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

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

.

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

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

"A large number of companies,

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 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.

"

, 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

", details Donzelli.

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

"

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

, 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

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

at prices current".

"We remain constructive with the energy sector and

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

From Cohen they contribute that

.

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".

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