Our Equity Top Pick List
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Hungary: Inflation in July declined to 1.2% YoY much below the expectations; it seems the exchange rate has started to work
Hungary's headline inflation decreased to 1.2% year-on-year in July from 1.7% in June. The published data was lower than the consensus (1.5%) and our forecast (1.6%). The lower-than-expected inflation was widespread among the main inflation categories.
Glencore: excellent performance, higher dividend
Glencore, one of the world’s largest diversified mining companies, released its H1 earnings report yesterday, which showed strong results. The company exceeded analysts’ expectations across all key financial lines, and a significant improvement is also evident on an annual basis. Higher commodity prices greatly contributed to this performance, and Glencore also took advantage of the trading opportunities created by the war in Iran. In light of this, management has increased the dividend and announced a share buyback program. For now, we are keeping the stock on our Equity Top Pick List.
We have updated our Equity Top Pick List to reflect the events of the past quarter. The list includes those stocks, typically US and European ones, that we consider to be proper investment choices from a fundamental point of view. It can provide a starting point for building a sector-diversified equity exposure in portfolios, but can also be used as a watch list. Technical analysis should be used to time / determine the specific investment decision.
Given the fundamental selection process, the stocks on the list should be treated as longer-term investment opportunities, but are reviewed on a quarterly basis to check whether the stock is on track with our original expectations or whether there is a sector peer with a better risk/return profile. We note that our latest Investment Outlook recommends neutral overall exposure to the equity asset class.
Over the past quarter, we removed the shares of Disney from our list. While the company still has one of the strongest brands in the global media sector, in recent years it has been unable to establish a growth and profitability trajectory that could meaningfully support a sustained rise in its stock price. The latest analyses of the companies still on the list are available at the links below:
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