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<Research>JPM: CN Consumer Stocks Valuation Attractive but Earnings Cuts Not Over; Top Picks NONGFU SPRING/ ANTA SPORTS/ GUMING
Recommend 11 Positive 19 Negative 10 |
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JP Morgan noted that the weighting of constituents in the MSCI China Consumer Index has shed from 40% at end-2020 to 29%, after share prices declined by about 50%. Many investors expected a clear market "pivot" in early 2026, but momentum weakened again after the Lunar New Year. The forecast P/E for Consumer Staples and Discretionary are currently about 16x and 13x respectively, around 1.5 STD below their 10-year averages. Valuations for beverages, beer, catering, sportswear, beauty and jewellery sectors are at the bottom of their 10-year ranges, with dividend yields ranging from 5% to 7%. The broker's top picks are NONGFU SPRING (09633.HK), ANTA SPORTS (02020.HK) and GUMING (01364.HK), all rated Overweight. JP Morgan's investment ratings and target prices for consumer stocks are as follows: Stocks | Investment Ratings | TPs (HKD) NONGFU SPRING (09633.HK) | Overweight | HKD55 ANTA SPORTS (02020.HK) | Overweight | HKD130 GUMING (01364.HK) | Overweight | HKD38 POP MART (09992.HK) | Overweight -> Neutral | HKD350 -> HKD165 MNSO (09896.HK) | Overweight | HKD26 -> HKD16 CHINA RES BEER (00291.HK) | Overweight | HKD38 -> HKD34 BUD APAC (01876.HK) | Neutral | HKD7.9 -> HKD8.2 TSINGTAO BREW (00168.HK) | Overweight | HKD70 -> HKD67 Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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