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<Research>M Stanley Removes TSMC, SK Hynix From Asia Ex-JP Focus List, Adds Several Consumer Stocks
Recommend 106 Positive 26 Negative 150 |
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Morgan Stanley wrote in its Asia Emerging Markets Equity Strategy Report that valuations in the overall Asian equity market are peaking, with capital rotation occurring between technology and necessities. The broker estimated that the US Federal Reserve will cut interest rates for the first time in September, and there is a need to take profit from technology stocks before that. Morgan revised its rating on technology stocks to Equal-weight, the first adjustment since it upgraded its rating on the sector to Overweight in October 2022. The broker removed TSMC, SK Hynix, MediaTek, Tokyo Electron and Tokyo Seimitsu from its focus list. Samsung Electronics and Hon Hai Precision are retained to reflect their lower beta risk and greater dominance in the AI smartphone cycle. Morgan upgraded its rating on Consumer Staples from Underweight to Overweight, and added a number of consumer stocks such as CP All and Amore Pacific to the focus list to reflect the sectors' lower valuation compared to technology stocks and better return on equity. Hong Kong stocks included in Morgan Stanley's Asia Pacific (ex-Japan) focus list are: Stock │ Inclusion Date │ Post Inclusion Return (in USD) POP MART (09992.HK) │ 16 Apr 24 │ +25.9% TENCENT (00700.HK) │ 10 Jun 24 │ -1.4% ZIJIN MINING (02899.HK) │ 28 Nov 22 │ +80.9% AAStocks Financial News |
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