Research Detail

2022/04/14 / Erste Group Research

Neue Impulse durch US-Berichtssaison
Der globale Aktienmarkt bleibt in einem Seitwärtstrend. Das positive erwartete globale Gewinnwachstum von +7,5% in 2022 steht stark gestiegenen Rohstoffpreisen, erhöhten Renditen in den USA (2J Staatsanleihen: 2,4%) und den Sanktions-Unsicherheiten aufgrund des russischen Kriegs in der Ukraine gegenüber.

Mit der beginnenden Berichtssaison in den USA in dieser Woche kommen neue Impulse für den Aktienmarkt. Für Q1 2022 beträgt die geschätzte Gewinnwachstumsrate für den S&P 500 +4,5% (j/j). In den letzten fünf Jahren haben im Durchschnitt etwa 77% der Firmen besser als erwartete Gewinne berichtet. Die positive Überraschung des Wachstums lag dabei bei ca. +9%. Es kann also historisch davon ausgegangen werden, dass das tatsächliche Wachstum am Ende der Berichtssaison deutlich über +4,5% liegen wird.

Empfehlungsänderungen: Allianz, Novartis, Nutiren, AMD, TSMC, SVB Financial

Allianz: Gewinn 2021 stieg auf EUR 9,98 Mrd. (+35% j/j), positiver Ausblick
Novartis: Operative Marge steigt auf 22,1%, Effizienzsteigerungen & Aktienrückkaufprogramm

Download PDF (5.4MB)

General information

Author	Erste Group Research
Date	2022/04/14
Language
Product name	Empfehlungsliste
Topic in focus	Equities
Economy in focus	Eurozone, United Kingdom, United States
Currency in focus	British Pound, Euro, US Dollar
Sector in focus	Automobiles & 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
Download

Erste Group related products

Page 1 of 4

Name	ISIN	# Erste Group products
-	DE0006048432	23
-	RU0007661625	0
-	DE000CBK1001	42
-	GB00B24CGK77	0
-	SE0000106270	0
-	DE000ENAG999	31
-	CH0030170408	0
-	US3453708600	0
-	GB00BH4HKS39	0
-	FR0010220475	1
-	HK0941009539	0
-	US0567521085	0
-	US88579Y1010	0
-	DE0005439004	29
-	DE0005785604	38
ABB	CH0012221716	0
Adidas	DE000A1EWWW0	32
Alibaba	US01609W1027	0
Allianz	DE0008404005	33
Alphabet	US02079K3059	0
Amadeus IT Group	ES0109067019	0
Amazon.Com	US0231351067	1
Apple	US0378331005	0
ASML	NL0010273215	0
Banco Santander	ES0113900J37	0

INFORMATION FOR PRIVATE CLIENTS / CONSUMERS

Any information, material and services regarding financial instruments and securities provided by Erste Group Bank AG or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites”) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions (the “Interested Party“).

The publication and distribution of information as well as offering and selling of products and services described on the Websites is prohibited by law in some jurisdictions. For this reason, persons in countries in which the publication as well as the offering and selling of products and services described on the Websites are not permitted by law, must not enter the Websites and/or acquire the products displayed on the Websites.

Neither Erste Group nor any third party shall offer access to the Websites or offer the products to especially, but not limited to citizen/residents of the United States and “U.S. person” (as defined in Regulation S under the US Securities Act 1933 as amended). For this reason, the distribution or redistribution of the information, materials and products into United States or into any other jurisdiction where it is not permitted under the applicable law, as well as to the citizens/residents of these countries shall be prohibited. The securities displayed on the Websites have not been and will not be registered under the US Securities Act of 1933 and trading in the securities has not been approved for purposes of the US Commodities Exchange Act of 1936. For this reason the securities may, inter alia, not be offered, sold or delivered within the United States or, for the account and benefit of U.S. persons.

The Interested Party is solely responsible to examine, whether he may enter the Websites under the law applicable to it. Erste Group shall not be responsible for the distribution of content of any of the Websites to individuals or entities which provide false information about their right to enter the Websites. For this reason Erste Group shall not be liable for any legal claims or damages which may result from the unauthorized entering or reading of the Websites.

By agreeing to this hereto, the Interested Party confirms that
(i) It has read, understood and accepted this Information and the Disclaimer;
(ii) It informed itself about any possible legal restriction and warrants that it is not restricted or prohibited to enter the Websites according to any law applicable; and
(iii) It does not make available the contents of the Websites to any person who is not qualified by law to enter the Websites.