Sector Picks for 2011

Pharma

Outperformer

Expiring patents of global pharma companies

Strong pipeline of drug applications

Rising competition in domestic market

Likely increase in licensing and supply deals



Telecom

Dark horse

Realisations stabilising across board

Integrated players available at discount

BWA, 3G to drive broadband growth

Tower business to see substantial value unlocking

Infrastructure

Looking up

Road asset owners offer opportunities

Water-related infrastructure to see growth

Interest rates could hurt profit margins