2021-11-14-瑞士信贷集团-长期持有的全球股票_48页_2mb

Structural GARP Opportunities Summary

Overview

This report identifies 35 Growth at a Reasonable Price (GARP) opportunities globally, focusing on companies with structural growth potential and valuations not fully reflecting their merits. "GARP" stocks offer quality growth at fair prices amidst economic uncertainty.

Key Features

• Positioning seeks companies with medium-term GDP-plus top-line growth, high barriers to entry, and consistent track records.
• No style bias: Avoids extreme growth/svalue tilt, focusing on 'growth at a reasonable price'
• Identifies "Top of the Crop" (Outlook On a Limb + HOLT low expectations) including Constellation Brands, Maruti Suzuki, etc.

Performance & Valuation View

Variability exists in analyst views:

• Some investments (e.g., DSM, Experian) seen at multi-year valuation bottoms
• Others require price/estimates adjustment (e.g., Ryanair, HelloFresh)
• Market expectations range from aggressive (Sunrun: 252% growth) to defensible (UBS: premium quality play)

Companies Mentioned

Top companies rated Outperform include:

• EMEA: Heineken, Legal & General, Schneider Electric
• Americas: Constellation Brands, Visa Inc., UnitedHealth Group
• APAC: LONGi Green Energy, Samsung Electronics, ResMed

Data Source

Main data source: Credit Suisse research, supplemented by company fundamentals, IBES consensus, and proprietary HOLT valuation tools.