Although fixed income is emerging as the big winner this year, equities could be the key investment in 2025. Which companies are shaping up to perform well in the long term?
With a dollar practically stable throughout the year, fixed income is emerging as the big bet of the year. But he Argentine equity, Since the second half of the year it has been giving investors plenty of reasons to bet on the long termafter the recovery that some sectors of the economy achieved in the second semester, added to the presentation of corporate balance sheets that provided good prospects for 2025.
Some analysts have been talking for some time about the great potential that equities have for next year, anchored to better expectations at a macroeconomic level: lower inflation, compliance with debt commitments, fiscal surplus and an eventual exit from the stocks generate expectations of that 2025 will be better. Adding all these variables, it can be said that this environment of improved economic prospects would benefit all companies in general, but to a greater or lesser extent depending on the sector.
As Cohen analysts highlight in a recent report, “most stocks trade at ratios that invite prudence in the short term, in a context of exchange gap that will remain in the coming months.” In this context he mentions LOMA, TGS and PAMP. However, he points out that some companies are at attractive prices to enter: “We continue to suggest selectivity, given the circumstances. We remain positive on risks such as PAMP and MIRG and on Cedears such as VIST, TEN and TXR. “We hope for better prices to enter other places.”
On the other hand, from Adcap Grupo Financiero they point out that due to the volatility of crude oil prices, Pampa Energy Within the group of shares, Oil&Gas has a more defensive strategy thanks to its significant participation in the regulated electricity generation business, providing a more stable income flow. Also, after the latest corporate balance sheet, YPF is in a “buy signal.”
“The perspective of YPF remains favorable through 2025, driven by a reduction in extraction costs achieved by conventional field divestment, improved refinery efficiencies, and improved pricing with fuels converging at import parity prices,” they said.
Finally, they highlight an attractive perspective to invest this month Transportadora Gas del Sur (TGS) because the company will continue to have a “solid cash flow” and for those linked to the real economy, they point to companies like IRSA, LOMA or TXAR.
“This segment presents an interesting risk/reward ratio, with attractive valuations compared to historical levels, such as at its maximum in 2018. The momentum of a “reactivation could lead to a revaluation of these shares, as long as the companies know how to position themselves in the new context”they concluded.
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Finally, the IEB Group strategists maintain their weighting with a portfolio of 36% in the Oil&Gas sector, 30% in the banking sector and 20% in regulated. In a report, they assure that the Merval measured in CCL represents an increase of 130% since the Friday before the second electoral round.
In the case of banks, they decided to increase positioning in BBAR, SUPV and GGAL. Finally, they consider BYMA, which “continues to be attractive to us since it allows us to capture growth in the capital market while providing a certain defensiveness due to its portfolio of more than US$220 MM -at CCL– even accruing at high rates.” “.
Source: Ambito
