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2022/08/19 / Erste Group Research

Wachstum des Halbleitersektors bremst sich ein


Der globalen Aktienmarktindex setzte in der letzten Woche seinen Aufwärtstrend fort. Er legte in EUR um +1,4% zu. Der S&P 500 stieg in EUR um +1,7%. Der Stoxx 600 notiert im Wochenvergleich unverändert.
Das Wachstumstempo des Halbleitersektors nimmt ab. Die Umsätze der Unternehmen des Philadelphia Semiconductor Index werden 2022 voraussichtlich um +6,7% (j/j) steigen. Das ist eine deutliche Verlangsamung gegenüber dem Vorjahr. Auch die Nettogewinne werden nach einem erwarteten Wachstum 2022e von +29% (j/j) im nächsten Jahr wesentlich langsamer ansteigen (2023e: +3,9%).

Ausblick: In der kommenden Woche werden am Dienstag wichtige Einkaufsmanagerindizes für die Eurozone bzw. USA und Japan veröffentlicht. Am Mittwoch berichtet auch der Halbleiterhersteller NVIDIA (Kaufen) über die Geschäftsentwicklung im letzten Quartal. Wir erwarten, dass der globale Aktienmarktindex in der kommenden Woche seitwärts tendieren wird.

Der ATX schloss diese Woche 1,4% tiefer belastet von der schwachen Kursperformance der ATX-Schwergewichte Erste Group und voestalpine. Stärkster ATX-Wert war diese Woche die SBO nach starken Q2-Zahlen. Zahlreiche weitere Unternehmen öffneten diese Woche ihre Bücher. Positiv hervorzuheben dabei FACC und Flughafen Wien, die deutlich von der Erholung des Flugsektors profitierten. Die Versicherer VIG und Uniqa zeigten ebenfalls solide Ergebnisse trotz Abschreibungen auf russische Anleihen. Bei Industriewerten fraß sich hingegen die Kosteninflation spürbar in die Margen.

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General information

AuthorErste Group Research
Date2022/08/19
Languagede
Product nameEquity Weekly
Topic in focusEquities
Economy in focusAustria
Currency in focusEuro
Sector in focusBanks, Chemicals, Construction & Material, Industrial Goods & Services, Insurance, Technology
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Erste Group related products

Name  ISIN# Erste Group products
Addiko BankAT000ADDIKO00
FACCAT00000FACC232
Kapsch TrafficComAT000KAPSCH90
SBOAT000094665221
SemperitAT00007855550
STRABAGAT000000STR10
UniqaAT000082110379
Vienna Int. AirportAT00000VIE620
VIGAT000090850437



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