2010年3月欧洲中小上市公司研究报告

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【出版时间及名称】：2010年3月欧洲中小上市公司研究报告
        【作者】：摩根大通
        【文件格式】：pdf
        【页数】：264
        【目录或简介】：

position into 1Q results — all the data points we track in this report continue
to make us want to be long SMid-Caps, with our short-term concerns now
further alleviated by improving macro data — 54% of the 48 macro data
points we got last mth were up or flat sequentially (up from 48% in Feb).
Our 2010 view remains intact: we continue to believe SMid-Caps will reach
higher highs this yr driven by a) a supportive macro backdrop, b) improving
fundamentals, c) attractive valuations, d) constructive sentiment, and e) a
positive technical landscape (we are still at hist. extreme correction levels).
How to Position?
• Remain OW SMid: stronger earnings momentum (large-caps were
actually revised down in Mar!), attractive valuations, beneficiaries of
M&A, and a 25-yr history of underperfomance vs Large-Caps.
• Continue to OW value in the context of… Earnings & Price momentum
and quality balance sheets (see our mthly screens on Pg 232).
• At the Sector level: Remain OW cyclicals. Our highest conviction OW
remains Cons Disc / our key UWs are Healthcare and Utilities.
Downgrading Fin to N given YTD deterioration in sell-side sentiment.
• At the Country level: Our highest conviction pair trade is OW Austria /
UW Spain.
• At the Stock level: 13 stocks covered by our sector analysts are
highlighted by our mthly investment strategies (see below); and 2 are
already in our Radar — Banco Popolare and Kloeckner.

Table of Contents
What Can You Find in This Report? .......................................3
The State of SMid-Caps (PM Summary) .................................6
Still believing in higher highs. ..................................................................... 9
At the Sector Level:..................................................................................... 21
At the Country Level: .................................................................................. 22
At the Stock Level: Opportunity Exists..................................................... 23
Country Screens.....................................................................26
Pan-Europe .................................................................................................. 28
Nordics ......................................................................................................... 48
United Kingdom........................................................................................... 66
Ireland........................................................................................................... 84
Germany+Austria ........................................................................................ 98
Benelux ...................................................................................................... 116
Switzerland ................................................................................................ 134
France......................................................................................................... 152
Greece ........................................................................................................ 170
Italy ............................................................................................................. 188
Iberia........................................................................................................... 206
The SMid Frontier .................................................................232
The Golden Geese..................................................................................... 233
The Halibut Stocks.................................................................................... 236
Sequoia Stocks.......................................................................................... 241
The Minters ................................................................................................ 245
The Roadsters ........................................................................................... 248
The SMid Roadmap ..............................................................255
Summary — What is Driving Performance?........................................... 256
Screen of the Month....................................................................258
All prices and performance data are as of COB 19 March 2010, unless otherwise
stated.

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