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《瑞信深度-全球股市投資大主題-全球股市主題：投資增長4.0-20171020-credit suisse - global equity themes investing for growth 4.0》由會員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在行業(yè)資料-天天文庫。
1、20October2017GlobalEquityResearchThematicResearchGlobalEquityThemesTheCreditSuisseConnectionsSeriesleveragesourexceptionalbreadthofmacroandmicroresearchtodeliverTHEMEincisivecross-sectorandcross-borderthematicinsightsforourclients.InvestingforGrowth4.0ResearchAnalystsEugeneKlerkInthefourthofou
2、rseriesofInvestingforGrowthreports,werevisitthekey442078834678eugene.klerk@credit-suisse.comthemesthatwebelieveofferpotentialforstructural“GDP-plus”growth.?RichardKersleyLeveragingtheprinciplesofCreditSuisse'sHOLTscorecard,wetranslate442078880313themesintospecificstocks.Wehighlightthefollowing
3、:richard.kersley@credit-suisse.comBrandonVair■Weremainina"growth"-stock-friendlyworldaidedbystubbornlylow442078886381realyieldssustainingdurationqualitiesandthegrowingscarcityofbrandon.vair@credit-suisse.compremiumtop-linequalities.DisruptionincreasinglyimpactscorporateprofitMariaBhatticycles,
4、splittingstocksintothosethathavegrowthandthosethathavenot.442078881503maria.bhatti@credit-suisse.com■Operationalqualityand,crucially,momentumarethekeyfactorstoscreenforamongstgrowthstocks.OursystematicapproachofusingHOLTtoselectthehighestquality/strongestmomentumstocksfromourtopthreerankedthem
5、eshasdeliveredc2700bpofoutperformancevsMSCIACWorldsinceJanuary2015andc1000bpinthepast12months.■Ourapproachcontinuestohighlightstocksthatareexposedtoconnectivitythemes:the"PotentialoftheInternet","BigData"and"Content".HOLT's"growthpercentile"whichestimatesandranksthelikelythree-yearforwardcash-
6、flowgrowthout-turnforstocksversustheirpeersunderpinstheirattraction.■What'snewin4.0?Alongsideourquantitativestockscreening,weupdateouranalyst-drivenglobal"Thematic30"(seepage6).Wealsoincludesixspecialfocus"articles"fromouranalyststhatdrillintospecificareasofgrowthanddisruption,includingvideo-g
7、aming/Esports,cyber-securityinacloud-world,China'sOneBelt,OneRoad(OBOR)plan,IndustrialIoT,theMillennialtravellerandBlockchain.Figure1:Higherqualityandmomentumthemeshaveabove-averagelikelihoodofgrowingcashflowsfasterthanequitiesgenerally
