Research Detail
| 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
| Author | Erste Group Research |
| Date | 2023/05/24 |
| Language |  |
| Product name | Recommendation List |
| Topic in focus | Equities |
| Economy in focus | Eurozone, Germany, Japan, Switzerland, United Kingdom, United States |
| Currency in focus | British Pound, Euro, Swiss Franc, 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 |
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Related financial instruments
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| Name | ISIN | # Erste Group products |
| Sanofi | FR0000120578 | 0 |
| SAP | DE0007164600 | 4 |
| Schneider Electric | FR0000121972 | 0 |
| ServiceNow | US81762P1021 | 0 |
| Shell | GB00B03MLX29 | 0 |
| Siemens | DE0007236101 | 0 |
| Southern Co | US8425871071 | 0 |
| Starbucks | US8552441094 | 0 |
| T-Mobile US | US8725901040 | 0 |
| Taiwan Semiconductor | TW0002330008 | 0 |
| Tencent | KYG875721634 | 0 |
| Tesla | US88160R1014 | 0 |
| Thermo Fisher Scientific | US8835561023 | 0 |
| Tokyo Electron | JP3571400005 | 0 |
| TotalEnergies | FR0000120271 | 0 |
| Toyota Motor | JP3633400001 | 0 |
| UBS | CH0244767585 | 0 |
| UniCredit | IT0005239360 | 0 |
| Unilever | GB00B10RZP78 | 0 |
| UnitedHealth Group | US91324P1021 | 0 |
| Vale | BRVALEACNOR0 | 0 |
| Verizon | US92343V1044 | 0 |
| Vertex Pharmaceuticals | US92532F1003 | 0 |
| Vestas Wind Systems | DK0010268606 | 0 |
| Vinci | FR0000125486 | 0 |