Our Equity Top Pick List
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7.5% deficit is projected for 2026, and 5.2% for next year
7.5% deficit is projected for 2026, and 5.2% for next year, as the effect of previous tax cuts new spending measures build up, while one-off expenditures fall out in 2027.
Hungarian Equities - Technical Analysis
The BUX index broke its rising market structure last week, suggesting that the prolonged upward wave may have come to an end. MOL has also remained in correction phase since the dividend payment and has now fallen below the 5,000 level, leaving the next significant support considerably lower. Richter found support around 12,180, but no convincing reversal signal has been confirmed yet. Magyar Telekom continues to trade within an increasingly narrow range, with a high-momentum session likely needed to provide short-term direction. Opus remains in a downtrend. Rába is also moving within a broad trading range, although another upward wave could develop later if the necessary technical conditions are met.
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.
We have recently removed Novo Nordisk from our list as the company presented a disappointing strategy for the coming years at its Capital Markets Day. At the same time, we have added two new names to the list, specifically Südzucker, one of the world's largest sugar producers, and Take-Two, a leading player in the video game market, which will publish GTA 6 in November, one of the most anticipated video games in history. The latest analyses of the companies still on our Equity Top Pick List are available at the links below:
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