Bloomberg Línea — The Brazilian index Ibovespa (IBOV) had a negative behavior in May, with a fall of 2.66%, due to concerns about the increase in inflation in Brazil and the opinion that the interest rate Selic should remain at or above 10% annually in 2024. United States monetary policy is also on investors’ radar, with signs that interest rates are likely to stay high for longer.
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Faced with this scenario of more restrictive monetary policy than previously anticipated, banks and brokerage houses have begun to recommend to investors a more diversified portfolio, which includes companies that offer a more defensive position and companies linked to raw materials, with income in dollars and benefit from high prices in the international market.
The monthly survey of Bloomberg Line 12 banks and brokers corroborated this opinion, with a greater presence of securities linked to raw materials, such as Petrobras (PETR4) and OK (VALE3), and to the financial sector, such as BTG Pactual (BPAC11) and Itaú Unibanco (ITUB4), among the most recommended.
Petrobras is the most notable of the month, with eight recommendations, despite the recent changes in management by decision of the president Luiz Inácio Lula da Silvawhich demands more investments from the state company – which caused the departure of the then CEO Jean Paul Prates and its replacement by Magda Chambriard. According to XP Investimentos analysts, dividends help explain the recommendation.
“Dividends paid according to the minimum formula will continue to offer attractive returns of 10%-11%. Furthermore, the recent adverse market reaction to the management changes has created a favorable entry point, in our view, with the associated risks already partially discounted,” XP analysts explain in a report to clients.
Besides, JBS (JBSS3) and Suzano (SUZB11) were removed from the list of most suitable assets.
For June, 12 assets with the most recommendations were selected. Among the new additions are Cyrela (CYRE3), Directional (DIRR3), Iguatemi (IGTI11) and Klabin (KLBN11), all of them tied with three recommendations.
According to Guide Investimentos, which replaced Suzano with Klabin in its portfolio, the main reason for the change is the risk associated with Suzano’s proposed acquisition of International Paper.
Guide noted that “the depreciation of the real and the rise in pulp prices should benefit Klabin, although to a lesser extent than Suzano,” but the company “does not have the risk of carrying out a major mergers and acquisitions operation in the short term.” term”.
Analysts at BTG Pactual also removed Suzano from their recommendations for June, replacing value with Embraer (EMBR3) due to its currency exposure and “positive earnings momentum”. In May, the pulp and paper company had five recommendations.
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As for JBS, CM Capital considers that the shares of the meat and processed food giant have already had the expected appreciation and its withdrawal was necessary to “diversify the portfolio.”
The portfolio created by Bloomberg Line For May, it brings together the recommendations of 12 brokerages or investment banks: Ágora Investimentos, Ativa Investimentos, BB Investimentos, BTG Pactual, CM Capital, Empiricus Research, Genial Investimentos, Guide Investimentos, Órama Investimentos, RB Investimentos, Santander Corretora and XP Investimentos and is made up of the values with the most mentions.
Find out the recommendations of each broker consulted for the month of June:
Ágora Investimentos
- Telefônica Brasil (VIVT3)
- Cemig (CMIG4)
- Petrobras (PETR4)
- Weg (WEGE3)
- BB Security (BBSE3)
Ativa Investimentos
- Ok (VALE3)
- Petrobras (PETR4)
- Itaú (ITUB4)
- Copel (CPL6)
- Sabesp (SBSP3)
- Bradesco (BBDC4)
- Assai (ASAI3)
- ABC Bank (ABCB4)
- Gerdau (GGBR4)
- JBS (JBSS3)
- Lojas Renner (LREN3)
- Free Market (MELI34)
- Locate (RENT3)
- Vibra (VBBR3)
- Nature (NTCO3)
BB Investimentos
- BTG Pactual (BPAC11)
- Copase (CSMG3)
- Caixa Seguridade (CXSE3)
- Directional (DIRR3)
- Itaú Unibanco (ITUB4)
- Petrobras (PETR4)
- Cteep (TRPL4)
- Ok (VALE3)
- Vibra Energy (VBBR3)
- Weg (WEGE3)
BTG Pactual
- Petrobras (PETR4)
- Itaú Unibanco (ITUB4)
- Eletrobras (ELTR3)
- Locate (RENT3)
- Tim (TIMS3)
- Embraer (EMBR3)
- Stone (STOC31)
- Lojas Renner (LREN3)
- Alliancesce Sonae (ALOS3)
- Cyrela (CYRE3)
Empiricus Research
- Cosan (CSAN3)
- Equatorial (EQTL3)
- Itaú Unibanco (ITUB4)
- Locate (RENT3)
- Iguatemi (IGTI11)
- Arezzo & CO (ARZZ3)
- Directional (DIRR3)
- Stone (STOC31)
- Petrorio (PRIO3)
- SBF Group (SBFG3)
Great Investments
- BB Security (BBSE3)
- Camil (CAML3)
- Meliuz (CASH3)
- CPFL Energy (CPFE3)
- Hapvida (HAPV3)
- Odontoprev (ODPV3)
- Petrobras (PETR4)
- Positive (POSI3)
- Taesa (TAEE11)
- Ok (VALE3)
Investimentos Guide
- BTG Pactual (BPAC11)
- BRF (BRFS3)
- C&A (CEAB3)
- Klabin (KLBN11)
- Petrobras (PETR4)
- Rede D’Or (RDOR3)
- Sabesp (SBSP3)
- Totvs (TOTS3)
- Ok (VALE3)
- Weg (WEGE3)
Órama Investimentos
- Suzano (SUZB3)
- JBS (JBSS3)
- 3R Oil (RRRP3)
- Vivara (VIVA3)
- Assai (ASAI3)
RB Investimentos:
- Smart Fit (SMFT3)
- Plane & Plane (PLPL3)
- Alliancesce Sonae (ALOS3)
- BTG Pactual (BPAC11)
- Locate (RENT3)
- Embraer (EMBR3)
- Klabin (KLBN11)
- Iguatemi (IGTI11)
- Ok (VALE3)
- Raia Drogasil (RADL3)
- Itaú Unibanco (ITUB4)
- Equatorial (EQTL3)
- Cyrela (SYNE3)
- Petrorio (PRIO3)
- Petrobras (PETR4)
- SYN Prop Tech (SYNE3)
- Track&Field (TFCO4)
- Directional (DIRR3)
- Moura Dubeaux (MDNE3)
- Priner (PRNR3)
CM Capital:
- Copase (CSMG3)
- Brazilian Aluminum Company (CBAV3)
- Klabin (KLBN11)
- Marfrig (MRFG3)
- Alupar (ALUP11)
- Engie (EGIE3)
- Boa Safra (SOJA3)
- CTEEP (TRLP4)
- 3R Oil (RRRP3)
- Ok (VALE3)
Santander Corretora
- BTG Pactual (BPAC11)
- Cyrela (CYRE3)
- Mateus Group (GMAT3)
- Raia Drogasil (RADL3)
- Telefônica Brasil (VIVT3)
XP Investimentos*
- Petrobras (PETR4)
- Mateus Group (GMAT3)
- Iguatemi (IGTI11)
- Itaú Unibanco (ITUB4)
- Petrorio (PRIO3)
* Partial disclosure of the portfolio, at the request of the broker.
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