Global stock markets facing serious Headwinds in short designation, but for long-term investors, sagging represents a buying opportunity, says to Peter O’Reilly, global strategist and portfolio manager with Dublin-created I.G. Internationally management Ltd.. Die weakness causes agreements in such strike down for sectors, how, it notices financial services. O’Reilly warns that its optimistic Kw_longerbezeichnung is maintained view on global cheapness market on expectation that economics does not suffer die United States a deep and long-lived recession Die challenge is, says he that it at present poor visibility regarding the extent United States konjunkturelen flattening and sustainability the global economic growth as result of this give. “This that forms market in high degrees for cheapness nervous.” If shallow and is short lived United States the Pullback, he, then as China, says die major emerging economic systems can India and Indonesia a drop off in their exports to resist United States and compensate this past, e.g. United loading their domestic expenditure for infrastructure Research appearance States avowedly at present 7,6% of rough exports that of China, says 2,3% of Indias and 2,9% of Indonesia, O’Reilly. Investor, die estimations of the analysts of the income per portion growth for companies in the MSCI World index “overeagerly are,” with particularly enthusiastischen prognoses provided for United States companies. These estimations are probably, when the year gets ahead to be cut, say he. “This sake downward pressure on cheapness put.” On positive note die estimation on this index is close at one low to 20-year and therefore “has one already discounted quantity bad news.” The MSCI World index acts at present at a forward of P/E multiple connection place of 13 times 2008 EPS estimations. I.G. International management Ltd. is part the Winnipeg created money manager, who IGM Financial Inc. O’Reilly is responsible for $3-billion in the values and including die flagship investor-global capital has, die 70 names This, capital the focus of this column is. O’Reilly noted in Buy and Sell column, Sept. this managers its getting thing in health care sector loaded 26, 2007, which it had turned more defensively in its strategy and this defensive Position Thus remains. A new addition is Roche, which holds AG This, Switzerland-created pharmaceutical company has a strong piping of the new drugs and is a good story growth, says O’Reilly. It has the varied product request and a global reach — interest in California biotech the enterprise, which produces Genentech Inc. Roche return on cheapness of 21%, it notices closed. Kw_stock die agreement acts 2008 EPS estimations and to price to book the value per portion of 3.1mal with 15mal. It added its getting things Pfizer Inc. in This, acts die new York created global pharmaceutical enterprise at “most attractive estimation, since there are interests over die robustness of its piping, but in mine view these interests are reflected already in the estimation.” Kw_company produces return on cheapness of 22.5%. Kw_stock the trade at a P/E multiple connection place of 10 times agreement estimations 2008 and to price to book the value of 2.5mal. In another defensive motion O’Reilly gold producer added, Yamana gold Inc., which has This company acquired meridian and mixes with Nordorion, around it nine operating abilities — with its principal pits to give die Chapada of gold copper pit in Brazil and die EL Penon gold silver pit in Chile Toronto based. “it has excellent production growth a profile with production, is expected reach 1.5-million to the ounces 2009 of the one million ounces 2008.” Yamana is also low cost a producer and reflects die fact, die it more copper produced and silver even seeming, says it. In addition for price stock in relation to his resembling one determines appropriately. Turning to die financial services, banks sold away on interests over huge writedowns. “is in it opportunity for the long-term investor.” This manager added its getting things in Bank from Ireland. “investors its excessively concerned over die weakness in Great Britain and Irish in property market and have punished this stock.” It acts at present over approximately six times die agreement EPS estimation for its fiscal year too March, 2008, and stock a “handsome dividend yield” carries from 5.2%. - HBOS PLC. Based in Edinburgh, company this functions die financial services in Great Britain, in Ireland and in Australia. “has This stock suffered also as result the investor caution over weakness in the BRITISH economy.” It acts over approximately six time agreement EPS estimations 2008. “during this estimation on the high side, this was discounted more than is supposed in stock price.” have Bank from Ireland and HBOS “trade near at their book values, the high Rogens and have dividend yields, die are more higher than their expected P/Emultiples.” One of its largest getting thing in that capital is hedge fund managers group of men of PLC, “has held up well in these durable markets.” This stock war one of its selection in column February. 15, 2007, when it acted at £5.79. It drives to wiethis stock fort. O’Reilly took profits in its getting thing in the utility programs and select in the industriellen stocks. It sold two auxiliary stick — RWE AG, one of utility programs major Germany and of energy companies and Suez SA, which makes available France, energy -, water and waste services. From the industriellen sector has O’Reilly to be position in traditional getting thing — DEERE and Co., a agricultural equipment reduces, which company are, based in Moline, Illinois shorvitch@nationalpost.com ——– HEADLIGHT: ROCHE, which HOLDS AG stock exchange telegraph RHHBY/OTC close USS90.75, up $1,10 52-week distance $98.45-$83.25 PFIZER Inc.. Stock exchange telegraph PFE/NYSE USS22.96 closes, down 44¢ 52-week distance $27.73-$22.24 YAMANA GOLD Inc.. stock exchange telegraph YRI/TSX closes $15,25, down 8¢ 52-week distance $17.94-$9.05 BANK IRELAND stock exchange telegraph IRE/NYSE close $54,92, down $1,31 52-week distance $98.46-$54.06 HBOS PLC stock exchange telegraph HBOOY/OTC close USS12.36, down 24¢ 52-week distance $23.25-$12.36 MAN MEN of PLC stock exchange telegraph EMG/LONDON close 504.5p, down 14p 52-week distance 634.92-436.85p RWE AG stock exchange telegraph RWEOY/OTC close USS135.20, down $1,80 52-week distance $149.57-$94.70 SUEZ SA the stock exchange telegraph SZEZY/OTC close USS64.45, down $1,90 52-week distance $72.74-$46.12 DEERE and Co. stock exchange telegraph DE/NYSE closes USS79.09, down $8,77 52-week distance $94.77-$48.26
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