|2022/11/18 / Erste Group Research|
3Q reporting season slightly positive
In Europe, more than half of the companies have already published 3Q reports. Of these, 59% of companies have reported better-than-expected earnings. 79% of companies have beaten consensus expectations on sales. Earnings forecasts have improved for European equities over the next few quarters. Earnings are expected to rise +20.1% (y/y) in 4Q and +9.1% (y/y) in 1Q. The technology, financials, consumer staples, and healthcare sectors should see the largest earnings gains in Europe in 2023. In contrast, the energy, materials, and industrial sectors should see earnings decline in 2023. We expect the global stock market index to a slight increase in the medium term.
Rating changes: Mercedes-Benz Group, Schneider Electric, Taiwan Semiconductor, Amazon.Com, Diageo, Hershey Co.
Taiwan Semiconductor: expected US fab expansion reduces geopolitical risk, technology lead over Samsung grows
NVIDIA: Sales decline in gaming segment, but data center segment growing very strongly
Allianz: 3Q very successful in property and casualty insurance segment
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|Author||Erste Group Research|
|Product name||Recommendation List|
|Topic in focus||Equities|
|Economy in focus||Eurozone, Germany, United States|
|Currency in focus||Euro, US Dollar|
|Sector in focus||Automobiles & Parts, Banks, Basic Resources, Chemicals, Construction & Material, Financial Services, Food & Beverage, Health Care, Industrial Goods & Services, Insurance, Media, Oil & Gas, Personal & Household Goods, Retail, Technology, Telecommunications, Travel & Leisure, Utilities|
|Name||ISIN||# Erste Group products|
|Advanced Micro Devices||US0079031078||5|
|Amadeus IT Group||ES0109067019||0|
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