(Imagem: iStock/Olivier Le Moal)
O Ibovespa undergoes a turnaround, after reaching 137 thousand points last month. Since then, the index has fallen 4%. Despite the interest rate cut in USAof 0.5 percentage points, the market fears a hit to rates here. The Banco Central signaled the start of a rising cycle, after raising interest rates by 0.25 percentage points last Wednesday.
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According to the BTGinvestors have become more skeptical about the continuation of the appreciation. The bank says there is concern about the fiscal situation (the budget proposal for 2025 seems unrealistic) and uncertainty about how the monetary tightening cycle in Brazil could affect local stocks.
“In fact, local investors are buying record levels of protection due to concerns that the Ibovespa could correct – the put/call ratio is currently at 2.4x (against an average of 1.2x),” he says.
But for analysts, there is a recipe for those investors who want (and perhaps need) to maintain exposure to Brazilian stocks, anticipating that stocks could continue to rise fueled by falling rates in the US: strong cash generators and payers of dividends.
With this in mind, the bank has listed some stocks that it finds interesting.
Among the 20 largest dividend payers, the list has six companies from the financial sector (four banks), three from the utilities sector and two telecommunications companies – “not coincidentally, in our last survey with portfolio managers, the utilities and financial sectors were the favorite sectors”.
The main highlight is probably the real estate sector, with five names among the top 20: 3 companies from the low-income sector and 2 more focused on the middle/upper-middle class.
“Among the largest companies, we highlight Bank of Brazil (BBAS3), BB Security (BBSE3), Petrobras (PETR4), CPFL (CPFE3), Vivo (VIVT3), TIM (TIMS3) e Ambev (ABEV3). In the small caps universe, Plano&Plano (PLANO3), Directional (DIRR3), BR Partners (BRBI11), Marcopolo (POMO3) e Odontoprev (ODPV3) are our choices.”, he says.
See the full list below:
| Enterprise | Ticker | Dividend Yield 2025E |
|---|---|---|
| Plano & Plano | PLPL3 | 13% |
| BB Security | BBSE3 | 11% |
| Bank of Brazil | BBAS3 | 11% |
| Taesa | TAEE11 | 10% |
| Directional | DIRR3 | 10% |
| Petrobras | PETR4 | 10% |
| CPFL | CPFE3 | 10% |
| Banrisul | BRSR6 | 9% |
| Cury | CURY3 | 9% |
| Odontoprev | ODPV3 | 9% |
| ISA Cteep | TRPL4 | 9% |
| BR Parters | BRBI11 | 9% |
| Marcopolo | POMO4 | 9% |
| TIM | TIMS3 | 9% |
| Melnick | MELK3 | 8% |
| Vivo | VIVT3 | 8% |
| Safe deposit box | CXSE3 | 8% |
| Gerdau | GGBR4 | 8% |
| Banco ABC | ABCB4 | 8% |
| Wash | LAVY3 | 8% |
| Ambev | ABEV3 | 8% |