This content is from:xinyabo体育app
The 2014 All-Brazil Research Team: Metals & Mining, No. 2: Marcos Assumpção
Total appearances: 7
Team debut: 2008
After a year at the top of this list,Marcos Assumpçãoof Itaú BBA falls back to the second place position he held from 2010 through 2012. The São Paulo–based researcher, who also wins the No. 2 spot in Pulp & Paper, tracks eight Brazilian metals and mining names “with diligence and deep understanding,” as one local fund manager puts it. The analyst has a positive outlook on Rio Grande do Sul–headquartered Gerdau, the nation’s largest manufacturer of long steel. “Given the fact that the market outlook is weaker for domestic demand in 2014, iron-ore prices have dropped,” he explains. Moreover, “Gerdau’s geographical diversification — with operations outside Brazil — and its higher exposure to long steel could play an important role in sustaining its results,” says Assumpção. He upgraded the stock from market perform to outperform in October, with a price objective of 18 reais. The call has so far proved premature. By the end of July, Gerdau had fallen 19.9 percent, to 13.35 reais, lagging the sector by 8.4 percentage points.