In a bleak year that has seen Brazil's Bovespa slump to the worst performance of any major world stock market amid a coronavirus-linked retreat from risk, electric motor maker Weg SA has been the index's improbable champion.
Traded on the Brazilian stock exchange for nearly a half century and part of the benchmark index as of 2016, Weg shares have risen over 10per cent so far in 2020, recovering from steep losses in March. The Bovespa has lost a third of its value in the same period and nearly half in dollar terms.Weg, which makes everything from wind turbines to automotive paint, is one of just two Bovespa components to eke out gains this year.
"It deserves it," said Werner Roger, founding partner at asset management firm Trígono Capital."Weg is a leading company and is present in several countries, with more than half of its revenue coming from abroad," he said, citing growth that has been sustainable organically and also lifted by acquisitions, as well as good governance.
Despite its strong cash position and a limited debt load, analyst Lucas Marquiori at investment bank BTG Pactual said Weg's operating margin could be impacted by global output stoppages caused by the pandemic.
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