FábioMonteiroBTG挂起初级出场：2总出场：6
团队首次亮相：2009年
BTG PACTUAL分析师FábioMonteiro.去年赢得了消费品的第一名，现在赢得了零售的顶部点，与食品和饮料一起取代该前类别。这位38岁的分析师从圣保罗队伍中有关18股股票的报道。他对更广泛的小组持谨慎态度。“In our view the main macro drivers affecting consumer confidence — for example, unemployment, disposable income and credit availability for consumer finance — aren’t improving at the margin,” he explains, “and inflation will likely impact disposable income even more in the next 12 months.” At the company level, adds Monteiro, execution has been mediocre, on average, and valuations are rich by historical standards. Moreover, “earnings growth in 2014 could be decent, due to the very weak figures in 2013,” he notes, “but most of the growth is already priced in.” Even so, in January the analyst alerted investors to buying opportunities in Rio de Janeiro–based multiline chain operator Lojas Americanas and department store retailer Magazine Luiza, which is headquartered in São Paulo. He reminded investors that Lojas Americanas remained among his top picks because it represented “a unique investment case,” Monteiro says, “combining sustainable growth with relatively low risk, marginal [return-on-invested-capital] expansion, outstanding execution, and a defensive and flexible product mix.” At the same time, he upgraded Luiza as a short- to midterm buy, advising clients that the retailer “continues to enjoy great relative sales momentum,” he recalls, thanks to tax concessions for smartphones made in Brazil and robust television sales ahead of the 2014 World Cup. In addition, improved margins, expenses and consumer finance numbers “are the icing on the cake, taking [Luiza’s] net profit to the next level,” explains Monteiro. By the end of July, Lojas Americanas’ stock had jumped 11.7 percent, to 11.89 reais, while Magazine Luiza’s leaped 13.9 percent, to 8.95 reais. During the same period, the sector gained 9.2 percent.