Annonce

Log ud Log ind
Log ud Log ind
Finans

Morgan Stanley: Value-aktier kan få gavn af de enorme forandringer

Hugo Gaarden

mandag 20. juni 2022 kl. 13:11

Value-investeringer kan få gavn af de enorme forandringer, der kommer som en følge af pandemien og krigen i Ukraine, vurderer Morgan Stanley. Regeringer fokuserer på en styrkelse af sundhedssektoren og dermed mange pharma-virksomheder og producenter af udstyr til sektoren, og krigen skaber efterspørgsel efter råvarer, som Rusland hidtil har leveret. Det giver chancer for langsigtede investorer, da råvaresektoren er en langsigtet branche. Men det kan også føre til overinvesteringer og dermed give bagslag, konstaterer banken.

Uddrag fra Morgan Stanley:

Value Stocks: Opportunities Amid Microeconomic Shifts

Amid changing global macroeconomic trends, value-investing opportunities in financial services, healthcare and industrials emerge, per Eaton Vance portfolio managers.

Market volatility isn’t new. But today’s investors face an almost perfect storm, with geopolitical upheaval and the ongoing pandemic having altered everything from global peace post-WWII, supply chains for food and energy and monetary policy.

The downstream results, in part, are new macroeconomic trends that include rising interest rates, countries reopening their economies and shifting economic partnerships. In this environment, financial services, healthcare and industrials may offer investment opportunity, say Aaron Dunn and Brad Galko, Co-Heads of the Value team at Eaton Vance, part of Morgan Stanley Investment Management.

“Many investors in today’s market have never experienced inflation and interest rates meaningfully above zero,” and rising rates could benefit financial companies, Dunn says. With “healthcare innovation at the forefront for governments” post-pandemic, Galko adds, medical technology and pharmaceutical companies stand to benefit. Lastly, Russia’s war with Ukraine has redefined political partnerships, a tailwind for commodity markets and industrial companies that can supply materials historically supplied by Russia.

Financial Services in a Rising Interest Rate Environment

Earlier this year, the U.S. Federal Reserve raised interest rates for the first time since 2018, and economists expect it will continue to tighten monetary policy to help stem inflation. Financial companies can benefit from a higher interest rate environment, Dunn says, by charging more on loans and capitalizing on differences between the interest they pay to customers and the interest they earn through investing. He also notes that financial stocks are also trading relatively cheaply, historically.

Healthcare Stocks Amid Elective Procedures and Innovation

With healthcare stocks trading at the widest discount compared with the broader market since 2009,1 companies that manufacture medical technology and pharmaceuticals are also compelling value-investing plays, according to Galko, and economies normalizing after COVID-19 can help the bull case.

At the height of the pandemic in the U.S., many patients deferred elective medical procedures. Now, as economies continue to reopen and employment remains high, there could be a resurgence in procedure volume, which would increase revenues for medical tech companies. “The great normalization of our healthcare system post-COVID is upon us,” Galko says.

Since the pandemic, healthcare innovation has also become a priority for many governments, which can help MedTech companies and drug makers, he adds. Many pharmaceutical companies may have enough new products in their pipelines to achieve strong sales in the next 5 to 10 years, says Galko, despite some analysts’ views that patent expirations pose a risk to profitability.

Industrials as Countries Seek Alternative Commodity Sources

Russia’s war with Ukraine has already had a profound impact on commodity markets, since it is a major supplier of oil and gas, fertilizers and metals, and other countries are reassessing their dependence on Russia for these commodities. Industrial companies could benefit if countries seek to build liquified natural gas import terminals to replace gas pipelines from Russia or invest more in local energy sources, such as natural gas or nuclear, Dunn says.

Commodities tend to trade in multi-year cycles because of project duration and the time it takes capital markets to adjust to oversupply. Although the war has kickstarted a new cycle of investment in many commodities, after seven or more years of underinvestment, Dunn says, it could lead to overcapacity and the beginning of the next downcycle.

Tilmeld dig vores gratis nyhedsbrev om
Finans og Økonomi

Få de vigtigste finansnyheder direkte i indbakken. 
Det er gratis og udkommer tirsdag og torsdag kl. 9.00.

