清晨 Haul ： CSX 的服务怎么了 ？

DeutscheBankResearch NorthAmericaCanadaUnitedStates Industrials AirFreight&Logistics Industry EarlyMorningHaul Date 11April2024 IndustryUpdate What'supwithCSX'sservice? Railservice-ThepublicClass1Railsreportedlastweek'sservicemetricsyesterday,withmostshowingimprovement(exceptCSX).Versusamonthago,NSC'sspeedwas+6%anddwell-8%,UNP'sspeedwas+1%anddwellflat(carvelocitysteadyatjustabove200milesperday),CNI'sspeed+6%anddwell-11%,andCP'sspeed+3%anddwell-4%.However,CSX'sspeedwasflatanddwell+9%duetocertainFebruaryderailmentsinkeydouble-trackareasofitsnetworkweighingontripplancompliance.Wenote,forexample,thatCSX'saveragetrainspeedsystemwideisdown7%fromthestartoftheyear,withGraintrainvelocitydown17%.Also,systemwidedwellisup8%sincethestartoftheyear,withdwellinBaltimoreup55%(understandableinthecontextofthebridgeoutage);Louisvilledwellup61%sincethestartoftheyear,andNashvilledwellup19%overthesameperiod.We'llseewhatimpactthishasoncostsandmargins,thoughweexpectmorerisksto2Qwhencombinedwithexpectedlowerexportcoalvolumeandyields. AmitMehrotra ResearchAnalyst +1-212-250-2076 BenMohrResearchAnalyst +1-212-250-1708 ChrisRobertsonResearchAnalyst +1-212-250-9995 Distributedon:11/04/202410:42:11GMT DeutscheBankSecuritiesInc. IMPORTANTRESEARCHDISCLOSURESANDANALYSTCERTIFICATIONSLOCATEDINAPPENDIX1.DeutscheBankdoes andseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.MCI(P)041/10/2023. 7T2se3r0Ot6kwoPa Appendix1 ImportantDisclosures *Otherinformationavailableuponrequest *PricesarecurrentasoftheendoftheprevioustradingsessionunlessotherwiseindicatedandaresourcedfromlocalexchangesviaReuters,Bloombergandothervendors.OtherinformationissourcedfromDeutscheBank,subjectcompanies,andothersources.Fordisclosurespertainingtorecommendationsorestimatesmadeonsecuritiesotherthantheprimarysubjectofthisresearch,pleaseseethemostrecentlypublishedcompanyreportorvisitourglobaldisclosurelook-uppageonourwebsiteathttps://research.db.com/Research/Disclosures/CompanySearch.Asidefromwithinthisreport,importantriskandconflictdisclosurescanalsobefoundathttps://research.db.com/Research/Disclosures/Disclaimer.Investorsarestronglyencouragedtoreviewthisinformationbeforeinvesting. AnalystCertification Theviewsexpressedinthisreportaccuratelyreflectthepersonalviewsoftheundersignedleadanalystaboutthesubjectissuersandthesecuritiesofthoseissuers.Inaddition,theundersignedleadanalysthasnotandwillnotreceiveanycompensationforprovidingaspecificrecommendationorviewinthisreport.AmitMehrotra. EquityRatingKey Equityratingdispersionandbankingrelationships Buy:Basedonacurrent12-monthviewofTSR,werecommendthatinvestorsbuythestock. Sell:Basedonacurrent12-monthviewofTSR,werecommendthatinvestorssellthestock. Hold:Wetakeaneutralviewonthestock12-monthsoutand,basedonthistimehorizon,donotrecommendeitheraBuyorSell. TSR=TotalShareholderReturn.Percentagechangeinsharepricefromcurrentpricetoprojectedtargetpriceplusprojecteddividendyield Newlyissuedresearchrecommendationsandtargetpricessupersedepreviouslypublishedresearch. AdditionalInformation TheinformationandopinionsinthisreportwerepreparedbyDeutscheBankAGoroneofitsaffiliates(collectively'DeutscheBank').Thoughtheinformationhereinisbelievedtobereliableandhasbeenobtainedfrompublicsourcesbelievedtobereliable,DeutscheBankmakesnorepresentationastoitsaccuracyorcompleteness.Hyperlinkstothird-partywebsitesinthisreportareprovidedforreaderconvenienceonly.DeutscheBankneitherendorsesthecontentnorisresponsiblefortheaccuracyorsecuritycontrolsofthosewebsites. Effective13October2023,DeutscheBankAGacquiredNumisCorporationPlcanditssubsidiaries(the"NumisGroup").NumisSecuritiesLimited("NSL")isamemberoftheNumisGroupandafirmauthorisedandregulatedbytheFinancialConductAuthority(FirmReferenceNumber:144822).DeutscheBankAGprovidesclientswith,amongstotherservices,InvestmentResearchservices.NSLprovidesclientswith,amongstotherservices,non-independentresearchservices. Duringaninitialintegrationprocess,theresearchdepartmentsofDeutscheBankAGandNSLwillremainoperationallydistinct.Consequently,disclosuresrelatingtoconflictsofinterestthatmayexistforDeutscheBankAGand/oritsaffiliatesdonotcurrentlytakeintoaccountthebusinessandactivitiesoftheNumisGroup.TheconflictsofinterestthatmayexistfortheNumisGroup,inrelationtotheprovisionofresearch,canbefoundontheNumiswebsiteathttps://www.numis.com/legal-and-regulatory/conditions-and-disclaimers-that-govern-research-contained-in-the-research-pages-of-this-website.ThedisclosuresonthisNumiswebpagedonotcurrentlytakeintoaccountthebusinessandactivitiesofDeutscheBankAGand/oritsaffiliateswhicharenotmembersoftheNumisGroup. Additionally,anydetailedconflictsofinterestdisclosurespertainingtoaspecificrecommendationorestimatemadeonasecuritymentionedinthisreportorwhichhavebeenincludedinourmostrecentlypublishedcompanyreportorfoundonourglobaldisclosurelook-uppage,donot