JPMorgan-Global Developed Markets Strategy Dashboard-107105602
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1
Global Equity Research
18 March 2024
J.P. Morgan Equity Strategy
Mislav Matejka (44-20) 7134-9741, mislav.matejka@jpmorgan.com
Pedro Martins Junior (55-11) 4950-4121, pedro.x.martins@jpmorgan.com
Dubravko Lakos-Bujas (1-212) 622-3601, dubravko.lakos-bujas@jpmorgan.com
Global Developed Markets Strategy Dashboard
Mislav Matejka, CFAAC
(44-20) 7134-9741
mislav.matejka@jpmorgan.com
J.P. Morgan Securities plc
Nitya Saldanha, CFA
(44-20) 7742-9986
nitya.saldanha@jpmorgan.com
J.P. Morgan Securities plc
Anamil Kochar, CFA
(91-22) 6157 5179
anamil.kochar@jpmorgan.com
J.P. Morgan India Private Limited
Prabhav Bhadani, CFA
(44-20) 7742-4404
prabhav.bhadani@jpmorgan.com
J.P. Morgan Securities plc
Karishma Manpuria, CFA
(91-22) 6157 4115
karishma.manpuria@jpmorgan.com
J.P. Morgan India Private Limited
Table of Contents Page #
Markets and Global Sectors Performance 2
Key Global Markets Performance 3
Profit Outlook:
Changes in 2024 and 2025 EPS Forecasts
by Country/Region 4
Changes in 2024 and 2025 EPS Forecasts by Sector 5
2024 EPS by Sector for US, UK, Japan and Eurozone 6
2025 EPS by Sector for US, UK, Japan and Eurozone 7
+ve to -ve EPS Revisions by Country/Region 8
EPS Growth by Sector for Key Regions 9
Regional and Country Valuations 10
Sector Valuations by Region 11
Regional Valuations:
12 month Forward PE 12
Price to Book 13
Cycle-Adjusted PE 14
Regional Dividend Yield Gap 15
See page 16 for analyst certification and important disclosures, including non-US analyst disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of
interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
Global Equity Research
18 March 2024
Global Equity Strategy
Pedro Martins Junior, CFAAC
(55-11) 4950-4121
pedro.x.martins@jpmorgan.com
Banco J.P. Morgan S.A.
EM Equity Strategy
Rajiv Batra
(65) 6882-8151
rajiv.j.batra@jpmorgan.com
J.P. Morgan Securities Singapore
Private Limited
Dubravko Lakos-BujasAC
(1-212) 622-3601
dubravko.lakos-bujas@jpmorgan.com
J.P. Morgan Securities LLC
US Equity Strategy
2
Global Equity Research
18 March 2024
J.P. Morgan Equity Strategy
Mislav Matejka (44-20) 7134-9741, mislav.matejka@jpmorgan.com
Pedro Martins Junior (55-11) 4950-4121, pedro.x.martins@jpmorgan.com
Dubravko Lakos-Bujas (1-212) 622-3601, dubravko.lakos-bujas@jpmorgan.com
Markets and Global Sectors Performance (%)
MSCI World (DM) MSCI US MSCI Europe MSCI Japan
1 week 12M 1 week 12M 1 week 12M 1 week 12M
Energy
3.2% 16.0% 3.8% 17.8% 3.1% 9.7% 3.7% 59.4%
Materials
0.8% 12.7% 1.4% 19.8% 1.4% 9.6% -1.2% 31.1%
Industrials
0.1% 28.3% 0.0% 28.6% 1.3% 25.8% -2.2% 40.5%
Discretionary
-0.5% 28.6% -1.1% 31.3% 2.2% 14.1% -1.3% 43.6%
Staples
0.3% 2.8% 0.5% 6.5% -0.1% -5.9% -0.2% 9.5%
Health Care
-0.9% 14.5% -0.8% 15.0% -0.9% 14.0% -2.0% 14.0%
Financials
0.2% 27.8% 0.3% 32.5% 2.1% 24.5% -4.9% 57.4%
IT
-1.0% 50.7% -0.6% 51.8% -4.5% 37.9% -4.3% 49.3%
Telecom
0.1% 42.9% 0.4% 51.1% 0.2% 0.0% -2.4% 31.3%
Utilities
-0.4% -2.3% -0.5% -4.6% -0.6% -0.7% 5.2% 59.0%
Real Estate
-2.5% 4.7% -3.2% 4.0% -3.9% 7.5% 0.5% 29.2%
Market
-0.2% 27.4% -0.2% 31.9% 0.5% 14.8% -2.4% 38.4%
Source: Datastream, MSCI
Source: Datastream, MSCI. Reported in Local Currency for all regions.
