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2022/12/19 / Erste Group Research

Gesundheits- und Basiskonsumaktien im 1Q23 bevorzugt

Die Prognosen für das Umsatz- und Gewinnwachstum der Firmen des Weltaktienindex haben sich zuletzt für das Jahr 2023 leicht verbessert. Die Umsätze sollten 2023 um +2,0% (j/j) steigen und die Gewinne stabil bleiben (2023e: +0,5% j/j). Die erwartete operative Marge sollte im nächsten Jahr 17% betragen und auf dem Niveau des Jahres 2022 bleiben.

Die letzten Daten der Unternehmen in den USA und Europa zeigen derweil ein gemischtes Bild. In der Eurozone hat sich der Flash-Composite Einkaufsmanagerindex (EMI) im Dezember von 47,8 auf 48,8 verbessert. Auch der deutsche Ifo-Index stieg im Dezember an. Die gute Nachricht war, dass die Kosten der Unternehmen so langsam stiegen wie in den letzten eineinhalb Jahren nicht mehr. In den USA hingegen fiel der Flash Dezember EMI von 46,4 auf 44,6 Punkte. Die Umfrage zeigte den stärksten Rückgang der Auftragseingänge seit Mai 2020. Die Schwäche im Industriesektor war dabei ausgeprägter als im Dienstleistungsbereich. Wir empfehlen unter anderem aus diesem Grund weiterhin besonders defensive Aktien aus dem Gesundheits- und Basiskonsumsektor.

Coverage beendet: Atlassian, Dow Inc, E.ON, Ecolab, EDP, Geberit, General Electric, Partners Group, Paypal Holdings, Sika, SVB Financial Group, Vodafone.

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General information

AuthorErste Group Research
Date2022/12/19
Languagede
Product nameEmpfehlungsliste
Topic in focusEquities
Economy in focusEurozone, Germany, United Kingdom, United States
Currency in focusBritish Pound, Euro, US Dollar
Sector in focusAutomobiles & Parts, Banks, Basic Resources, Chemicals, Construction & Material, Financial Services, Food & Beverage, Health Care, Industrial Goods & Services, Insurance, Media, Oil & Gas, Personal & Household Goods, Retail, Technology, Telecommunications, Travel & Leisure, Utilities
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