亚洲策略（量化+基本面）面向价值、成长和优质投资者的34只股票

Asia Strategy (Quant+Fundamental): 34 stocks for value, growthand quality investors In this note, we collaborate with our sector analysts to highlight 34 stocks which featurein our preferred quant screens and have a strong fundamental thesis as well. We anchorportfolios on improving earnings revision trends while taking into account the uncertainmacro/market environment. These opportunities are across sectors such as Tech,Consumer, Financials, Utilities, Industrials and Healthcare. For full list of our screens acrossAsia, Japan, China and India, see- Asia Quant Strategy Deck and Japan Strategy. For ourpreferred tech screens, see- Asia Tech Strategy and Japan Tech Strategy. Rupal Agarwal+65 6326 7641rupal.agarwal@bernsteinsg.com Robin Zhu+852 2123 2659robin.zhu@bernsteinsg.com Alex Wang, CFA+852 2123 2613alex.wang@bernsteinsg.com Japan and Asia-ex-Japan have been outperforming US equities since Feb 2025, and weexpect this decoupling to continue in the near-term (note we do not believe in a structuralrotation out of US). Within Asia, we recommend ‘buying the dip’ in Japan, India and Koreawhile maintaining a neutral stance on China (see- here, here). Boris Van+852 2123 2617boris.van@bernsteinsg.com Japan:Our preference towards Japan is driven by the structural tailwind coming fromreforms (see here, here, here), extremely cheap valuations (14.2x fwd. PE ie. -0.9SD to long-term average PE), light positioning by global investors (which we expect to reverse), manyopportunities within domestics and Japan being the only Asian market seeing net upgrades.Our preferred exposure of value and QARP/GARP stocks aligns with Japan’s continueddecoupling with US equities, potential rate cut in US, volatile trends in Yen and Japan yieldsand continued earnings recovery for these stocks. Miki Sogi, Ph.D.+81 3 6777 6991miki.sogi@bernsteinsg.com Nikhil Nigania+91 226 842 1414nikhil.nigania@bernsteinsg.com Asia-ex-Japan:We believe focusing on domestic stories is prudent, till we get more clarityon what type of tariffs are going to stick around or what kind of tariff deals are being made.The exporters are further feeling the pain as Asian currencies see one of their sharpestincrease in a long time. While, rising risk-premiums and a macro slowdown warrants adefensive exposure, the rising possibility of a potential tariff deal between US and itstrading partners warrants a risk-on exposure. Hence, we recommend a barbell portfolio-defensives through low vol stocks along with cyclical value/high yield exposure. Euan McLeish+81 3 5962 9611euan.mcleish@bernsteinsg.com Rahul Malhotra+65 6326 7642rahul.malhotra@bernsteinsg.com Mark Li+852 2123 2645mark.li@bernsteinsg.com India:We became positive on India in Mar’ 25 (see here) after remaining underweightsince Q424. However, we still expect low vol/large-cap stocks to lead as the recentoutperformance has folllows more than 3yrs of underperformance and the relativevaluation/earnings advantage remains the best in our view. We have added more valuestocks in India, aligning with trends seen during historical decoupling times. The idea is toadd more risk-on exposure in India through value names and not through small/mid-capsor high vol stocks. YTD, both low vol and value have done the best, up 3% while market isdown -2%. Eunice Lee, CFA+852 2123 2606eunice.lee@bernsteinsg.com Jay Huang, Ph.D.+852 2123 2631jay.huang@bernsteinsg.com China:China has been our preferred market since Sept’24, but this month we have turnedneutral on Chinese equities due to increased risk of earnings cuts, lack of investor supportand high economic impact from tariffs. However, the chances of a potential stimulus and/or positive headlines on some trade resolution are increasing; warranting a more balancedview. We recommend a barbell of defensive low vol stocks to hedge against tariffs and highgrowth stocks/quality consumer stocks to position for a recovery. Pranav Gundlapalle+91 226 842 1407pranav.gundlapalle@bernsteinsg.com David Dai, CFA+852 2918 5704david.dai@bernsteinsg.com BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS We rateBYDOutperform: TP HK$ 460/ RMB 420. We rateGeelyOutperform: TP HK$ 21. We rateXiaomiOutperform: TP HK$ 55. We rateSunny OpticalOutperform with a Target Price of HK$97. AMEC (Outperform, target price CNY180).Primarily focuses on Dry Etch (CCP and ICP) with rapid expansion in Deposition(ALD, LPCVD, and EPI). Commonly perceived as the domestic WFE company with the best technology and widest globalrecognition; continues to benefit from WFE domestic substitution in China with accelerating share gain. Piotech (Outperform, target price CNY180).Rising domestic WFE vendor primarily focused on Deposition (PECVD, HDPCVD,SACVD, and ALD) with expansion in W2W and C2W hybrid bonding equipment for advanced packaging. Piotech has a strong trackrecord of product innovation, which could allow it to benefit from WFE domestic substitution in China with accelerating share gain. Hansoh (3692.