UBS upgrades China stocks to “most preferred” in Asia

Investing.com-- UBS said Chinese equities were its most preferred pick within Asia, with the brokerage forecasting strong single-digit returns by end-2024 on an improved earnings outlook and more policy support.). Both companies were likely to benefit from sustained strength in online retailing, and could also see improved consumer demand as the Chinese economy stabilizes.

Beyond internet firms, UBS said exposure to defensives such as financials, utilities, energy and telecom stocks made for a balanced position in Chinese markets. The brokerage also said that Chinese stocks were offering attractive dividend yields across the board. Measures from Beijing to further support the economy- especially the beleaguered housing market- presented a better outlook for China’s economy. But while Beijing has unveiled measures to support the property, analysts have warned in recent weeks that the government’s execution will be key to a recovery.

While the Third Plenum of the Chinese Communist Party and a meeting of the Politburo did offer some positive comments on more stimulus support, investors remained largely cautious over how the planned measures will be executed.UBS said that in the medium to longer term, investors should “position themselves for a slowing growth environment .

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