美国多工业企业（自动化及其他工业领域）启动覆盖反馈

US Multis: Feedback from our initiation (Automation + OtherIndustrials) - EMR, RoK, HoN,PH, MMM, OTiS keythemes,sentiment,andfeedback thatweare hearing from investors on automationandotherindustrialnames.Aseparatenotewaspublishedonfeedbackfordata center/HVAC names that can be viewed here. Our full initiation document can also be viewed here. +1917344 8543varun.govindaraj@bernsteinsg.com over the lastfewquarters and margins have continuedtogrow.4-7% organic growth/30%EBITAtargets seemplausibleto investors.Somefrustration onAspenTech/worriesthat it has Al risk but we're not concerned and believe there is a solid moat. Steve Song+1 917 344 8401steve.song@bernsteinsg.com RoK:Positive sentiment on managementandcompanyfrom investors,but rich valuationis keeping some fresh money out of the trade. Needs double digit organic growth to justifythe multiple which hard for us to see materializing even with reshoring / capex tailwinds.High expectations that margins will continue to expand (and we believe this willplay out)We think the company just needs a few quarters to catch up to the stock. HoN: Sentiment leans neutral to slightly negative (with pockets investors like). BuildingAutomationandForgeseenlargelypositively.SomedebateonPA&T; we'rebearishonrefining capex more structurally but a minority of investors tell us they believe we'll seeinflectioninordersandMSDgrowthisachievable.We'reyettomeetsomeonethatcanexplain theIndustrial Automation strategyto us,and the different products/end segmentswithin it make it hard to create operating leverage/extract scale benefits.But people dolike Peter Lau who leads it. PH: Sentiment leans positive.Concerns are largely around valuation, not on managementor operations.Some debates around whether margins can expand from current levels; wethink 30% adjusted segment margin by FY30 is a real possibility (accounting for operatingleverage + synergies from FG deal). MMM: Less pushback than we anticipated at launch.Near-term sentiment skews positivewith short-cycle inflection and positive management commentary. Bill Brown has manyfans in themarket. But people don't disagree with our thesis on R&D being broken; we'dneed to see some breakthrough innovation to change our POV here. PFAS narrative haslimitedinterest,mostinvestorsexpectcashflowstobetimebound.Westillthinkthemarketunderestimatestailriskhere OTiS:Two distinctcamps of investors.Long-term holders who havefollowed the companysicne the spin are somewhat disillusioned.They need to see the company post solidnumbers consistentlytofeelcomfortablewiththe storyagain.Investors newtothenamehave largelyfelt it is an attractive buying opportunity (especially given the discount toother elevator names).We continue to believe risk-reward skews positive;revenue shouldcontinue to inflect upward from mods and iSPs are not the risk the market thinks they are INVESTMENTIMPLICATIONS We rate EMR Outperform, TP $175We rate ROK Market-Perform,TP $501We rate HON Market-Perform, TP $233Werate PHOutperform, TP$1026We rate MMM Underperform, TP $131Werate OTIS Outperform, TP $97 Sentiment leans positive on Emerson at its currentvaluation.The companyhas been delivering on results (especially on the margin side) and investors don't seem to be pushing back on the 4 -7% organic growth guide or FY28 EBITA target of 30%.And if you believe both of these pieces,then the stock does seem undervalued.While Emerson will likely be closer to 3%organic this year, management has explained thatthis is due to the softwarerenewal dynamic and we'd expect to see anoffsetting higher growth in FY27. thespace,butlayeringTestandMeasurementandSafetyandProductivitybusinessesontopofthatdoesmakeforsomechallenging conversations. That being said, we do not dislike T&M at all; Emerson got some flak forthe National Instrumentsacquisition when they made it but in hindsight it's benefited a great deal from positive momentum in semiconductors and A&D inthe US. We think a spin / sale of S&P could help simplify the portfolio - Emerson did think about doing this in the past but clearlythe price wasn't right. It is the perfect target for a PE buyer low CapEx, steady cash generation, and a reasonable level of brandloyaltytothetools.AndAl-resistant...whatmorecouldyouaskfor? The AspenTech deal is a point of greater consternation among some investors; but at this point we don't think it's worth gettingtoo hung up on the price paid. There was also some volatility when the investor community that believed Aspen solutions couldbe replaced by Al a fewmonths ago, but we think that there's a moat on the data itself thatmakes the solution hard to replace.While the solutions are nottemporally deterministic, it is aunique enough product to have low replacement risk.And Emersonthemselves are layering Al onto their own solutions tomake them easierto use (which is the whole value proposition an Alnative challenger brings to the table). This is not to say that the risk from Al is zero and we'll certainly