A sharp rally in Chinese stocks this year has been driven more by investor optimism than fundamentals, based on an analysis of corporate earnings estimates in an economy expanding at its slowest pace in 28 years.
Beijing has vowed to use more policy tools to ensure the economy grows within a targeted range of 6.0 to 6.5 per cent. As companies this month release their annual results for 2018, investors need to see prospects for improved profitability to push the market any higher. Shares of Fuling Zhacai, dubbed one of China’s “super brands”, hit a new high after it reported strong profit growth in 2018 and expected a 26-per-cent revenue gain in 2019.
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