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UBS Maintains 2024 HSI Target at 20,600, Considers Recent Adjustments as Healthy Signal
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Angus Chan, Hong Kong Strategy Analyst at UBS Investment Research Hong Kong Strategy Analyst, said UBS maintained its target of 20,600 for the HSI this year. He suggested that after last month's gains, the recent correction is a healthy signal, while valuations are still attractive. He is focused on Hong Kong stocks' earnings and the effect of policy details on results, while being bullish on internet, consumer, sportswear, education and Macau gaming stocks. Chan meanwhile was cautious about Hong Kong's office sector mainly because of the supply problem. The current vacancy rate is in the low double-digit range, and may reach 15-17% in the next three to four years. The Chinese government has recently launched a number of measures to rescue the property market, and Chan believed this is the first step of the Mainland government to deal with the problem of housing inventory within the country. It is expected that the mainland property market, especially in terms of property prices, will stabilise at late 2024 to early 2025. Karen Hizon, Asia Pacific Strategist at UBS Investment Bank, forecasted corporate earnings in the APAC region to grow by 12% to 15% between 2024 and 2025. UBS also favoured Mainland China, Hong Kong, Malaysia and the Philippines due to attractive valuations in the context of dividend payouts and share buybacks, as well as supportive government policies, with Mainland China's corporate earnings improving, particularly in the internet and consumer goods sectors. AAStocks Financial News |
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