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<Research>UBS: US Tariffs' Impact on Global Growth/ Stock Mkts May Pose Further Headwinds for CN Equities
Recommend 86 Positive 133 Negative 91 |
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UBS published a research report estimating that the US will account for only 3% of the revenue of MSCI China listed companies, and that a 54% US tariff on China and reciprocal tariffs on other manufacturing centers could reduce companies profits by 1-2%. If US tariffs are to rise to a potential 24% on a weighted average basis, the impact on global growth and equity market risk premium could be a further headwind and could be a more significant negative factor for Chinese equities. The broker continued to favor domestic consumers in China due to low valuation, relative insulation from geopolitics and tariffs and the potential for the government to support growth by boosting consumption. A-shares may provide better venue for risk diversification as they underperformed relative to H-shares during the year and are relatively insulated from geopolitical influences. The following table lists UBS' top pick list: Stock│ Rating│ TP New Oriental Education & Technology Group (EDU.US)│Buy│US$76.2 NetEase(NTES.US)│Buy│US$133 NAURA(002371.SZ)│Buy│RMB545 TENCENT (00700.HK)│Buy│$676 Alibaba Group Holding (BABA.US)│Buy│US$176 CCB(00939.HK)│Buy│$7.4 CRRC (01766.HK)│Buy│$6.6 ZIJIN MINING (02899.HK)│Buy│$24.5 YUTONG BUS(600066.SH)│Buy│RMB38 KINGSOFT OFFICE(688111.SH)│Buy│RMB420 YANGTZE POWER(600900.SH)│Buy│RMB33.7 ANJOY FOODS(603345.SH)│Buy│ RMB98 TSINGTAO BREW (00168.HK)│Buy│$63.27 Yum China Holdings(YUMC.US)│Buy│US$57.26 GUJING DISTILLERY(000596.SZ)│Buy│RMB208.61 GREE APPLIANCES(000651.SZ)│Buy│RMB58.5 AAStocks Financial News |
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