《福特战略分析报告qinzh》由会员分享，可在线阅读，更多相关《福特战略分析报告qinzh（66页珍藏版）》请在金锄头文库上搜索。
1、Presentation to the Automotive News World Congress Stephen J. GirskyJanuary 2004 资料下载大全DisclosuresAnalyst CertificationAnalyst CertificationThe following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they
2、have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Stephen J. Girsky.Important US Regulartory Disclosures on Subject CompaniesThe information and opinions in this report were prepared by Morgan Stanley &
3、 Co. Incorporated (“Morgan Stanley”).As of November 28, 2003, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in this report: Delphi, General Motors, Goodyear Tire & Rubber, Johnson Controls, Magna Intl Inc., TBC and Tower Automo
4、tive.Within the last 12 months, Morgan Stanley managed or co-managed a public offering of securities of DaimlerChrysler AG, Delphi, Ford, General Motors, Standard Motor Products and Tenneco.Within the last 12 months, Morgan Stanley, Morgan Stanley or an affiliate has received compensation for invest
5、ment banking services from Aftermarket Technology, American Axle and Mfg., BorgWarner Inc., DaimlerChrysler AG, Delphi, Ford, General Motors, Standard Motor Products, Superior Industries, Tenneco, Tower Automotive and Visteon Corporation.In the next 3 months, Morgan Stanley expects to receive or int
6、ends to seek compensation for investment banking services from Aftermarket Technology, American Axle and Mfg., ArvinMeritor, AutoNation, Borg Warner Inc., DaimlerChrysler AG, Dana Corp., Delphi, Ford, General Motors, Genuine Parts Co., Goodyear Tire & Rubber, Johnson Controls, Lear Corp., Lithia Mot
7、ors, Magna Intl Inc., Standard Motor Products, Superior Industries, Tenneco, Tower Automotive, United Auto Group and Visteon Corporation.The research analysts, strategist, or research associates principally responsible for the preparation of the research report have received compensation based upon
8、various factors, including quality of research, investor client feedback, stock picking, competitive factors, firm revenues and investment banking revenues.Morgan Stanley & Co. Incorporated makes a market in the securities of Aftermarket Technology, Delphi, Dura Automotive, Ford, General Motors, Mag
9、na Intl., TBC and Tower Automotive.Global Stock Ratings Distribution(as of December 31, 2003)(Continued) 资料下载大全DisclosuresData include common stock and ADRs currently assigned ratings. For disclosure purposes (in accordance with NASD and NYSE requirements), we note that Overweight, our most positive
10、 stock rating, most closely corresponds to a buy recommendation; Equal-weight and Underweight most closely correspond to neutral and sell recommendations, respectively. However, Overweight, Equal-weight, and Underweight are not the equivalent of buy, neutral, and sell but represent recommended relat
11、ive weightings (see definitions below). An investors decision to buy or sell a stock should depend on individual circumstances (such as the investors existing holdings) and other considerations. Investment Banking Clients are companies from whom Morgan Stanley or an affiliate received investment ban
12、king compensation in the last 12 months. Analyst Stock RatingsOverweight (O or Over) - The stocks total return is expected to exceed the average total return of the analysts industry (or industry teams) coverage universe, on a risk-adjusted basis over the next 12-18 months.Equal-weight (E or Equal)
13、- The stocks total return is expected to be in line with the average total return of the analysts industry (or industry teams) coverage universe, on a risk-adjusted basis over the next 12-18 months.Underweight (U or Under) - The stocks total return is expected to be below the average total return of
14、 the analysts industry (or industry teams) coverage universe, on a risk-adjusted basis, over the next 12-18 months.More volatile (V) - We estimate that this stock has more than a 25% chance of a price move (up or down) of more than 25% in a month, based on a quantitative assessment of historical dat
15、a, or in the analysts view, it is likely to become materially more volatile over the next 1-12 months compared with the past three years.Stocks with less than one year of trading history are automatically rated as more volatile (unless otherwise noted). We note that securities that we do not current
16、ly consider more volatile can still perform in that manner.Unless otherwise specified, the time frame for price targets included in this report is 12 to 18 months. Ratings prior to March 18, 2002: SB=Strong Buy; OP=Outperform; N=Neutral; UP=Underperform. For definitions, please go to Industry ViewsAttractive (A). The analyst expects the performance of his or her industry coverage universe to be attractive vs. the relevant broad market benchmark over the next 12-18 months.In-Line (I). The analys
