Wednesday, 27 December 2023 Reading time : 3 minutes

The «ZKB Favourite Stocks 2024» tracker certificate combines ten Swiss stocks that Zürcher Kantonalbank's research team believes will have particularly good prospects in 2024. The selection consists of five large caps and five small and mid caps.

Building materials manufacturer Holcim is one of the research's favourites among large caps. The company's transformation course is gaining momentum thanks to strong cash generation. Kühne + Nagel, the global logistics provider, also makes the cut, thanks to its cost discipline and ongoing strategy implementation. Although Lonza has come under pressure recently, it offers a high margin with good visibility and benefits from structural trends that are not reflected in its low valuation. According to research, Partners Group should continue to see strong net new money inflows and benefit from increasing deal activity. At Roche, market expectations for the pipeline are already modest. Our research expect earnings growth in 2024 to be above consensus.

In the small- and mid-cap segment, our research is focussing on Accelleron, the world leader in turbo-chargers, which has had a good start to the year and still has considerable potential. The technology company ams Osram has secured financing with a painful capital in-crease and can now press ahead with its turnaround. Zurich Airport offers further recovery potential and attrac-tive cash flows after the pandemic. Insurance company Helvetia should continue to grow profitably in 2024 and gain market shares abroad. With Tecan, our research is focussing on a quality stock in the medtech sector with an attractive valuation.

During the initial fixing period, the ten stocks selected are added to the basket with an equal weighting of 10% each. In terms of market capitalisation, small and medi-um-sized companies therefore have a relatively higher weighting in the basket.

Research content from Zürcher Kantonalbank's independent financial analysis was used in the preparation of this document. This document is not a product of Zürcher Kantonalbank's independent research. Only the complete Zürcher Kantonalbank research report on a financial instrument accurately and completely reflects the assessment of Zürcher Kantonalbank. The complete reports on the individual financial instruments, the DMO publication of 13.12.23 with a summary of the assessments, and a presentation on the annual favourites are available free of charge on request from our research department: Zürcher Kantonalbank, Research, P.O. Box, 8010 Zurich, zkb-anlagepublikationen@zkb.ch.

Investment solutions for the «ZKB Favourite Stocks 2024»

Interested investors can use structured products to invest specifically in the ZKB Annual Favourites 2024. The stock selection is based on the equity top picks for 2024, published by ZKB Equity Research.

Tracker Certificate: Full Participation

The tracker certificate is suitable for investors who expect the basket to perform well and want to participate fully in this development.

• Stock selection by research of Zürcher Kantonalbank
• Reinvestment of net dividends
• Maturity of 1 year
• Valor: 121 824 643
• Termsheet
• Further information

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Outperformance Certificate: Disproportionate Participation

The outperformance certificate can be used if a positive performance of the basket is assumed but the cap level is not expected to be exceeded. In this case, investors participate disproportionately from the initial basket value.

• 150% upside participation
• 110% cap level (maximum return 15%)
• Maturity of 1 year
• Valor: 121 824 676
• Termsheet

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Disclaimer

This document is for marketing purposes. It represents the opinion of the trading department of Zürcher Kantonalbank (and not the independent financial analysis), unless expressly marked otherwise.
The composition and weighting as well as any adjustment of the basket is carried out by the trading department of Zürcher Kantonalbank and not by the independent financial analysis of Zürcher Kantonalbank, and the corresponding decisions do not constitute an assessment or investment recommendation by the independent financial analysis of Zürcher Kantonalbank.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, financial condition, development or performance of the issuer to be materially different from any future results, financial condition, development or performance expressed or implied by such statements.

Due to legal, regulatory or tax regulations, products and services may be subject to restrictions based on residence, domicile, nationality or customer segmentation. Therefore, it cannot be excluded that certain products and services may not be suitable or available for all persons. This document has been prepared by Zürcher Kantonalbank with due diligence. However, the Zürcher Kantonalbank does not guarantee the accuracy and completeness of the information contained therein and accepts any liability arising from the use of this document. This document is neither an offer to conclude an agreement nor an invitation to make an offer for products and services. It does not constitute an offer or recommendation for the purchase, holding or sale of financial instruments. Every investment is associated with risks, in particular those of fluctuations in value, earnings and possibly exchange rates. For an assessment of the specific risks of investments, it is recommended that you consult the risk information provided by the bank (e.g. risk brochure, prospectuses, key information document or other product documentation)". The present document has not been drawn up by the “financial analysis” department as defined in the rules of the “Directives on the Independence of Financial Research” published by the Swiss Bankers Association, hence these rules do not apply to this document. However, companies of the Zürcher Kantonalbank Group may publish Research Publications regarding the underlying that might lead to conflicts of interest between the affected affiliates as well as between ZKB and its affiliates towards their investors. This document contains general information and does not take into account personal investment objectives or the financial situation or special needs of a specific recipient. The recipient should carefully check the information for compatibility with his/her personal circumstances before making any investment decision. For the assessment of legal, regulatory, tax and other implications, the recipient is advised to seek professional advice. This document does not constitute a (base) prospectus, final terms or key information document. The base prospectus, the final terms and any key information document may be obtained free of charge from Zürcher Kantonalbank, Bahnhofstrasse 9, 8001 Zurich, VRIS Department, and from www.zkb.ch/finanzinformationen. The structured products mentioned in this document are subject in particular to the sales restrictions set out in the base prospectus (EEA, U.S.A. / U.S. persons, United Kingdom, Guernsey). In particular, the structured products mentioned in this document are not available to US persons under the relevant regulations. Please note that all telephone conversations with trading or sales units of the Zürcher Kantonalbank are recorded. By calling this number you consent tacitly to the recording.

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