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05.03.2013, 2210 Zeichen
"Cyclical stocks were driving last month’s outperformance
Performance: Since the last update on 4 February 2013 until the close of 1 March 2013, the 10 constituents of our Top Picks list on average achieved a performance of 1.8%. Adjusting for the performance of the DAX – which represents the most important benchmark index in our coverage universe – results in a further outperformance of 0.9%. This brings the outperformance our Top Picks list has achieved since inception (7 January 2013) to a total of 3.5%. Even though the DAX declined 0.3% since then, our top stock ideas were able to deliver an aggregate performance of 3.2%.
Tops & Flops: Among the 10 constituents of the Top Picks list, 8 stocks were able to outperform the DAX since their inclusion. The biggest Alpha was generated by Klöckner & Co (16.7%), REALTECH (9.1%) and DIC Asset (9.1%), while ThyssenKrupp (-7.6%) and RHI (-2.7%) were the only underperformers. Since our last update, the strong outperformance of Klöckner & Co and Krones outweighed the weakness of other constituents.
Ins & Outs: With this publication we include Beiersdorf to the list. We initiated coverage of the stock recently with a Buy rating and see further news flow coming from the Blue Agenda program which may act as a positive catalyst. In addition, we confirm our bullish assessment for the 10 remaining constituents of our Top Picks list.
Strategy: We expect the positive equity market environment to continue and forecast the DAX to hit 8250 points in 2013. Given our scenario of a further rise in leading indicators over the next months, we project that the current digestion phase will stay modest and short-lived. Against this backdrop, the focus of our recommendation stays on cyclical stocks and valuation plays. We also think that the outperformance of Mid & Small Caps will continue.
Top Stock Ideas:
BASF SE / Buy / TP EUR 85.00
Beiersdorf / Buy / TP EUR 74.00
CA Immo / Buy / TP EUR 12.20
DIC Asset / Buy / TP EUR 10.20
Klöckner & Co / Buy / TP EUR 14.00
Krones / Buy / TP EUR 56.00
REALTECH / Buy / TP EUR 6.00
RHI / Buy / TP EUR 34.00
Sixt / Buy / TP EUR 19.00
ThyssenKrupp / Buy / TP EUR 25.00
TOM TAILOR / Buy / TP EUR 20.00 "
(Baader Bank Equity Research)
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