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Wednesday January 16, 03:02 PM


Macquarie unveils best share bets for 2002
Shares in Wesfarmers, Woolworths and Qantas have been tipped as having the best prospects for investors in 2002 by Macquarie Equities.

In a note to clients, Macquarie listed its preferred stocks based on their growth prospects and value.


Topping the list of the best growth stocks were Billabong, Woolworths and Wesfarmers while Orica, CSR and Qantas were tipped as the most likely to outperform based on value.


"Wesfarmers, Billabong and Corporate Express have become pure (100 per cent) growth for 2002 whilst James Hardie evolved to 86 per cent growth," Macquarie said.

"News Corp retains its position as the dominant growth stock whilst National Australia Bank takes over from AMP as the largest in the value portfolio.

"BHP Billiton and Rio Tinto have also increased their presence in the latter."

Macquarie added that it expected its basket of top value stocks to outperform those it favoured for growth by about two per cent in the next three months.

Sentiment had begun to flow back to value-based sectors such as resources and building materials following strong revisions to analyst recommendations for value stocks, Macquarie said.

"Also interesting is the higher earnings certainty in the value portfolio," Macquarie added.

"Traditionally value stocks tend to be less earnings certain because of the prevalence of long suffering underperformers who fail to inspire regular analyst monitoring.

"Here though, the value portfolio has the advantage of being both cheap and earnings certain."

Macquarie's other best value stocks were Coca-Cola Amatil, Portman Mining, Bristile, Gunns and Macquarie Goodman Industrial Trust.

It also favoured Cochlear, Metcash Trading, Collection House, Southern Cross Broadcasting and Corporate Express as best growth stocks.

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