07.11.2022
Sales exposure to China
The Watchlist below is not exhaustive but it shows a number of blue chip stocks that generate a high percentage of their revenue from sales to China. From different countries & sectors, they represent classic China plays for Western investors.
Qi Watchlists provide an instant snapshot. Which of these names are in macro regimes, versus those that are driven by idiosyncratic factors. And then which are rich or cheap versus prevailing macro conditions.
Semiconductor companies – Qualcomm, Broadcom, STMicroelectronics, Lam Research - dominate the cheap end of the range. Yes politics plays a big part here but even with Biden’s restrictions several of these companies are in macro regimes &, on Qi, have discounted a fair degree of bad news.
The rich end of the range is more of a mix. Advertiser JCDecaux, Swatch watches, while Glencore & Umicore capture the commodity/industrial complex.
Macro model confidence is less at this end of the spectrum but note, for example, Glencore is 6.0% rich to macro while its peer Fortescue sits at fair value.
Qi Watchlists provide an instant snapshot. Which of these names are in macro regimes, versus those that are driven by idiosyncratic factors. And then which are rich or cheap versus prevailing macro conditions.
Semiconductor companies – Qualcomm, Broadcom, STMicroelectronics, Lam Research - dominate the cheap end of the range. Yes politics plays a big part here but even with Biden’s restrictions several of these companies are in macro regimes &, on Qi, have discounted a fair degree of bad news.
The rich end of the range is more of a mix. Advertiser JCDecaux, Swatch watches, while Glencore & Umicore capture the commodity/industrial complex.
Macro model confidence is less at this end of the spectrum but note, for example, Glencore is 6.0% rich to macro while its peer Fortescue sits at fair value.
This Watchlist is available upon request. Build your own lists to customise your Qi experience.
