NEWS： Hong Kong stocks are expected to beat the Asia Pacific market
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Japanese investment bank Daiwa capital market said on Tuesday that Hong Kong's stock market is expected to lose in the next 12 months as valuations are significantly higher than Singapore's and social unrest continues to weigh on corporate profits.
Paul M. Kitney, chief stock strategist of Daiwa Asia Pacific region, told reporters that the bank's original position was to be optimistic about Hong Kong market. By July this year, it decided to reduce the equity of Hong Kong stock to "low allocation", mainly considering that the valuation of Hong Kong stock is obviously expensive compared with its close competitor Singapore, and the corporate profits of Hong Kong stock began to shift at that time, and the continuous social unrest is likely to make the corporate profits further Step pressure.
"Hong Kong will benefit from the mainland's macro stability policy to a limited extent." "The spillover effect of the continuous trade war and the rapid deterioration of local political risks make Hong Kong stocks need additional risk premium support," he said
The bank's basic forecast is that the overall stock market will decline in the next 12 months, while Hong Kong stocks will lose the market. Hong Kong shares are in line with Singapore in terms of corporate earnings growth and forecast revision in 2019, but the P / E ratio of 15.4 times is significantly higher than Singapore's 13 times, which is in line with the mature global market.
Among various Asia Pacific markets, the bank is optimistic about India, Thailand, Indonesia, the Philippines and Vietnam, and looks down on Japan, China A shares and H shares, Hong Kong and South Korea. In terms of industry, we are optimistic about industry, real estate, communication services and public utilities, and belittle medical care, information technology and raw materials.
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