OUR ASSET CLASS VIEWS
- Overweight:
Strong ICT growth supports overweight positions in telecoms and fintech (subject to benchmark weight), underpinned by pricing power, recurring revenue, and solid cash flow. In the consumer sector, we expect the recovering household spending and efficient distribution to sustain revenue growth, with potential capital appreciation as the primary investment case.
- Neutral-to-underweight:
Slower mining growth may dampen fuel demand for OMCs, but we expect government-led road construction and strong bitumen demand to offset the shortfall and support non-core revenues.