Global Listed Infrastructure_ Global Infrastructure Playbook

Key Takeaways 1. Global Infrastructure Outlook: * The FT Wilshire GLIO Developed Listed Infrastructure Index declined -4.8% in 4Q 2024, but still gained +10.4% for the year. * The MSCI World Index rose +0.4% in 4Q 2024, while the S&P 500 rose +3.0%. * Morgan Stanley Research's Global Listed Infrastructure Preferred OW List decreased a median -5.9% in 4Q 2024, but still gained +3.3% for the year. 2. Sector Views and Preferred OWs: * The report provides detailed sector views and preferred Overweight (OW) picks across various regions and industries, including energy infrastructure, real estate, telecoms, transportation, and utilities. * The preferred OW list includes companies from Asia Pacific, Latin America, North America, and Europe. 3. Company-Specific Analysis: * The report includes comprehensive financial data, valuation metrics, and performance analysis for each company on the preferred OW list. * Key metrics such as EV/EBITDA, P/E, EPS, dividend yield, and ROE are provided for each company. 4. Regional Analysis: * The report provides a regional breakdown of the infrastructure sector, highlighting key trends and opportunities in each region. * Asia Pacific, Latin America, and North America are identified as key regions for infrastructure investment. 5. Upcoming Events: * Morgan Stanley & the Global Listed Infrastructure Organisation will host the annual Global Listed Infrastructure Conference in Sydney, Australia on March 18, 2025. Key Points 1. Energy Infrastructure: * GAIL (India), Larsen & Toubro Ltd, Petrobras, Vista Energy SAB de CV, Energy Transfer LP, Oneok Inc., Targa Resources Corp., Williams Companies Inc., EQT, and Cheniere Energy Inc. are among the preferred OW picks in the energy infrastructure sector. 2. Real Estate: * China Resources Land Ltd., Mitsubishi Estate, Mitsui Fudosan, Sumitomo Realty & Dev., Tokyu Fudosan Holdings, GLP J-REIT, Phoenix Mills Limited, Sun Hung Kai Properties, Goodman Group, and British Land are among the preferred OW picks in the real estate sector. 3. Telecoms: * Far Eastone, GDS Holdings Ltd, KDDI, Singapore Telecom, Helios Towers Plc, America Movil SAB de CV, Telefonica Brasil SA, SBA, AT&T, and T-Mobile US, Inc. are among the preferred OW picks in the telecoms sector. 4. Transportation: * Aena SA, Eiffage SA, Getlink, OMA, Knight-Swift Transportation, and Transurban are among the preferred OW picks in the transportation sector. 5. Utilities: * China Longyuan Power Group, ENN Energy Holdings Ltd, Tata Power Co, Tenaga Nasional, Hokkaido EP, Cleanaway Waste Management, Severn Trent, Eletrobras, Sabesp, and AES Corp are among the preferred OW picks in the utilities sector. 6. Valuation Metrics: * The report provides valuation metrics such as EV/EBITDA, P/E, and dividend yield for each company on the preferred OW list. * The median EV/EBITDA multiple for the preferred OW list is 9.8x, while the median P/E multiple is 15.2x. 7. Performance Data: * The report includes performance data for each company on the preferred OW list, including 10-day, 1-month, 3-month, 6-month, 1-year, and 3-year returns. * The median 1-year return for the preferred OW list is 13.8%, while the median 3-year return is 37.8%. 8. Regional Breakdown: * Asia Pacific: 9.8x EV/EBITDA, 15.2x P/E, 13.8% 1-year return * Latin America: 4.3x EV/EBITDA, 5.3x P/E, 13.1% 1-year return * North America: 16.8x EV/EBITDA, 16.9x P/E, 14.2% 1-year return * Europe: 7.2x EV/EBITDA, 7.6x P/E, 7.4% 1-year return