Jeg giver samtykke til, at I sender mig mails med de seneste historier fra Økonomisk Ugebrev. Lejlighedsvis må I gerne sende mig gode tilbud og information om events. Samtidig accepterer jeg ØU’s Privatlivspolitik.

Du kan til enhver tid afmelde dig med et enkelt klik.

[postviewcount]

Jobannoncer

Controller til store it-projekter i en af landets største it-afdelinger
Region Midt
Private Banking rådgiver søges til Ringkjøbing Landbobank i Herning
Region Midt
Er du vant til at snakke med erhvervskunder – og klar til at tage dit næste skridt i karrieren?
Region Midt
Er du vant til at snakke med erhvervskunder – og klar til at tage dit næste skridt i karrieren? Copy
Region Midt
Financial Controller til Danmarks nye erhvervsbank
Region Sjælland
Indkøbs- og kontraktchef til Gymnasiefællesskabet
Region Sjælland
Møns Bank i Næstved søger erhvervsrådgiver – er det dig?
Region Sjælland
Private Banking rådgiver søges til Ringkjøbing Landbobank i Aarhus
Region Midt
DLF Finance & IT søger Group Financial Controller
Region Sjælland
Ringkjøbing Landbobank søger privatrådgiver til København
Hovedstaden
Sparekassen Kronjylland søger kvantitativ analytiker eller statistiker
Region Midtjylland
Nordjyske Bank søger erfaren privatrådgiver til Hjørring
Region Nordjylland
Head of Finance and Controlling til Kalundborg Refinery
Region Sjælland
Bech-Bruun søger fuldmægtige til bank- og finansieringsret
Region Hovedstaden
Grant Thornton søger revisor med minimum et par års erfaring
Region Hovedstaden
Udløber snart
DR søger regnskabschef, der ønsker at arbejde for et større formål
Region Hovedstaden
Grant Thornton Denmark søger erfaren revisor
Region Hovedstaden
Plesner søger økonom til ambitiøs økonomisk analyseenhed
Region Hovedstaden
KPMG søger målrettede MidMarket-revisorer
Region Hovedstaden
Carta Autofinans søger forretningsorienteret controller
Region Syddanmark
Topdanmark søger IT-udvikler med flair for økonomi til transformationsprogram
Region Hovedstaden

Mere fra ØU Finans

Seneste nyt

Mest læste

Få dit daglige nyhedsoverblik i din indbakke

Seneste rapporter fra eksterne rådgivere

Dybdegående og original 
journalistik siden 1994

Økonomisk Ugebrev har i mere end 25 år leveret indsigtsfuld og dagsordensættende journalistik og analyser til læserne og den brede offentlighed. 

Vi tager ansvar for vores indhold og er tilmeldt:

OM ØU

Log ind

KONTAKT

Salg: [email protected]
Jobannoncer: [email protected]
Redaktion: [email protected]
Annonce materialer: [email protected]
Bogholderi: [email protected]

Skriv til os på: [email protected]
Vi bestræber os på at besvare henvendelser indenfor 24 timer.
Telefonisk henvendelse: 70 23 40 10
Telefonerne er åbne alle hverdage fra: 10-15

Økonomisk Ugebrev A/S
CVR-nr.: 31760623
Forbindelsesvej 12, 2. tv
2100 København Ø

Log ind

Har du ikke allerede en bruger? Opret dig her.

FÅ VORES STORE NYTÅRSUDGAVE AF FORMUE

Her er de 10 bedste aktier i 2022

Tilbuddet udløber om:
dage
timer
min.
sek.

Analyse af og prognoser for Fixed Income (statsrenter)

Direkte adgang til opdaterede analyser fra toneangivende finanshuse:

Goldman Sachs

Fidelity

Danske Bank

Morgan Stanley

ABN Amro

Jyske Bank

UBS

SEB

Natixis

Handelsbanken

Merril Lynch 

Analyse og prognoser for kort rente, samt for centralbankernes politikker

Links:

RBC

Capital Economics

Yardeni – Central Bank Balance Sheet 

Investing.com: FED Watch Monitor Tool

Nordea

Scotiabank

 

Log ind

[esi iteras-paywall-login paywallid="qwerty123"]