Citi Analysts Call 2009 Global Equity Outlook 'Battling The Bear' - Issue Global Preferred List
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Rating Summary:2 Buy, 6 Hold, 4 Sell
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Economic Outlook Dire — Our economists expect a synchronised global recession in 2009. We estimate Emerging Market economies will slow sharply. The developed economies will flirt with, but should avoid, outright deflation in our view.
Profits Outlook Dire — The global earnings downturn is still only a quarter of the way into our forecast 50% peak to trough decline. Financials have suffered most of the pain so far. We expect the other cyclicals to follow in 2009.
Valuations Look Cheap — After the worst year since 1931, we believe global equities look cheap in absolute terms and very cheap against defensive assets. This should help protect indices against the barrage of negative newsflow.
Global Preferred List — Ambev, AstraZeneca (NYSE: AZN), Bank Of America (NYSE: BAC), Bharti Airtel, BHP Billiton (NYSE: BHP), FirstEnergy Corp (NYSE: FE), Gazprom, Hutchison Whampoa, Intel (Nasdaq: INTC), Itau Unibanco, Merck AG, Mitsui OSK Lines, Nestle, Nike (NYSE: NKE), Orascom Telecom, Seven & I Holdings, Sonic Healthcare, Vivendi (OTC: VIVDY), Vodafone (NYSE: VOD), Zurich.
AstraZeneca PLC, incorporated on June 17, 1992, discovers, develops, manufactures and markets prescription pharmaceuticals, biologics and vaccines for principal areas of healthcare, including cardiovascular, gastrointestinal, neuroscience, oncology, respiratory and inflammation, and infection.[SM]
Profits Outlook Dire — The global earnings downturn is still only a quarter of the way into our forecast 50% peak to trough decline. Financials have suffered most of the pain so far. We expect the other cyclicals to follow in 2009.
Valuations Look Cheap — After the worst year since 1931, we believe global equities look cheap in absolute terms and very cheap against defensive assets. This should help protect indices against the barrage of negative newsflow.
Global Preferred List — Ambev, AstraZeneca (NYSE: AZN), Bank Of America (NYSE: BAC), Bharti Airtel, BHP Billiton (NYSE: BHP), FirstEnergy Corp (NYSE: FE), Gazprom, Hutchison Whampoa, Intel (Nasdaq: INTC), Itau Unibanco, Merck AG, Mitsui OSK Lines, Nestle, Nike (NYSE: NKE), Orascom Telecom, Seven & I Holdings, Sonic Healthcare, Vivendi (OTC: VIVDY), Vodafone (NYSE: VOD), Zurich.
AstraZeneca PLC, incorporated on June 17, 1992, discovers, develops, manufactures and markets prescription pharmaceuticals, biologics and vaccines for principal areas of healthcare, including cardiovascular, gastrointestinal, neuroscience, oncology, respiratory and inflammation, and infection.[SM]
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