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<Research>JPM: CN Consumer Stocks Valuation Attractive but Earnings Cuts Not Over; Top Picks NONGFU SPRING/ ANTA SPORTS/ GUMING
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 e...
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<Research>JPM: CN Consumer Stocks Valuation Attractive but Earnings Cuts Not Over; Top Picks NONGFU SPRING/ ANTA SPORTS/ GUMING
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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%.

Related News MNSO (09896.HK) 1Q Net Profit RMB1.251B Surges 200.4% YoY; Adjusted Net Profit Falls 5.9%
The broker's top picks are NONGFU SPRING (09633.HK)  +0.320 (+0.753%)    Short selling $147.47M; Ratio 12.931%   , ANTA SPORTS (02020.HK)  +1.300 (+1.745%)    Short selling $341.81M; Ratio 33.704%   and GUMING (01364.HK)  +0.040 (+0.176%)    Short selling $43.58M; Ratio 30.070%   , 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)  +0.320 (+0.753%)    Short selling $147.47M; Ratio 12.931%   | Overweight | HKD55

ANTA SPORTS (02020.HK)  +1.300 (+1.745%)    Short selling $341.81M; Ratio 33.704%   | Overweight | HKD130

GUMING (01364.HK)  +0.040 (+0.176%)    Short selling $43.58M; Ratio 30.070%   | Overweight | HKD38

POP MART (09992.HK)  +11.900 (+7.368%)    Short selling $1.44B; Ratio 13.748%   | Overweight -> Neutral | HKD350 -> HKD165

MNSO (09896.HK)  +1.700 (+7.036%)    Short selling $84.38M; Ratio 19.522%   | Overweight | HKD26 -> HKD16

CHINA RES BEER (00291.HK)  +0.200 (+0.833%)    Short selling $48.76M; Ratio 14.100%   | Overweight | HKD38 -> HKD34

BUD APAC (01876.HK)  -0.080 (-1.132%)    Short selling $31.38M; Ratio 29.972%   | Neutral | HKD7.9 -> HKD8.2

TSINGTAO BREW (00168.HK)  +0.440 (+0.892%)    Short selling $7.28M; Ratio 2.910%   | Overweight | HKD70 -> HKD67
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-29 16:25.)

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