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2023/08/22 / Erste Group Research

Technology and Health Care sector expected to see strongest earnings growth in 2024

Rating changes: Cisco, Infineon

According to the consensus forecast, global earnings growth will be +9.2% (y/y) in the coming year. The sectors with the highest growth are Technology (+19.5% y/y), Health Care and Consumer Staples (+12.4% y/y each). Quality stocks from these sectors are therefore attractive investments in our view. By contrast, below-average earnings growth rates are expected in the energy (-1.8% y/y), utilities (+5.2% y/y) and commodities (+5.4% y/y) sectors.

On Wednesday, Aug. 22, NVIDIA reports quarterly financial results through the end of July after market close. Expectations are for sales of USD 11.1 billion (+67% Y/Y) following the increased guidance. The bottom line should be a profit of USD 4.7 bn, up from just USD 656 mn in 2Q22. This will be followed by Intuit numbers on Thursday. The leading producer of financial software for SMEs in the US should have increased earnings/share by +30% y/y according to consensus forecast.

Coloplast: Sharp rise in labor costs in Hungary a burden, margin declines

Tokyo Electron: Declining sales and profits this year, significant recovery in the coming fiscal year
Cisco: Sales and profits rise, outlook improved

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General information

AuthorErste Group Research
Product nameRecommendation List
Topic in focusEquities
Economy in focusEurozone, Germany, Japan, United Kingdom, United States
Currency in focusBritish Pound, Euro, 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