(MONEY Magazine) – ''If the '80s was the decade of deal stocks, the '90s will be the decade of quality stocks,'' predicts Bob Chesek, manager of Phoenix Growth Fund. Nowhere do such stocks stand out more clearly than in industries populated by giant companies left deep in hock by deals. Here are five financially sturdy companies that analysts say could profit from the woes of their overleveraged rivals: -- Philip Morris. As RJR Nabisco's junk bonds have been hammered -- down 20 points in two days in January -- competitor Philip Morris (1989 revenues: $44.8 billion) has been gobbling up the market for cigarettes, with its share rising to 40% from 37.5% over the past year. -- Great A&P. Cash-hungry leveraged chains, such as Supermarkets General and Kroger, have raised prices at the expense of sales. But because $11.2 billion A&P carries only a moderate debt of $571 million, analysts project that its earnings can grow 18% a year through 1994. -- McDonald's. Fast-food chains weakened by debt have been bruised by price wars, but $6.1 billion McDonald's has stayed out of the fray. Further, the company's balance sheet is stronger than its 49% debt-to-capital ratio suggests. McDonald's carries its real estate on the books at 30% less than the market value of $9.5 billion, explains Edward M. Kerschner, chief investment strategist at Paine Webber. (For a contrary view on Philip Morris and McDonald's, see page 171.)

-- Sara Lee. More than 30% of its $11.7 billion in revenues comes from personal-product lines, including Hanes underwear and L'eggs hosiery. Rival Fruit of the Loom has been hampered by chairman William Farley's fruitless efforts to complete the $3 billion acquisition of West Point-Pepperell. -- Melville. This $7.5 billion retailer is well positioned to capitalize on the collapse of the Campeau empire, which has defaulted on $7.5 billion of debt. Chris Linden, manager of FPA Perennial Fund, thinks that Melville's Marshalls discount clothing stores will negotiate attractive prices for merchandise from wholesalers seeking assured payments.

CHART: NOT AVAILABLE CREDIT: Sources: Institutional Brokers Estimate System and Value Line Investment Survey CAPTION: Five lean and mean growth stocks Analysts say the companies listed below are likely to eclipse their heavily indebted competitors and enjoy above-average profit growth over the next five years. All five are traded on the New York Stock Exchange. They are ranked here by their projected earnings growth rates.