German small and mid caps buckled
under the pressure of adverse negative
market conditions, underperforming large
caps in H2 2008: DAX -25%, MDAX -38%,
SDAX -34%, TecDAX -34% and MMI -38%
􀀗 We expect further difficult market and
macro conditions and hence forecast a
tough H1 2009 paired with persistently
high market volatility; we therefore
include six Underweight ideas
􀀗 We see few stocks offering attractive H1
returns; we favour defensive investment
ideas with structural growth, high cash
flows and solid balance sheets; our
preferred themes are healthcare and
infrastructure
􀀗 We are initiating coverage of Biotest
(BIOG_p.DE) and SMA Solar (S92G.DE)
both with Underweight (V) ratings

目录

Difficult times ahead 3
Economic focus Germany 12
Save the date 16
German Small & Mid Cap
Quant picks 19
Small & Mid Cap equity top
picks for H1 2009 21
Bijou Brigitte 22
Biotest 28
CompuGROUP 36
Douglas Holding 40
Fielmann 46
Hochtief 54
Leoni 58
Norddeutsche Affinerie 62
Qiagen 66
SMA Solar 72
Vossloh 80
XING 86
HSBC German Small & Mid
Cap Universe 90
Appendix: Quantitative tools
for European Mid-and Smallcap
investors 92
Disclosure appendix 98
Disclaimer 103
Contents