ResearchAnalystsBusinessServicesTechorTouch6February2019AndyGroblerAndy.grobler@credit-suisse.comTel:02078835943DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DanielHobdenDaniel.hobden@credit-suisse.comTel:02078833290KarlGreenkarl.green@credit-suisse.comTel:02078882629每日免费获取报告1、每日微信群内分享7+最新重磅报告；2、每日分享当日华尔街日报、金融时报；3、每周分享经济学人4、行研报告均为公开版，权利归原作者所有，起点财经仅分发做内部学习。扫一扫二维码关注公号回复：研究报告加入“起点财经”微信群。。WhyCreditSuisseResearch?Highimpactresearchthatspansacrossassetclasses,sectors,andregionsProducedby:Slide2February06,2019CREDITSUISSE,EurEqr–Business&ProfessionalServicesWhyCreditSuisseAnalytics?Accesstoinnovativetools,models,andcapabilitiesatyourfingertipsProducedby:Slide3February06,2019CREDITSUISSE,EurEqr–Business&ProfessionalServices4February06,2019CREDITSUISSE,EurEqr–Business&ProfessionalServices1)Staffing–CyclicalandstructuralconcernsWeexpectorganicgrowthtoslowacrossthegroupwithGeneralistsfacingnegativegrowthinthenearterm.Professionalsarebetterplacedfor2019butslowinggrowthwilllimitoperationalleverageintheabsenceofselfhelp.Structuralchallenges,especiallyinUSandUKwill,wethink,stymiegrowth,marginandreturnfortheagencies.O/Pratedstocks:Page-selfhelp;RobertWalters-GeographyandRPO.U/Prated:Adecco-cyclicalheadwinds;Staffline–marginconcernsandcontractoravailabilityKeyViewsbysub-sector–Part1Pricesasof1stFeb20192)Testing–SlowinggrowthandtradeworriesWeexpectorganicgrowthtoslowthroughH119forSGSandBVIgiventoughcompsandslowingChineseconsumerdemand.Weforecastmarginprogressacrossthesub-sectorbutlimitedexp...
