To: tion©g
Goldm Alex Hsu ;Amy
Lopez
Easley , Brad
Martin C & J Aviation Partners,
LLC David M.
Zucehero
Eileen M. Gleimer Esq
Jack Gulbin ; Jeffrey Epstembeevacation©gmail.com];
; Lesley
Tayto McLemor
Samantha
Zeiting Sam
Redditt • Tom
Keitel
From: Sean J Lancaster
Sent: Thur 7/14/2011 2:26:11 PM
Subject: FW: UBS Business Jet Survey: Recovery Not Materializing
BizietSurvev MN071211.pdf
BizietCycles MN062711.pdf
Inventory MN071211.pdf
disclaim.txt
Title: UBS Business Jet Survey: Recovery Not Materializing
This month's report
• Index falls to 42, all cabin classes lower: Our latest Business Jet Market Index came in at 42, 12%
lower than our prior survey from May. The drop was across all cabin classes as our small and midsize
cabin indices both fell 15% to 38 (from 44) and 42 (from 49), respectively, while large cabin declined by
6% to 47 (from 50). Our straight up measure of absolute business conditions moved slightly lower to 4.1
(from 4.2).
• Customer interest drops 16%: Lower customer interest and continued oversupply were the main
drivers of the drop in our index. Our customer interest score declined 16% to 55, lower, albeit still above
50 indicating incremental improvement. By region, customer interest is relatively strong in Asia (68),
Latin America (62) and North America (58) as compared to Europe (49) and Middle East (46).
• Less optimistic for meaningful 2012 recovery: We believe our survey reflects a still oversupplied
market that continues to bounce along bottom and leaves us less optimistic about a meaningful recovery
in 2012. However, we still see positive risk-rewards with the stocks that we think incorporate very little for
business jets at these levels including Buy-rated COUGD/TXT.
Best regards,
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Sean J. Lancaster
Bristol Associates Inc.
www.bristolassociates.com
BRISTOL
ASSOCIATES
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