Market Outlook
Summary
China, which was the only country to expand its economy in 2020, has the second-largest economy in the world in terms of total GDP. However, on a GDP per-capita basis, the mighty nation remains a fraction of the size of the United States. We expect solid growth (5%-7% rate) to resume in China post-pandemic and for at least the next decade. But the growth will be different from the experience in the past decade. Going forward, we look for less investment by China into domestic infrastructure such as dams, roads, airports, rail systems and cities. Instead, we think the government will focus on raising the living standards of its 1.4 billion people, investing to lift citizens out of rural poverty, lengthen their lives and clean the air, among other initiatives. This growth will favor business and consumer services, as well as financial services and healthcare. China is on track to overtake the U.S. in terms of the overall size of the economy within the next
Summary
Brandywine Realty Trust is one of the Mid-Atlantic s largest office REITs. The company participates in the following markets: Philadelphia; Washington, D.C.; New Jersey/Delaware; and Austin, Texas. Following a period of extensive asset sales, Brandywine owns, leases, and manages an urban, town center, and suburban office portfolio of 172 properties and 24 million square feet.
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Summary
Nexstar is the largest television station owner/operator in the United States, with 197 stations in 115 markets. Of its 197 full-power stations, 158 are affiliated with the four national broadcasters: CBS (50), Fox (43), NBC (35), and ABC (30). The 2019 merger with Tribune made Nexstar the top broadcast affiliate for both Fox and CBS as well as the number-two partner for NBC and number three for ABC. The firm now has networks in 15 of the top 20 television markets and reaches 69 million television households. Nexstar also owns WGN, a nationwide pay-television network, and a 31% stake in Food Network and Cooking Channel.
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Summary
Autoliv is the global leader in passive safety components and systems for the auto industry. Products include seat belts, frontal air bags, side-impact air bags, air bag inflators, and steering wheels. The Renault-Nissan-Mitsubishi alliance is the company s largest customer at 16% of 2019 revenue, with Volkswagen and Honda accounting for 10% each. At 36% of 2019 revenue, the Americas was Autoliv s geographic region, followed by Europe at 31%. China and Japan each accounted for 11% of 2019 revenue.
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Summary
Paychex competes in the payroll outsourcing industry. It is the second-largest player in terms of revenue and focuses on providing this service to small and midsize businesses. Paychex was created from the consolidation of 17 payroll processors in 1979 and services about 590,000 clients. The firm has almost 13,000 employees and is based in Rochester, New York.
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