$CSI 300 Index (000300.SH)$$iShares MSCI China A ETF (CNYA.U...
UOB KH report.
MSCI China now trades at an undemanding 12-month forward PE of 10.2x, or a 37.0% discount to Emerging Asia. This steep discount is unwarranted and they expect valuation to normalise in 2H23, backed by additional policy support. However, a significant rerating is only possible if credit growth accelerates; hence, their index target is at 74 points for now, implying 12.0x target PE. They prefer exposure to automobiles, consumer, industrial automation and online gaming.
$TENCENT (00700.HK)$ $Tencent (TCEHY.US)$ $ANTA SPORTS (02020.HK)$ $BYD COMPANY (01211.HK)$ $BYD Co. (BYDDF.US)$ $KUAISHOU-W (01024.HK)$ $TRIP.COM-S (09961.HK)$ $YADEA (01585.HK)$ $Kweichow Moutai (600519.SH)$ $Aier Eye Hospital Group (300015.SZ)$ $Estun Automation (002747.SZ)$ $WEICHAI POWER (02338.HK)$ $CHINA OVS PPT (02669.HK)$ $AEM SGD (AWX.SG)$ $RH PetroGas (T13.SG)$ $Dyna-Mac(Delisted) (NO4.SG)$ $Geo Energy Res (RE4.SG)$ $Golden Energy (AUE.SG)$
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