HS-全球-环境行业-2020年气候雷达第二季度：热门主题——储能和农业-2020.5.26-23页.pdfVIP免费

Disclosures&DisclaimerThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:HSBCSecuritiesandCapitalMarkets(India)PrivateLimitedViewHSBCGlobalResearchat:https://www.research.hsbc.comTHISCONTENTMAYNOTBEDISTRIBUTEDTOMAINLANDCHINAEnergyStorageandAgriculturearethebestplacedthemesontheHSBCClimateRadarinQ22020EnergyStoragehasoutperformedglobalequitiesby5%y-t-d;itoffersarobust12MconsensusEPSgrowthof15%AgriculturetradesatasignificantdiscountrelativetohistoryandweseesignsofimprovingconsensusoutlookWeuseourproprietaryHSBCClimateSolutionsDatabase(HCSD)andapplythequantitativeframeworkoftheHSBCClimateRadartoidentifythemostattractivesolutionswithintheclimatechangespace.Wescreentenstockseach(page12,Figure16)fromthetoptwobest-placedthemesonourHSBCClimateRadar.EnergyStorageisplacedinthemostfavourabletop-leftquadrantoftheHSBCClimateRadarandiscurrentlyamongthetoprankedclimatethemesonboththemeasuresoflong-terminvestorsentimentandshort-termearningsdynamics.DuringthecurrentCOVID-19uncertainty,thethemeoffersastrong12mconsensusEPSgrowthforecastof15%,significantlyhigherthan2%EPScontractionforglobalequities.Also,thethemeshowcasespositivepricemomentum,outperformingglobalequitiesby5%sofarthisyear.Lookingahead,growingdeploymentofrenewablesinpowergenerationandtheriseofelectricvehiclesareexpectedtoleadtoasubstantialinvestmentintheenergystoragespace.AsperBloombergNewEnergyFinance(BNEF),yearlyinvestmentintheglobalenergystoragemarketisexpectedtoincreasefromUSD5bnin2018toUSD59bnin2040.Agricultureisalsoplacedinthemostattractivetop-leftquadrantoftheHSBCClimateRadar.Thelong-termrelativevaluationmultiplesforthethemearebelowtheirrespectivefive-yearaveragelevelsandweseesignsoftheserisingfromlowlevels.ThethemedepictspositiveearningsmomentumwithsignsofconsensusEPSgrowthoutlookturninglessbearishoverthepastfewmonths.PleasenotethataccesstotheHSBCClimateSolutionsDatabaseisavailableonrequest.Formoredetailsregardingt...