLennox International02/05/2019Yokogawa Electric02/05/2019Daikin Industries02/13/2019Schneider El

30、ectric02/14/2019Abb02/28/2019FTVHONDover Corp01/29/2019National Instruments Corp01/29/2019Rockwell Automation Inc01/29/2019Honeywell International Inc02/01/2019FortiveCorpSnap-On Inc02/07/2019Cognex Corp02/14/2019Franklin Electric Co Inc02/19/2019Keysight Technologies In02/21/2019United Technologies

31、 CorpGeneral Electric CoUnited Technologies CorpGeneral Electric CoHoneywell International Inc02/01/2019Johnson Controls Internation02/01/2019Emerson Electric Co02/05/2019Wr Grace & Co02/07/2019Daifuku02/08/2019Zebra Technologies Corp-Cl A02/14/2019Garmin Ltd02/20/2019Abb Ltd-Reg02/28/2019Kion Group

32、 Ag-Unsp Adr02/28/2019SchlumbergerLtdHalliburtonCoAtlas CopcoAb-AShsIngersoll-RandPlcGardner DenverHoldingsIncWeirGroupPlc/TheCalfrac WellServicesLtdAtlas CopcoAtlas CopcoAb-AShsIngersoll-RandPlcJohnson Controls Internation LennoxInternationalIncDaikinIndustriesLtdGardner DenverHoldingsIncStanley Bl

33、ack & Decker Inc01/22/2019Stanley Black & Decker Inc01/22/2019United Technologies Corp01/23/2019Textron Inc01/24/2019Kone Oyj-B01/24/2019Ingersoll-Rand Plc01/30/2019General Electric Co01/31/2019Honeywell International Inc02/01/2019Johnson Controls Internation02/01/2019Lennox International Inc02/05/2

34、019Thyssenkrupp Ag02/12/2019Daikin Industries Ltd02/13/2019Schindler Holding-Part Cert02/14/2019Airbus Se02/14/2019Mtu Aero Engines Ag02/20/2019Thermon GroupHoldingsIncEatonCorpPlcNventElectricPlcHubbellIncAtkoreInternationalGroupAbbLtd-RegPHROKYaskawaElectricCorpPtcIncTeradyneIncRockwellAutomationI

35、ncOmronCorpSiemensAg-RegFanucCorpEmersonElectricCoYokogawaElectricCorpAts AutomationToolingSysSmcCorpCognexCorpHollysys Automation Technolo GTESEatonCorpPlcParkerHannifinCorpGates IndustrialCorpPlcAmerican Axle & Mfg Holdings Allison Transmission Holding Source: Barclays Research, Company Data, Bloo

36、mberg AnalyticsJCIStanley Black &DeckerIncUnitedTechnologiesCorpIngersoll-RandPlcHoneywellInternationalIncJohnson Controls Internation EnersysGsYuasaCorpAdtIncExideIndustriesLtdCaterpillarIncRockwellAutomationIncParkerHannifinCorpEatonCorpPlcSmcCorpSun HydraulicsCorp(Helios)PNRPentair Plc01/29/2019I

37、dex Corp01/29/2019Smith (A.O.) Corp01/29/2019Xylem Inc01/31/2019Evoqua Water Technologies Co02/05/2019Spx Flow Inc02/05/2019Watts Water Technologies-A02/07/2019Pool Corp02/14/2019ROPPtc Inc01/23/2019Danaher Corp01/29/2019Idex Corp01/29/2019Rockwell Automation Inc01/29/2019Thermo Fisher Scientific In

38、c01/30/2019Perkinelmer Inc01/31/2019RoperTechnologiesIncEmerson Electric Co02/05/2019Motorola Solutions Inc02/07/2019Agilent Technologies Inc02/20/2019Keysight Technologies In02/21/2019Aveva Group Plc06/13/2019Sector Performance: How have the companies / stocks performed QTD?FIGURE 2Earnings Heat Ma

39、pPrice Perf. Relative to S&PPrice Perf. AbsoluteY-o-Y OrganicGrowth inQ4,comparedtoQ3Y-o-Y Gross Perf.Y-o-Y EBIT Margin Growth in Q4, compared to Q3Y-o-Y EPS Growth in Q4, compared to Q3EPS Guidance Raised / / ReiterateGrew Capex Y-o-YBeat Barclays Estimates on SalesBeat Barclays Estimates ProfitBea

