Deutsche Bank has further strengthened its Emerging Companies Research offering with the initiation of research coverage for GWA International, Crane Group and ABB Grain – all listed companies on the Australian Securities Exchange.

Research analyst Philip Pepe initiated coverage of ABB Grain with a Buy rating, while research analyst Raymond Gonzalez initiated coverage of GWA International and the Crane Group with Hold recommendations.

Mr Pepe, who initiated coverage of agribusiness ABB Grain, said, “ABB provides exposure to the Australian agricultural sector, which is relatively insulated from the state of the global economy compared with other sectors. We are comfortable with ABB’s earnings outlook given the potential for growth and the fact that the company raised equity capital and paid down debt in 2008.”

Turning to GWA International, the manufacturer and supplier of household and consumer products, Mr Gonzalez said, “Overall, we believe GWA is a very well run business with a strong suite of branded products that are well positioned in its chosen markets. While we are expecting earnings to decline in 2009 driven by the tough housing market and broader macro economic conditions, sharply lower interest rates and federal government stimulus initiatives should be supportive over the medium term.”

In his research report on the Crane Group, the manufacturer of non-ferrous metal products, plastic pipeline systems and plumbing supplies, Mr Gonzalez said, “On balance, we believe Crane Group is a solid well run business. While market conditions are weak in residential housing activity, which is the key driver of underlying demand for two of Crane Group’s key divisions, sharply lower interest rates and Federal Government initiatives should support the medium-term earnings outlook.”

Deutsche Bank has expanded its Emerging Companies Research team in recent months with the appointments of Raymond Gonzalez as Head of Emerging Companies Research and Philip Pepe as Senior Research Analyst. Mr Gonzalez joined Deutsche Bank from UBS where he worked in the emerging companies sector in Australia for ten years in positions such as Head of Emerging Companies Research and Head of Emerging Companies Research Sales. Mr Pepe has fourteen years experience in the investment industry, most recently at Macquarie Group and including six years at JF Capital Partners.

For further information, please contact:
Camilla Anderson (02) 8258 2731