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Jefferies
Global|ThematicResearch
Thematic
Research
EquityResearch
June11,2025
JefferiesGlobalBestIdeasList:Refreshing
ThemesPicksAcrossRegions
JefferiesGlobalBestIdeaslistrepresentsourhighest-conviction,Buy-rated
stocksacrossourGlobalResearchPlatform.These24topideasaresupported
bydifferentiatedanalysis,bolsteredbycatalystsandsitatvaluationlevels
thatsuggestupside.Themesinclude:SecularInnovationCapex,Structural
ChangeandProductCyclesPricingPower.
WereoutwithanupdatetoourGlobalBestIdeaslist,spanningtheUSLatAm,EMEAandAPAC
regions,andnotethealignmentofthesestockswithkeyinvestmentthemes.
SecularInnovationCapex—Asthedebateoninnovationshiftsfromspeculationtotangible
benefits(e.g.revenuecostsynergies,productdevelopment),weidentifycompanieswhose
productsandinfrastructurearelikelytoplayakeyroleacrossmultipleindustries.Ourpicksinthis
spaceareCATL,Microsoft,NationalGrid,NU,NVIDIA,Tencent,VNETandWuxiBiologics.
StructuralChange—Webelievebusinessesinneedofchangeandpursuingself-helprepresent
attractiveopptys,especiallywhenthesecompanieshavealreadydelineatedplansorinitiated
mgmt.transitions.Weexpectexecutionofsuccessfuloperationalimpvttransformationplans
shouldre-ratesharesatorabovepeerlevels.OurpicksareCapitalOne,DaimlerTruck,Anheuser-
Busch,Hitachi,IntlFlavorsFragrances,IntlPaper,Lonza,SaintGobainandSociétéGénérale.
ProductCyclesPricingPower—Thesecompaniesrepresentmarketleadersintheirrespective
spaces.Further,thesecompaniesareeitherinthemidstofsignificantnewproductlaunches,which
weexpecttocausesales/earningsinflections,orarewell-positionedforcontinuedprice-taking.Our
JefferiesEquityResearch*|EquityAnalyst(888)JEFFERIES|research_support@JefferiesEMEAProductManagement
JefferiesEquityResearch*|EquityAnalyst
(888)JEFFERIES|
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