Research (Investicniweb.cz)
Czech markets  |  December 22, 2012 09:50:45

Tibor Bokor: defensive stocks next year will thrive



Investors who like adrenaline should bet on the awakening of the Chinese consumer. It lingers and many American companies, from Apple after Heinz. For investors who prefer to give a contrary defensive, here are telecommunications companies, says Tibor Bokor, who watched the technology for banks in Prague, Moscow and London. Those interested in dividends, according to him, should focus on developed markets, growth in the telecom sector is necessary to look in Africa and Asia.

We have had another turbulent year, uncertainty persists. How the threshold of 2013 you see?

Tibor Bokor (TB): Europe is currently not a popular place. A lot of problems is derived from how to solve their problems. But it is necessary to focus on three areas - Europe, the United States and China. All the problems that have recently been solved, yet lie in the fact that the last five or ten years, America and European countries into debt, but the money was not invested efficiently. In America and Europe went into a lot of real estate in China then in capacities that nobody needs.

The world is still looking for the spark that would kick-started economic growth. Whence it comes?

TB: Countries can no longer stimulate the economy further debt, central bank rates are practically zero, so that it can not do too much, so it's a really hard question. For me, one thing remains, namely the price of oil, commodity prices generally.If there is a sharp decline in oil and commodity prices, global growth starts. Sure, there were views that the recovery can help emerging markets such as Asia and Africa, but I think it's clear that it's not enough. America and Europe must grow at least not fall, we waited to see global growth.

Can we expect something similar, ie imaginary rebound, in the next year?

TB: The outlook for next year is still negative. If the investor is "long", must play a lot defensively. Therefore, I expect about my favorite teleco will be interested in, or should be. As for investors who want to take risks, who want to make money, I would advise those to focus on a few themes. China must release its power to resolve the situation for ordinary people. Therefore, there are interesting stocks of companies that benefit from the growth of Chinese consumption.Bet on it despite American companies such as McDonald's, Apple or even ketchup manufacturer Heinz. In Europe and America the contrary, consumption will decline, states must, reinforce their budgets, the consumption tax, but will also improve the environment for businesses to invest and took on people. And it is possible to bet through quality European exporters such as BMW or Volkswagen.

So you lead European plans for further savings that you recommend resting on the defensive telecommunications company?

TB: Exactly, that same outlook means that now is the right choice. Although it is undoubtedly necessary to select among them. Some companies had reduced dividends have their own specific problems. At the same time, I still believe the Internet is an interesting example of how the whole sector solves transition the Internet from computers to mobile phones.Internet on mobile phones is worse is commercializing. The companies that can do, will therefore put a lot of money. This is a hot topic, in addition very connected with the economic situation, that's its beauty.

At what price advises buy Tibor Bokor   Telefónica Czech, can be found on the web Investment

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