Research Detail

2024/01/23 / Erste Group Research

2024: Strong start for technology and healthcare equities

Rating changes: Hermes International, Marathon Petroleum, LVMH, Shell, ConocoPhillips.

Coverage terminated: Alfa Laval, Bayer.

The global equity market index rose by +1.2% in EUR terms in the first three weeks of 2024. The USA gained +2.9% in EUR terms. This was due in particular to strong demand for shares in the technology (+5.3%) and healthcare (+3.2%) sectors. In regional terms, however, shares from Europe (-1.8%) and the emerging markets (-2.9%) performed negatively. In China, the decline since the beginning of the year has been particularly sharp (-7.2%).

The positive performance of the NASDAQ 100 Index was supported by the strong sales performance of the largest global semiconductor manufacturer Taiwan Semiconductor Manufacturing. The company announced sales of USD 19.7 bn for the fourth quarter on January 18. This was flat year-on-year, but an increase of almost +14% compared to 3Q23. 4Q business was supported by the continued strong growth of 3-nanometer technology, in which TSM is the industry leader. 15% of TSM's revenue already comes from this segment.

JPMorgan: 4Q23 Net interest income +19% (y/y), provisions increased, EPS fell by -15% y/y
Hermes International: High sales growth of +22% y/y in the first three quarters of 2023. Profitability well above average

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General information

Author	Erste Group Research
Date	2024/01/23
Language
Product name	Recommendation List
Topic in focus	Equities
Economy in focus	Eurozone, Germany, United States
Currency in focus	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
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Erste Group related products

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Name	ISIN	# Erste Group products
ABB	CH0012221716	0
Abbott Laboratories	US0028241000	0
AbbVie	US00287Y1091	0
Adidas	DE000A1EWWW0	32
Adobe	US00724F1012	0
Advanced Micro Devices	US0079031078	0
Alibaba	US01609W1027	0
Allianz	DE0008404005	33
Alphabet	US02079K3059	0
Amazon.Com	US0231351067	1
AmBev	BRABEVACNOR1	0
Amgen	US0311621009	0
Anheuser Busch Inbev	BE0974293251	0
Apple	US0378331005	0
ASML	NL0010273215	0
AT&T	US00206R1023	0
Banco Santander	ES0113900J37	0
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Bayer	DE000BAY0017	35
Beiersdorf	DE0005200000	26
BHP Group	GB00BH0P3Z91	0
BMW	DE0005190003	36
BNP Paribas	FR0000131104	0
Booking Holdings	US09857L1089	0

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