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2023/05/24 / Erste Group Research

Mostly positive EPS surprises in 1Q

Rating Changes: ICICI Bank, Meta Platforms, WW Grainger, Deere & Co, Factset Research Systems , Morgan Stanley.

In the US, 95% of the companies in the S&P 500 released their 1Q results. 78% of the companies reported a positive earnings surprise. Thus, the earnings decline for the S&P 500 was only -2.2% y/y, significantly better than expected at the beginning of the quarter. (-6,6%). In Europe, 84% of Stoxx 600 companies reported 1Q results. Earnings were higher than expected for 66% of the companies. Overall, profits rose by +9.5% y/y. The financials, technology, and utilities sectors in particular contributed to the growth with profit increases of around 50% y/y.

It is apparent that with the expected end of interest rate hikes in the USA, investors are again significantly increasing the weighting of growth stocks (technology/healthcare/industry). We expect this trend to continue, especially as energy and commodity prices (including oil, gas, copper) fell, in some cases significantly, in Q2 and no trend reversal is apparent.

Meta Platforms: Costs reduced and significant sales and earnings growth expected in 2023

SAP: Cloud revenue growth remains very strong in 2023

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General information

AuthorErste Group Research
Product nameRecommendation List
Topic in focusEquities
Economy in focusEurozone, Germany, Japan, Switzerland, United Kingdom, United States
Currency in focusBritish Pound, Euro, Swiss Franc, US Dollar
Sector in focusAutomobiles & 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

Related financial instruments

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Name  ISIN# Erste Group products
BHP GroupGB00BH0P3Z910
BNP ParibasFR00001311040
Booking HoldingsUS09857L10890
Bristol-Myers Squibb US11012210830
Chevron US16676410050
China Construction BankCNE1000002H10
Cie Financiere RichemontCH02104833320
Daikin Industries JP34818000050
Deere & CoUS24419910540
Deutsche BankDE00051400084
Deutsche BoerseDE00058100550
Deutsche TelekomDE00055575080
DHL GroupDE00055520040
Edwards LifesciencesUS28176E10820


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