-2.3% -2.1%
-0.2% -0.2% -0.1%
0.3% 0.5% 0.7% 0.8% 0.9%
1.6% 1.7%
2.3%
2.8%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
S&P/ASX 200 TOPIX MSCI World MSCI EM S&P 500 SXXP SXXE DAX STI FTSE 100 FTSE MIB CAC Hang Seng IBEX
Last Week Performance %
3
Global Equity Research
18 March 2024
J.P. Morgan Equity Strategy
Mislav Matejka (44-20) 7134-9741, mislav.matejka@jpmorgan.com
Pedro Martins Junior (55-11) 4950-4121, pedro.x.martins@jpmorgan.com
Dubravko Lakos-Bujas (1-212) 622-3601, dubravko.lakos-bujas@jpmorgan.com
Key Global Markets Performance (%)
US$ Local Currency
Country
Index
4W YTD 12M 4W YTD 12M
Developed
MSCI World
2.4% 6.1% 27.5% 2.2% 7.0% 27.4%
United States
S&P 500
2.2% 7.3% 31.5% 2.2% 7.3% 31.5%
United States
Russel 2000
0.3% 0.6% 16.8% 0.3% 0.6% 16.8%
Europe
Stoxx 600
3.8% 3.9% 19.5% 2.7% 5.4% 15.7%
United Kingdom
FTSE 100
1.4% -0.1% 11.4% 0.2% -0.1% 5.2%
United Kingdom
FTSE 250
2.9% -1.0% 10.9% 1.7% -0.9% 4.8%
Eurozone
Euro
Stoxx 4.8% 5.7% 21.7% 3.7% 7.3% 17.7%
Austria
ATX
1.2% -2.2% 12.0% 0.1% -0.7% 8.3%
Belgium
BEL 20
0.9% -2.1% 4.9% -0.2% -0.6% 1.5%
Finland
HEX
-0.6% -4.8% -4.0% -1.7% -3.4% -7.1%
France
CAC
6.2% 6.7% 22.6% 5.1% 8.2% 18.6%
Germany
DAX
5.9% 5.5% 25.8% 4.8% 7.1% 21.7%
Ireland
ISEQ
6.6% 10.7% 27.3% 5.4% 12.3% 23.1%
Italy
MIB
8.1% 10.2% 37.2% 7.0% 11.8% 32.8%
Netherlands
AEX
0.3% 6.7% 22.9% -0.7% 8.3% 18.9%
Portugal
PSI
-2.6% -13.5% -5.1% -3.6% -12.2% -8.2%
Spain
IBEX
8.4% 3.4% 25.1% 7.2% 4.9% 21.0%
Denmark
OMXC20
4.9% 16.4% 47.2% 3.8% 18.2% 42.6%
Norway
OBX
1.4% -4.6% 9.1% 2.2% -0.4% 7.0%
Sweden
OMX
6.1% 2.8% 24.0% 5.2% 5.7% 20.8%
Switzerland
SMI
2.9% -0.2% 16.1% 3.2% 4.8% 11.0%
Japan
Topix
2.5% 6.7% 21.3% 1.8% 12.9% 36.3%
Australia
ASX200
0.8% -2.7% 7.8% 0.2% 1.0% 8.5%
New Zealand
NZX 50
-0.7% -4.5% -3.4% -0.2% -0.6% -1.9%
Canada
TSE 300
2.4% 1.6% 15.0% 2.8% 4.3% 12.8%
Hong Kong
Hang Seng
2.3% -2.1% -14.1% 2.3% -1.9% -14.4%
Singapore
STI
-0.9% -3.5% 1.0% -1.5% -2.1% 0.0%
Emerging Markets
MSCI EM
1.8% 1.1% 9.3% 1.8% 2.5% 10.1%
Global
MSCI AC World
2.3% 5.6% 25.4% 2.1% 6.5% 25.4%
Source: Datastream, MSCI
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1GlobalEquityResearch18March2024J.P.MorganEquityStrategyMislavMatejka(44-20)7134-9741,mislav.matejka@jpmorgan.comPedroMartinsJunior(55-11)4950-4121,pedro.x.martins@jpmorgan.comDubravkoLakos-Bujas(1-212)622-3601,dubravko.lakos-bujas@jpmorgan.comGlobalDevelopedMarketsStrategyDashboardMislavMatejka,CFA...
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作者：九派
分类：外资研报
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格式：PDF
时间：2024-04-04
