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Investment & Strategy

Equity Watcher

This weekly publication addresses a different theme every week, with a company case study to help illustrate it. Our clients also benefit from the accompanying analysis on the week's most attractive stocks. This is an extract. The full version is available to our clients.

Jan
2017
Engie–Suez Merger: Rumour or Reality?
In December 2016, the French TV channel BFM reported that a merger may be on the cards between Engie, the world’s...
The Watcher
In December 2016, the French TV channel BFM reported that a merger may be on the cards between Engie, the world’s largest independent power producer (installed capacity: 118 GW), and Suez Environnement, the Paris-based water and waste management giant. Engie had spun off Suez when it was formed in 2008 through a merger with Gaz de France, a...
en/strategy/equity-solutions/equity-watcher/the-watcher-details/news/engieesuez-merger-rumour-realitye/
Jan
2017
US Large-Cap Banks – To be or not to be invested!
The above phrase is likely to evoke memories of the famous soliloquy by Prince Hamlet in William Shakespeare’s play...
The Watcher
The above phrase is likely to evoke memories of the famous soliloquy by Prince Hamlet in William Shakespeare’s play Hamlet, but at the current juncture it is a relevant question for investors holding US large-cap banks. Given the sharp rally in this space in a short span of time (average return of ~23% after the result of the US presidential elections on...
en/strategy/equity-solutions/equity-watcher/the-watcher-details/news/large-cap-banks-not-invested/
Jan
2017
IT sector - the road ahead
For the IT industry, 2016 was a year of innovation and adoption of upcoming technologies across all segments. While the...
The Watcher
For the IT industry, 2016 was a year of innovation and adoption of upcoming technologies across all segments. While the upcoming technology companies were the leaders, the legacy companies worked on developing their product/services to adapt to the changing environment. The key themes for 2016 were Cloud, Big Data, IoT, Artificial Intelligence (AI) and...
en/strategy/equity-solutions/equity-watcher/the-watcher-details/news/sector-the-road-ahead/
Dec
2016
Global infrastructure investment – the Trumponomics push
Infrastructure development plays an important role in enhancing a country’s productivity, boosting its growth potential,...
The Watcher
Infrastructure development plays an important role in enhancing a country’s productivity, boosting its growth potential, creating jobs and improving the citizens’ quality of life. According to PwC and Oxford Economics global infrastructure spending is expected to increase at a healthy CAGR of 5% in FY15–20 to USD 5.3 trn, well above the 2%...
en/strategy/equity-solutions/equity-watcher/the-watcher-details/news/global-infrastructure-investment-the-trumponomics-push/
Dec
2016
European chemicals: at the start of an earnings upgrade cycle?
Chemical production can be seen as a proxy for global industrial production (IP), which is strongly correlated with...
The Watcher
Chemical production can be seen as a proxy for global industrial production (IP), which is strongly correlated with economic growth. Therefore, chemical stocks react vehemently to changes in growth expectations. The biggest sector risk remains a global economic downturn, while China stands out as the key catalyst. Up till now signals point in the opposite...
en/strategy/equity-solutions/equity-watcher/the-watcher-details/news/european-chemicals-the-start-earnings-upgrade-cyclee/
Dec
2016
UK Banks 2016 Stress Test Separates grain from chaff
The Bank of England (BOE) conducts a stress test annually to assess banks’ resilience to a range of adverse shocks. The...
The Watcher
The Bank of England (BOE) conducts a stress test annually to assess banks’ resilience to a range of adverse shocks. The BOE not only checks the banks’ ability to withstand very severe shocks but also whether they would be able to maintain the supply of credit to the real economy. In March 2016, the BOE commenced its third concurrent stress test of...
en/strategy/equity-solutions/equity-watcher/the-watcher-details/news/holiday-season-its-clicks-over-picks-1/
Dec
2016
Holiday Season: its Clicks over Picks!
It’s that time of the year again when attractive deals and promotions lure customers to stuff their shopping bags. The...
The Watcher
It’s that time of the year again when attractive deals and promotions lure customers to stuff their shopping bags. The holiday season has kicked off with Thanksgiving on 24 November, followed by Black Friday and Cyber Monday. The US National Retail Federation (NRF) expects holiday sales this year to grow 3.6% YoY to USD 655.8 bn (barring autos, gas and...
en/strategy/equity-solutions/equity-watcher/the-watcher-details/news/holiday-season-its-clicks-over-picks/
Nov
2016
Chinese tourism: a growth story
The number of Chinese outbound travellers grew at an encouraging CAGR of ~15.7% during 2011–15, but 2016 has been a less...
The Watcher
The number of Chinese outbound travellers grew at an encouraging CAGR of ~15.7% during 2011–15, but 2016 has been a less favourable year owing to factors like terrorism, epidemics and macroeconomic trends. Growth in the number of Chinese outbound tourists slowed down to ~3.4% YoY in 1H16 after policy changes caused a drop in visits to Greater China (Hong...
en/strategy/equity-solutions/equity-watcher/the-watcher-details/news/chinese-tourism-growth-story/
Nov
2016
An overview of the US pharma
The CEO of Sanofi and of GSK warned at a recent conference that no matter who won the US presidential elections, the...
The Watcher
The CEO of Sanofi and of GSK warned at a recent conference that no matter who won the US presidential elections, the pharma industry will still be subject to more price controls. The US spends ~USD 310 bn on prescription drugs, representing >40% of the global market, and offering much higher profits than any other region. According to critics, the US is...
en/strategy/equity-solutions/equity-watcher/the-watcher-details/news/overview-the-pharma/
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