AllianceBernstein ranks BYD (BYDDY, 1211.HK), Pinduoduo (PDD), Samsung (005930.KS), and SK hynix (000660.KS) as the firm's top stock picks from Asian countries.
Yahoo Finance Anchors Seana Smith and Brad Smith highlight these stocks and their growth potential in US markets and American consumers.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
SEANA SMITH: Market commentary of the day. And switching from a US equity focus and taking a look at some of those names overseas or tied to overseas, I should say. AllianceBernstein is zeroing in on some Chinese stocks with what they say is big upside potential. So among those names Samsung, BYD, Pinduoduo are the stocks to watch this year and among the most promising.
And I want to talk about BYD because this is a name that we have been focusing on now for some time. We talk about the fact that it did overtake Tesla in terms of the top EV seller. But what was very interesting in this note here from AllianceBernstein was specifically what they said about growth potential with BYD because contrasting that to what we're seeing play out in the US. And they're pointing to the fact that, hey, they do see a lot of demand on the horizon. The potential here for BYD to expand and what they say into the under-penetrated mass and premium segments in China and putting that in perspective. It accounts for about 20% of China's auto market. Right now, only 9% EV penetration.
So they see a huge upside potential in terms of BYD's role in getting more people on board with the EVs here in the years ahead. And then, also, what they're seeing in Pinduoduo. And that was a bit surprising given the data that we got out this week pointing to the fact that the Chinese economy continues to struggle.
Pinduoduo, more of a consumer facing name, you would think would be under pressure given the fact that recovery is taking a bit longer, but maybe more of a fundamental story valuation story with this name here.
BRAD SMITH: Yeah. On Pinduoduo, they had said that it continues to gain share within the domestic e-commerce market, and then, as you mentioned, BYD. Look, companies coming off of some key announcements there, both the autonomous vehicle and the AI vehicle that they had started to tout a little bit. Also, you've got the first EU EV factory that the company is bringing online in Hungary. So those positive movers.
But I do want to focus quickly on in SK Hynix. Not a company that we talk about all the time. But this is one that AllianceBernstein thinks has about 64.8% upside, rounded figures. 65%. They said, it's showing stronger performances near term mainly thanks to its lead in HBM. That's high bandwidth memory. And then additionally here, some of the additional love it's seeing from investors they say. And that carries through to its higher expense valuation-- or lower-- more expensive valuation, I should say.
So those are a few of the names to watch from AllianceBernstein and their call here around some of the Asia-Pacific stocks here.
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January 19, 2024 at 10:22PM
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These are AllianceBernstein's top Asian stock picks - Yahoo Finance
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