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2024/09/06 / Erste Group Research

Pharma-Aktien: Gesundes Gewinnwachstum


Der globale Aktienmarktindex gab in der letzten Woche in EUR um -1,9% nach. Der Stoxx 600 fiel um -2,4%, der S&P 500 notiert im Wochenvergleich in EUR um -1,7% tiefer. Der Nikkei 225 fiel in EUR um -3,6% überdurchschnittlich stark. Der globale Emerging Market Index verlor in EUR -1,8%.

Aktien Global: Der globale Gesundheitssektor ist derzeit sehr attraktiv. Die Gewinne der Unternehmen des Gesundheits-Sektors werden heuer im Einklang mit der Entwicklung globaler Unternehmen (2024e: +6,5% J/J) und dann im nächsten Jahr wesentlich stärker wachsen (2025e: +20% J/J) als die Gewinne der Unternehmen des globalen Aktienmarktes. Zudem sind die Gewinne dieses Sektors generell weniger volatil und insbesondere kaum abhängig vom globalen Wirtschaftswachstum.

Ausblick: In der nächsten Woche berichten noch die Firmen Oracle (09.09.), Inditex (11.09.) und Adobe (12.09.) ihre Quartalsergebnisse. Wir erwarten, dass sich der globale Aktienmarktindex in der kommenden Woche abschwächen wird.

Aktien Österreich: Der ATX konnte mit einem Minus von 1,7% die 3,700-Punkte-Marke diese Woche nicht verteidigen. In einem international schwachen Umfeld wurden vor allem Technologiewerte gegeben, während Immobilienwerte gesucht waren, gestützt von der Hoffnung auf Zinssenkungen bei der EZB-Sitzung kommende Woche. Bei CA Immo und Immofinanz kam es allerdings zu größeren Kursverlusten von rund 17%, für die es jedoch – ebenso wie für die ungewöhnlichen Anstiege zuvor – keine fundamentale Erklärung gibt. Die Immofinanz verhandelt mit Kernaktionärin CPIPG über die Übernahme des 38,37%-Anteil an der S Immo. Weiters bietet die Immofinanz den Minderheitsaktionären der S Immo eine Barabfindung von EUR 22,05/Aktie im Squeeze-Out-Verfahren an, die jedoch unter dem aktuellen Buchwert bzw. dem Nettoimmobilienwert liegt.

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General information

AuthorErste Group Research
Date2024/09/06
Languagede
Product nameEquity Weekly
Topic in focusEquities
Economy in focusAustria
Currency in focusEuro
Sector in focusBanks, Construction & Material, Industrial Goods & Services, Oil & Gas, Real Estate, Technology, Utilities
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Erste Group related products

Name  ISIN# Erste Group products
BAWAGAT0000BAWAG2120
EVNAT000074105320
ImmofinanzAT0000A21KS230
Kapsch TrafficComAT000KAPSCH90
OMVAT000074305991
S ImmoAT00006522502
SBOAT000094665221
STRABAGAT000000STR10
Vienna Int. AirportAT00000VIE620
ZumtobelAT000083730738



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