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<Research>UBS: CN Faces Larger Short-term Downside Risk; US' Tariff Hike on CN to 104% May Dent Corporate Earnings by Max. 3%
Recommend 38 Positive 48 Negative 30 |
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China's equity market continued to face more downside risks than upside in the near term, mainly considering the potential deterioration of global economic conditions due to the continued escalation of tensions between China and the US, etc., according to UBS' research report. UBS earlier estimated that an additional 54% tariff would lead to a 1-2% drop in corporate companies directly, and could drag earnings down by up to 3% if the total tariff is raised to 104%, as the US accounts for 3% of the revenue of MSCI China-listed companies. UBS retained its rating at Overweight on internet and some consumer sectors for potential consumption policy stimulus. The broker also recognized that the sectors' share prices had not shown resilience during the market sell-offs, even with limited overseas exposures. UBS' strategy top picks are listed below: Stock｜ Rating｜ TP (HKD) TENCENT (00700.HK)｜Buy｜676 CCB(00939.HK)｜Buy｜7.4 CRRC (01766.HK)｜Buy｜6.6 ZHAOJIN MINING (01818.HK)｜Buy｜14.7 TSINGTAO BREW (00168.HK)｜Buy｜63.27 AAStocks Financial News |
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