>>> Most Preferred List
Beiersdorf: product launches to boost 2H14/FY15, best-in-class 10% EPS CAGR
Burberry: best positioned in digital, the most structurally attractive luxury exposure
Carlsberg: Russia expectations/valuation bottomed, market share to improve in 2H
>>> Least Preferred List
CCH: valuation remains stretched despite continued risk to 2H volumes
Prada: store rollout over, reluctant to embrace online, no further margin mix benefit
Swatch: valuation not reflecting lower growth profile, inventory & smart watch risk
>>> Stocks added & removed
MPL: Burberry and Carlsberg added, ABI and Imperial Tobacco removed
LPL: CCH and Prada added, Remy and Pernod removed