长期持有的全球股票.docx

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1、StructuralGARPopportunitiesGlobalstockstoownforthelong-termThisreportpresentsstockideaswithintheCreditSuisseglobalcoveragewhereouranalystsseeastructuralgrowththesisunfoldingforthelong-term07April2020EquityResearchúGlobalRichardKersleyManishNigamAndrewStPierreSakuraNishim

2、oto+442078880313+85221017067+12123255618+81345507036richard.kersley@credit-suisse.commanish.nigam@credit-suisse.comandrew.stpierre@credit-suisse.comsakura.nishimoto@credit-suisse.comJoelleAnamootooNatzkoff,CFASabrinaShaoArbinSherchanVaibhavJain+442078839662+85221016305+12

3、123258967+85221017061marie-joelle.natzkoff@credit-suisse.comsabrina.shao@credit-suisse.comarbin.sherchan@credit-suisse.comvaibhav.jain@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTA

4、TUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefacto

5、rinmakingtheirinvestmentdecision.§Whileequitymarketsaremorethanlikelytoremainpronetovolatilityintheweeksahead,ourglobalequitystrategistsbelievethepolicystepstakenbygovernmentsandcentralbanks,togetherwithsupportivevaluations,shouldseethelowsforequitymarketshold.Theywouldbe

6、lookingtoincreaseequityexposureintoanyweakness.(see:GlobalEquityStrategy:Theoutlookforequities)§Whilemacrothemesandjudgementsmaycontinuetodominateasthisnearertermbaseforms,inthisreportwehavechosentohighlightopportunitiesthatexistwhenjudgedthroughalongertermandbottomupinve

7、stmentlens.Welookforstructuralgrowthopportunitiesatreasonablevaluationsratherthansecondguessmoreimmediatecyclicaljudgements.Putsimply,wehighlightglobal“GARP”stocks.§LeveragingthebreadthofCreditSuisse’sglobalresearchfootprint,ouranalystshaveidentified39growthstocksevenlydi

8、stributedacrossourAmericas,EMEAandAPACcoverage.Thetemplatehasbeentolookforcompaniespresentingatt