40、t Barclays Estimates on EPSDHR*DOV*EMRETN*FLOW*GE*HON*IR*JCI*KMTLIIMMMNVT*PHPNR*RBC*ROKROP*RXN*SWKUTX*Green = Outperf. S&P*Green 0% *Green = AcceleratedGreen = ExpandedGreen = AcceleratedGreen = AcceleratedGreen = RaisedGreen = YesGreen = BeatGreen = BeatGreen = BeatRed = Underperf. S&P*Red 0% *Red

41、= SlowedRed = CompressedRed = SlowedRed = SlowedRed = LoweredRed = NoRed = MissedRed = MissedRed = Missed*During Earnings Period*During Earnings PeriodBlank = FlatBlank = N/ABlank = NABlank = Held /InitiatedBlank = In-lineBlank = In-lineBlank = In-line% Green67%90%33%47%67%40%30%68%60%45%80%Source:B

42、arclaysResearch,Refinitiv,*Guidancewasinitiated,*EBITDAnotEPSguidance,*NoCapexdetailwasgivenandGuidancewasinitiated,*Didnotinitiate2019guidance,*noBarclaysestimatestocompare JCIs resultstoIndividual Company Takeaways: EMRFollowingQ1earnings,weslightlyincreaseourEPSestimatestoaccountforalower shareco

43、untandlowerincentivecompensationexpenses;ourPriceTargetisunchanged. Wethinktheresultsandoutlookconfirmthemainpointsofourrecentdowngradereport ( HYPERLINK /go/publications/link?contentPubID=FC2427752 ccal eund eak nw behnd us; wngae to Eual Weght; ceer 17, 2018); EMRistakingmarketshareintheProcessaut

44、omationmarket,andusingitslowleveragefor awell-balancedcapitaldeploymentapproach.However,Processmarketout-growthlikely peakedin2018,anditisnotcleartousthatEMRsC&RSmarginswillreversethatquickly, giventherecentbounceinmetalsprices,andtheongoinglackofmarginleverageat ClimateandToolspeerssuchasRBCandSWK.

45、Top-linemomentuminProcessmaybepeaking:OrganicsalesgrowthintheAutomation Solutionsplatformcameinslightlylightofinvestorexpectationsforthefirsttimeinmany quarters (arguably due to some one-time factors, such as software recognitionand shippingdaysweexpectareboundof150bpsinQ2),andweassumeitdeceleratest

46、oa mid-singledigitrangeenteringFY20(after10%growthinFY18).ThebackloginASwas up1%atend-September,andhadmodestbuildasofend-December;wewaittoseewhat EMRstatesattheinvestormeetingnextweekontheprojectfunnel,butwethinkthata peakingMROcycle(KOB3hasalreadyenjoyedasharp2-yearrebound)andtheuneven natureoflarg

47、eprojectactivity(KOB1)meanthatbacklogsarelikelytobestablegoing forward inAS.Automationmarginsshouldreboundalittle:ASmarginsdeclinedby50bpsy-o-yinQ1, andthedynamicsaresomewhatreminiscentofthedebateoverROKsmarginsinrecent monthsROKmanagementhadguidedfornoEPSgrowthearlyinitsfiscalyear,partlydue tothefr

48、ont-loadingofinvestmentspend.EMRnotedthatexcl-M&A,itsmarginsinASwere flattishy-o-yduetoinvestmentspend(andtoalesserextent,tariffs),whichimpliedonly highteensoperatingleverage,despitehighsingledigittop-linegrowth.LikeROK,we assumethetimingofinvestment/tariffheadwindsdoindeedplayoutasplanned(many inve

49、storswereskepticalofthebackhalfloadingofROKsmargins/earningsramp,but nowseemlessskeptical)andhencetheydwindleastheyearprogresses.Weassumeall-in incrementalmarginsreaching20%for2019inAS,after7%inQ1(implying30%forQ4). We think upwards pressure on investments will ease partly because EMR starts to anni

50、versarytheinvestmentstep-upitmadeinthe2H18,butalsobecausewedonot assumedramaticbackloggrowth.C&RStop-lineconcernspersistWethinktheAsiabusinessisrecovering,giventhedata onwhitegoodsdemandinChina,supportedbyabottomingintheResidentialheatpump market,aswellasinbroaderResi/CommercialHVACmanufacturing.Ord

51、ersdatathrough theMarchQshouldsupportthisbottomingprocess.Morebroadly,itappearsthatC&RS organicsalesgrowthcontinuestolagtheHVACpeersaswellasToolspeers.Weassume thatthebusinessmissestheorganicsalesgrowthguideof+3-5%for2019.FIGURE 3C&RSClimateTechsalesgrowthhaslaggedthatofother Suppliers and HVACOEMsF

52、IGURE 4And the Tools business continues to under-grow peers such as SWKOrganic SalesLII (HVAC)JCI(HVAC&RefrigProduct/Buildings)*Organic SalesGrowth(%)UTX(Carrier)14.0%ChangeIR (Climate)EMR(C&RS-ClimateTech) RBC(ClimateSolutions)Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 141515151516161616171717171818181812.

