2021-10-31-瑞士信贷集团-美国投资首选_引领潮流的投资理念_62页_3mb

BASIC MATERIALS

• TECK (Metals & Mining): Rating: Outperform (New Top Pick). Analyzed for strong copper and met coal growth profiles with capital efficiency.
• CCK (Packaging): Rating: Outperform. Positioned to benefit from US beverage can market growth and potential asset sales.
• FCX (Oil & Gas E&P): Rating: Underperform. Valuation risk due to high beta to copper prices and mine delays.

CONSUMER

• IGT (Gaming, Lodging & Leisure): Rating: Outperform (New Top Pick). Compelling lottery business with high margins and thesis-driven re-rating.
• KO (Wellness): Rating: Outperform. Shielded from inflation, strong pricing power, and leadership in confectionery.
• HSY (Packaged Food): Rating: Outperform. Market leader with pricing power and e-commerce expansion.
• PZZA (Restaurants): Rating: Outperform. Improved unit economics and post-COVID growth opportunity.
• AAP (Retail: Hardlines): Rating: Outperform. Best bet in auto parts with internal initiatives boosting margins.
• WSM (Retail: Hardlines): Rating: Underperform. Facing competitive pressure and margin risks in normalizing environment.

ENERGY

• RUN (Alternative Energy): Rating: Outperform. Leading residential solar developer with policy benefits.
• DVN (Oil & Gas E&P): Rating: Outperform. Attractive FCF yield with base+variable dividend strategy.
• TRGP (Midstream & MLPs): Rating: Outperform. Strong growth via DevCore acquisition and fee-based assets.
• NGL (Midstream & MLPs): Rating: Underperform. High leverage and execution risks.
• KRP (Oil & Gas Royalty): Rating: Outperform. Undervalued royalty opportunity with ample inventory runway.

FINANCIALS

• WFC (Banks): Rating: Outperform. Well-positioned for rate-sensitive recovery and excess capital deployment.
• EQH (Insurance – Life): Rating: Outperform. High-quality businesses with substantial excess capital.
• PFSI (Mortgage Finance): Rating: Outperform. Positioned for strong book value growth via origination and servicing.
• WU (Payments, Processors, & FinTech): Rating: Underperform. Valuation risk amidst competitive pressures.
• AXP (Specialty Finance): Rating: Underperform. Lower growth projections and valuation upside risk.

HEALTHCARE

• ARNA (Biotech – SMID Cap): Rating: Outperform. Strong oral S1P receptor modulator potential in IBD.
• INSM (Biotech – SMID Cap): Rating: Outperform. Undervalued pipeline with multiple revenue sources.
• HCA (Healthcare Facilities): Rating: Outperform. Market leader in healthcare with secular growth tailwinds.
• TDOC (Healthcare Tech & Dist.): Rating: Outperform. Leading telehealth provider with diversified revenue model.
• UNH (Managed Care): Rating: Outperform. Compelling EPS growth driven by scale and healthcare secular trends.
• EW (Medical Supplies & Devices): Rating: Outperform. TAVR leader with strong market capture potential.

INDUSTRIALS

• UPS (Airfreight & Ground Transport): Rating: Outperform. Pricing power and capital efficiency improvements expected.
• APTV (Autos & Auto Parts): Rating: Outperform. Best-outlook company in auto space due to electrification and autonomy trends.
• JCI (Electrical Equipment & Multi-Industry): Rating: Outperform. Secular growth in HVAC and sustainability themes.
• PWR (Engineering & Construction): Rating: Outperform. Infrastructure tailwinds from renewables, EVs, and 5G.

SERVICES

• DNB (Business & Professional Services): Rating: Outperform. Positioned for hybrid work-related software growth.
• IRM (Business Services): Rating: Underperform. Underleveraged balance sheet and pivot risks.

TMT

• AMZN (Consumer Internet): Rating: Outperform. E-commerce momentum and AWS growth potential.
• IBM (IT Hardware): Rating: Outperform. Hybrid cloud and Red Hat integration opportunities.
• MRVL (Semiconductors & Devices): Rating: Outperform. Underappreciated growth story with 5G and SSD leadership.
• NFLX (Telecom & Media): Rating: Outperform. Strong content slate and subscriber momentum expected in 4Q21.
• MSI (Telecom & Networking Equipment): Rating: Outperform. End-to-end first responder solutions and recurring revenue streams.