North America Equity Research03 September 2019 Transportation & LogisticsQuestion Book for Back to School Conference Season and Management MeetingsAirfreight and Surface TransportationBrian P. Ossenbeck, CFA AC(1-212) 622-1023brian.p.ossenbeck@jpmorgan.comBloomberg JPMA OSSENBECK J.P. Morgan Securities LLCSee page 29 for analyst certification and important disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.www.jpmorganmarkets.comWe have compiled questions for each management team that will be on the road during the last month of 3Q as part of the back to school conference circuit. Sentiment on the sector has faded with the latest whiplash on trade tensions and continued slide in rail volumes, but we do not expect any material updates on 2019 guidance until 3Q19 earnings in October. Included in the document are specific questions for companies categorized by topic as well as broad themes relevant for an entire group within transports; see page two for a listing of companies covered in this note. 2North America Equity Research03 September 2019Brian P. Ossenbeck, CFA(1-212) 622-1023brian.p.ossenbeck@jpmorgan.com Table of ContentsParcel Carriers..........................................................................3FedEx (FDX, $172, N)............................................................................................4United Parcel Service (UPS, $114, N)......................................................................6Railroads...................................................................................8Canadian National (CNR CN, C$125, N).................................................................9Canadian Pacific (CP, C$345, OW).......................................................................10CSX (CSX, $83, OW)...........................................................................................11Kansas City Southern (KSU, $136, N)...................................................................12Norfolk Southern (NSC, $220, OW)......................................................................13Union Pacific (UNP, $176, N)...............................................................................14Truckload Carriers & Brokers................................................15C.H. Robinson (CHRW, $82, N) ...........................................................................16Echo Global (ECHO, $22, OW) ............................................................................17Schneider National (SNDR, $20, N)......................................................................18Werner Enterprises (WERN, $32, UW) .................................................................19Knight-Swift Transportation (KNX, $38, N)..........................................................20Heartland Express (HTLD, $19, UW)....................................................................21U.S. Xpress (USX, $6, OW)..................................................................................22Intermodal...............................................................................23J.B. Hunt (JBHT, $106, N)....................................................................................24Hub Group (HUBG, $51, N)..................................................................................25Logistics & LTL.......................................................................26XPO Logistics (XPO, $82, OW)............................................................................27Ryder (R, $52, UW)..............................................................................................283North America Equity Research03 September 2019Brian P. Ossenbeck, CFA(1-212) 622-1023brian.p.ossenbeck@jpmorgan.com Parcel CarriersKey questions and themes for the groupCan residential stop density materially increase in the U.S. without assuming more people pick up packages themselves?Is it reasonable to assume customer expectations and behaviors will shift to buy online and pick-up in store faster than the rate of B2C growth? Are shippers beginning to send packages directly to access points and stores for pick-up?Are retailers offering more “hard dollar” incentives for consumers to pick up instore or take a home delivery at a slower, less expensive shipping speed? Why has Amazon Day failed to gain traction with a day of the week shipment chosen by the consumer that is still a residential delivery?Major carriers and their partners have access points within five miles of the majority of the U.S. population, does ease of use matter more than proximity? How are these locations designed to attract and increase residential activity?Will there eventually be a delivery charge for a re...
发表评论取消回复