Credit Suisse Research
Il News-Feed offre una selezione delle ultime pubblicazioni dei servizi di Research del Credit Suisse, con consigli d'investimento aggiornati concernenti regioni, aziende, mercati e prodotti.

• Biotechnology: Pharma's highway to innovation
  Big pharma licensing with biotech has grown substantially. Profit from the current volatile markets. Buy biotech during share price dips. Biotech drives innovation in drug development and will continue in 2008. Investing in this sector is most suitable for those who can evaluate new technologies and comprehend nonstandard metrics used for biotech valuation.
• Software has much going for it through year end
  We are incrementally more bullish on Software for the remainder of the year and would focus on scaling into the group on opportunities of anticipated price volatility during the August-October period. Strong liquidity structures give the group high valuation leverage to incoming order trends. The group tends to underperform in the first half of the year, and outperform as demand prospects seasonally increase. This pattern has held in each of the past five years. Strong liquidity structures also support continued M&A activity as well as capital restructurings, such as share buybacks. The sector has undergone dramatic transformation as the Tech landscape has shifted from a PC-centric model to a network-centric one. All of the sector's strongest fundamental themes, at present, relate to global connectivity theme that we view as central to an evolving economic paradigm.
• The revival of large-cap stocks
  The Investment Committee downgraded equities from overweight to neutral with a 1-3 month view, since despite strong fundamentals, technical indicators look less constructive than before. Cheap valuation, better earnings momentum on the back of international exposure and solid balance sheets are catalysts for a revival of large-cap stocks relative to small and mid-cap stocks. We believe that the credit markets are likely to continue to be affected by the subprime crisis.
• Controlli sul denaro contante: le nuove regole
  A partire dal 15.06.2007 i controlli sul denaro contante alle frontiere esterne del-l'UE verranno armonizzati. Ciò riguarda, oltre alle frontiere terrestri, anche i porti e gli aeroporti. Dato che la Svizzera, ad eccezione del Liechtenstein, è circondata interamente dall'Unione, la nuova regolamentazione entrerà in vigore a quasi tutte le frontiere terrestri elvetiche in entrata e in uscita per tutte le persone, anche cit-tadini svizzeri e di altri paesi terzi.
• Buy selected global industrials companies
  The Credit Suisse Investment Committee maintains its positive view on global equities. Within this environment, we favor selected industrial companies exposed to infrastructure demand from EMs and geared to global economic growth. The latest earnings season in the US has highlighted strong earnings growth and rapidly improving earnings expectations for this sector. In our view, the current momentum offers an entry point for selected industrials, particularly exporters from the US and Switzerland benefiting from a weak currency.
• Tempering our optimism on Turkey
  The Constitutional Court appears to have been influenced to some extent by the armed forces and has annulled the presidential elections. The Court’s decision has defused a potentially disastrous confrontation between the army and the government. Early general elections will probably take place in July or August. There is a bitter sweet sentiment in that democratic institutions and processes appeared to have been weakened, but paradoxically, from a markets perspective, the outcome could not have been better at least short term.
• European banking M&A to continue: Banks are teaming up
  Banking sector M&A drivers: Slowing revenue momentum, good financial situation, competition for additional size and growth, and cheap financing. Consortium bids to change the possible target universe: The focus will be more on profitable, sizeable conglomerates. The current M&A situation is culminating, with reported talks between Unicredito and Société Générale, as well as with the announced merger between ABN Amro and Barclays.
• Global Medical Technology: Trends of a booming industry
  The MedTech universe is diverse with several sub-sectors such as cardiology, orthopedics and dental implants, each of which has different characteristics. Stock selection is the key! Some parts grow above 20 per cent and others below 5 per cent. Compared with the lackluster performance in 2006, we expect global MedTech to reaccelerate in 2007. This year we are likely to observe more M&A deals, as large cap US companies put growing cash positions to work. European MedTech sales growth (12 per cent) is higher than US MedTech (5-6 per cent) due to the presence of high growth sub-sectors in Europe such as dental implants. Global growth is between 8-10 per cent.
• Investment Ideas: Spain - be cautious
  Spain has been one of the top performing stock markets in the recent past. However, future prospects may not be as promising due to several mounting risks. Macro-fundamentals are deteriorating, and market valuation is stretched. Finally, a potential correction in the housing market could hurt further job creation and Spanish consumer spending. As highlighted by recent events, risks of profit-taking have increased. We recommend greater selectivity on Spanish shares and a switch from Spanish stocks geared to domestic consumption.