In today’s briefing:
- Asian Equities: US Exceptionalism Vs Asian Valuation Allure
Asian Equities: US Exceptionalism Vs Asian Valuation Allure
- Asian equities are at record valuation discount to that of US. Slightly lower earnings growth and ROE forecasts for Asia don’t justify the steep discounts, we believe.
- However, EPS estimates are a concern. Asia’s consensus EPS estimate for 2025 has declined 9% over past 10 months, dragged down by China and Korea. USA’s has remained virtually flat.
- Based on our themes of continued AI spending, China’s consumption recovery and “unloved India”, our top picks remain TSMC, Tencent, Yum China, HDFC Bank and SK Hynix.
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