CLSA’s big India bets include Axis Bank, Bharti Airtel, Hindustan Unilever, ICICI Bank, SBI, Zomato, Paytm
时间:2024-06-25 14:34:32 阅读(143)
In a report released, CLSA outlined its strategic approach, emphasizing a preference for large-cap liquid stocks for capital protection and mid-cap stocks for growth opportunities. The brokerage’s “Bharat story basket” integrates macro drivers, strategic sector drivers, and current market volatility.
The brokerage’s stock selection is grounded in three defensive principles: sectors that have underperformed, traditional defensives, and stocks with positive upcoming events.
Emphasizing the track record of consistent returns, CLSA also spotlighted midcap stocks such as Zomato Ltd, PVR Inox, Delhivery Ltd, Prestige Estates, and One 97 Communications Ltd (Paytm) for their long-term value.
“We build a slowdown in India’s growth into September 2024, followed by a cyclical recovery in 2025. Taking cognisance of the immediate future, we recommend holding on to large-cap liquid stocks, which provide increased capital protection and opportunities to achieve growth,” added CLSA.
CLSA downplayed concerns over India’s twin deficits, stating that the current account deficit and fiscal deficit are not deemed significant risks. It anticipates a continued fiscal deficit, given the sustained public investment supporting growth during periods of private investment slackening due to excess capacity.
Anticipating a temporary slowdown in growth until September 2024, followed by a cyclical recovery in 2025, CLSA underscored key factors supporting its positive outlook. The brokerage cited the forthcoming demographic dividend, financial deepening, and the stability of the rupee, coupled with ample forex reserves at the Reserve Bank of India (RBI).
CLSA also expressed enduring optimism regarding India’s long-term growth trajectory, estimating that the nation’s economy will surpass Japan’s nominal US-dollar GDP by 2027 and is poised to reach an impressive $29 trillion by 2047, a substantial surge from the current $3.4 trillion.
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