53、0%10.0%8.0%6.0%4.0%2.0%0.0%-2.0%-4.0%-6.0%Y/YQ115Q215Q315Q415Q1Q216 Q316 Q4Q115Q215Q315Q415Q1Q216 Q316 Q4Q117Q217Q317Q417Q118Q218Q318Q418Source:BarclaysData,CompanyData,*JCIisusingHVAC&RefrigProduct GrowthfromQ317onwardsSource: Barclays Data, Company DataAndthemarginramplookssteep:EMRsguideimpliesma

54、rginsforC&RSreboundfrom a240bpsdeclineinQ1,tostrongexpansionbyQ4.Thishockeystickinmarginsis plausibleforBuildingproductsbusinessesthathavebeencaughtinaprice/costheadwind forsometime,andcertainlytheHVACOEMsareexperiencingarecoveryinprice/cost dynamicsalready,butwearenotconvincedthatallBuildingproduct

55、sbusinessesareequal inthisrespect.Forinstance,manyinvestorsareskepticalthatfellowHVACcomponent makerRBCwillattainmuchmarginexpansioninitsClimatebusiness.InTools,SWKsshare pricedroppedsharplyafewweeksago( HYPERLINK /go/publications/link?contentPubID=FC2433268 SWK:CombingforclarityinCassandrascomments

56、; HYPERLINK /go/publications/link?contentPubID=FC2433268 More cost-cuts to come; January 22, 2019) because investors were concerned that its marginswouldshowverylimitedoperatingleveragein2019.FIGURE 5EMR C&RS EBIT Margin BridgeMargin BridgeQ1 18Q2 18Q3 18Q4 18Q1 19Q2 19EQ3 19EQ4 19E20182019E2020E202

57、1EStart Margin19.9%23.6%25.1%23.5%20.1%23.5%24.3%22.0%23.2%22.6%22.3%22.6%Volume-0.7%-0.6%-1.5%0.1%-1.3%0.1%0.3%0.7%-0.2%0.0%-0.1%-0.1%Pricing0.2%0.2%0.2%0.1%0.1%0.1%0.1%0.1%0.2%0.1%0.2%0.2%Organic-0.5%-0.4%-1.3%0.2%-1.2%0.2%0.4%0.8%0.0%0.2%0.1%0.1%FX0.0%-0.1%0.0%0.0%0.0%0.1%0.1%0.0%0.2%0.1%0.0%0.0%

58、M&A0.7%0.8%0.7%-1.1%-0.9%-1.0%-0.9%0.0%-0.4%-0.7%0.0%0.0%Product mix-0.2%-0.2%-0.2%-0.2%0.0%-0.1%-0.1%-0.1%-0.2%-0.1%-0.1%0.0%Cost headwinds0.0%0.1%-0.2%-0.5%0.0%-0.3%-0.2%0.3%-0.2%0.0%0.2%0.0%Cost savings0.2%0.1%0.1%0.1%0.1%0.1%0.1%0.2%0.1%0.1%0.1%0.1%Other0.0%-0.5%0.0%0.0%-0.4%-0.5%0.4%0.9%-0.1%0.

59、2%0.0%0.0%End Margin20.1%23.5%24.3%22.0%17.7%22.1%24.2%24.1%22.6%22.3%22.6%22.8%Margin Change0.2%-0.1%-0.8%-1.5%-2.4%-1.4%-0.1%2.1%-0.6%-0.3%0.2%0.2%Incremental Margin13.0%120.0%9.8%-17.4%9.6%25.4%66.5%4.0%19.1%25.0%28.2%Source: Company Data, Barclays ResearchFIGURE 6EMR C&RS Operating Margin Expans

60、ion vs Other US Multi Buildings businessesY-o-Y OperatingMargins (%)Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19Sep-19EMR(C&RS)RBC(ClimateSolutions)SWKMar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-1