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BUZZ-Bargains on offer among cheap, unloved European large-caps: MS

Reuters - UK Focus

European large-caps, at the lowest relative price/book valuations in 30 years, offer the best risk-reward across regional markets, according to Morgan Stanley (Berlin: DWD.BE - news) .

** MS says inflows into Europe via ETFs favouring mid & small-caps & large investors remain underweight large-caps.

** Latest StarMine data shows 56% of the small & micro-cap companies that have reported Q1 numbers missing estimates. For larger companies that stands at 48%.

** MS shows large-caps trading at a 30-year low relative valuations vs mid-caps. http://link.reuters.com/gyx98v

** Low inflation, low growth environment dividend growth remains appealing. European large-caps offer attractive yields. http://link.reuters.com/kyx98v

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** Trigger could be the pick-up in M&A where large companies are looking to put cash piles to work & European corporates are particularly active. http://link.reuters.com/muh55t

** Earnings a missing ingredient but few companies seeing growth better than broader market and yet are trading cheaper on a P/E basis.

** Among these: ING, BBVA (Amsterdam: BBV.AS - news) , Renault (TLO: RENA-U.TI - news) , Aegon (Berlin: AEND.BE - news) , Lloyds, KBC, BASF , UBS (Xetra: UB0BL6 - news) , Schneider (BSE: SCHNEIDER.BO - news) , Fresenius (Dusseldorf: 332902.DU - news) , Akzo Nobel (Amsterdam: AKZA.AS - news) . (RM (LSE: RM.L - news) : sudip.kargupta.thomsonreuters.com@reuters.net; RM: vikram.subhedar.thomsonreuters.com@reuters.net)