The Limited Times

Now you can see non-English news...

Financial investments: energy stocks and bonds in dollars, the most recommended portfolio for 2023


What to invest in in the election year in which neither the dollar nor the rates will catch up with inflation.

In 2022, the star of the market was the Merval, with

a rise of 43% in dollars in the year


Argentine stocks, which came with very depressed prices, rebounded under the global impulse of the rise in energy and commodities and beat inflation and the dollar. 

"There are a number of factors that make us think that

2023 will also be a good year for Argentine equities,

" says Maximiliano Donzelli, Head of Research at IOL Invertironline.

"A large number of companies,

especially in the energy sector,

already have very good fundamentals and excellent results: Central Puerto (CEPU), Transportadora de Gas del Sur (TGSU2), Pampa Energía (PAMP) and YPF (YPFD), especially the last two," Donzelli says.

"The tariff adjustment allowed an improvement in the income of several companies such as Transportadora de Gas del Norte (TGNO4), or Transener (TRAN)", he reinforces.

"We are constructive with Argentina. There were companies that had lost more than 95% of their value and we always believed that at some point they would get out of those minimum levels.

This is already happening with YPF and with the banks.

This first phase could be extended over time, but it has to depend on many issues of politics and economy", contributes Santiago Ruiz Guiñazú, Head of Equity Sales & Trading at Adcap Grupo Financiero.

Guiñazú recommends shares linked to Vaca Muerta, such as YPF and TGS.


Also, the Macro bank

, which has a solid balance sheet, low delinquency and adequate leverage, and in the face of a change in the economic cycle, is ready to satisfy the demand for credit that could appear."

In fixed income, Donzelli mentions that a low-risk alternative is negotiable obligations (ON).

"We suggest Telecom's ON (TLC5O/D), which matures in August 2025 and offers a dollar yield of 8.0% YTD, outperforming US inflation."

Another option is YPF's ON (YMCHD), which is guaranteed by the company's exports.

"This instrument offers

an estimated yield of 9.2% per year in dollars

", details Donzelli.

With the prospect that inflation in the United States is falling, Invertironline also advises diversifying in CEDEAR.


It could be attractive to start investing in Google's CEDEAR (GOOGL).

The technology shows a low valuation both compared to other peers and its own historical average."

Javier Casabal, fixed income strategist at Adcap, states that "sovereign bonds continue at very low parities and

we believe that it is time to focus again on 2038 or 2041

, which have an attractive yield of around 11%. Although It is not for any risk profile, we also see a great opportunity in the bonds of the Province of Buenos Aires, the Buenos 2037A, which has been quite delayed",

For Casabal

, another attractive bond is 2035,

which from July will more than double its current coupon.

"As we get closer to the middle of the year, and the political scene is dominated by moderate candidates, it may end up being the best bond to be invested in."

For Pedro Siaba Serrate, Head of Research & Strategy at Portfolio Personal Inversiones, "Global 2035 (GD35) seems the best alternative, as it is discounting the most aggressive restructuring scenario and in July of this year it will present the highest

current yield

at prices current".

"We remain constructive with the energy sector and

maintain a lower exposure to the financial sector until we have more clarity on how the government will face the mountain of debt maturities in pesos

this 2023. In the materials sector, we prefer cement companies over Aluar and Ternium," says Siaba Serrate.

From Cohen they contribute that

"corporate debt has been registering a good performance"


Along these lines, they set their sights on Aeropuertos Argentina 2000 with its 2031 bond. "We continue to recommend Mastellone 2026 with a yield to maturity of 11.2%. We maintain a positive view on Pampa Energía (ON 2027 / 2029), Transportadora de Gas del Sur (ON 2025), and the YPF 2026 bond guaranteed by exports".

look also

The Government readjusts the Budget and allocates $1,200 million to the rescue of SanCor

Why did Argentines spend a little more this January?

Source: clarin

All business articles on 2023-01-28

You may like

Trends 24h


© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.