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JPM Private Bank: Valuation Discount on CN Tech Stocks Has Reflected Policy Risks
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Regarding market concerns about China's potential imposition of an internet value-added tax, Timothy Fung, JPMorgan Private Bank's head of Asia equity strategy, admitted that it was difficult to make a prediction, though he said there was a valuation discount between Chinese tech stocks and foreign tech stocks, and tech leaders still had a gap of over 10% from their peaks. Coupled with the fact that traditional economy stocks in the Hong Kong market had outpaced tech stocks in recent months, Fung estimated that policy risks had already been priced in. Holding a cautiously constructive view on the offshore Chinese market, Fung suggested that investors should buy on dips, and that Chinese stocks had a more optimistic mid-term outlook with policy and AI application support. However, investors shouldn't chase rallies in the offshore Chinese stock market given the uneven momentum in the domestic market. AAStocks Financial News |
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