So we’ve had the pullback…now what? I still think banks are a big question mark given the continuing decline in ROEs.

The tech sector which is effectively True, Advanc and DTAC…cash flow, capex management game to maintain their dividend yields…I wonder what consolidation we can see here, i.e. who will eventually take out JAS for the network…strategically it looks like Advanc is only buyer there.

What else…the major industrials, there is continued volume growth but the spreads for petrochemicals are otw down (SCC, IVL, IRPC) and so hmmm, oil prices I’ve been thinking USD 30/bbl is possible in the next few months unless the Saudi’s do something magical…basically I don’t see many positive stories across the board. However 3Q19 #’s are generally going to look great QoQ purely for accounting purposes as all the new employee charges are out of the way.

  1. peter satrapa-binder

    well, still good maybe:

    – construction (counters winning government projects)
    – renewable energies (especially the ones investing in CMLV – abroad anyway) and utilities
    – health care (and here i’d be more biased towards counters having much income from social security)

    all the others rather wait-and see, i’d say…

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