US Equity FVMR Snapshot – August 2016
Fundamentals
US’ ROE is about 3% above the World and the two consumer sectors have the highest profitability. US companies payout less than the global average and Health Care and Info Tech pay out least.
Valuation
US is trading above the World on PE and PB. Financials and Telecom are cheapest on PE. Financials and Telecom are also most attractive on ROE/PB at 6.8% and 6.4% respectively.
Momentum
Earnings in the US are expected to grow in line with the World. EPS is expected to grow fastest in Consumer Discretionary and Health Care. Only Info Tech and Health Care have shown a positive 2W price return.
Risk
Gearing in the US has increased since 2015 and the highest gearing is in Telecom, Utilities, and Consumer Discretionary. Utilities and Consumer Staples have been least volatile in the past 3M.
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