德银-全球-股票策略-股市观点：新币理念

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1、DeutscheBankDeutscheBankResearch:TheEquityView:FRESHMONEYIDEAS#3January7th,2018Distributedon:07/01/201821:00:00GMTDeutscheBankdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthis

2、report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/20177T2se3r0Ot6kwoPaTableofContentsTheEquityViewOverviewEnergy,Materials&Industrialscont’d…..–Page24DSMConsumer–Page25Glencore

3、–Page5B&M–Page26Kingspan–Page6BAT–Page27Linde–Page7BovisHomes–Page28Renault–Page8Carrefour-SELL–Page29RoyalDutchShell–Page30RWEFinancials–Page10AroundtownPropertiesTMT–Page11AXA–Page32Eutelsat-SELL–Page12BancoSantander–Page33Infineon–Page13CreditSuisseGroup–Page34Informa–Page14Prudential

4、–Page35KPN–Page36SophosHealthcare–Page37Vodafone–Page16AstraZeneca–Page17FreseniusBusinessServices,Leisure&Transport–Page18Shire–Page39DeutscheLufthansa–Page40RoyalMail-SELLEnergy,Materials&Industrials–Page41SGS–Page42Vinci–Page20ABB–Page21ArcelorMittal–Page22BAERiskStatements–Page23Co

5、ntinentalDBForecastsEditors:MarkBraley,Vivek-GMidhaandMaireadSmithDeutscheBankResearch:EuropeanEquityFocus–January20182TheEquityView–FreshMoneyIdeas–OverviewTheEquityViewOverviewThisisthethirdeditionofthisquarterlypublication,wherewepresenteachofourteams’strongestinvestmentideasoverthen

6、exttwelvemonths.BelowareourEuropean“FreshMoneyIdeas”.Inthisreport,eachideaissummarizedandgroupedtogetherbysector(SELLsinRED):–Consumer:B&M,BAT,BovisHomes,Carrefour–Financials:AroundtownProperties,AXA,BancoSantander,CreditSuisseGroup,Prudential–Healthcare:AstraZeneca,Fresenius,Shire–Energy

7、,Materials&Industrials:ABB,ArcelorMittal,BAE,Continental,DSM,Glencore,Kingspan,Linde,Renault,RoyalDutchShell,RWE–TMT:Eutelsat,Infineon,Informa,KPN,Sophos,Vodafone–BusinessServices,Leisure&Transport:DeutscheLufthansa,RoyalMail,SGS,VinciOneslideperstock,valuati