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Macao has introduced its first wearable payment solution, enhancing user convenience and contributing to its smart city development. In partnership with Huawei, Macau Pass allows users to link their MPay accounts to Huawei watches for seamless payments, utilizing advanced security measures to prevent fraud. This innovation supports the growing trend of mobile payments in the region.
UBS has downgraded Laopu Gold's stock rating from buy to neutral while raising the target price from HK$350 to HK$520, citing strong sales momentum driven by shopping events and rising gold prices. Despite a 95% increase in shares this year, analysts value the company at 34 times expected 2025 earnings, above the global luxury median of 27x. They anticipate Laopu will adjust prices faster than gold increases, which may impact price-sensitive customers, but remain optimistic about long-term growth potential.
Global AI stocks are rebounding, with UBS forecasting mid-teen upside by 2025, driven by the "ChatGPT moment" that added $9 trillion to the Nasdaq's market cap. In contrast, Chinese AI stocks have surged but are expected to see more moderate gains, with low-teen annualized returns projected over the next three years. UBS highlights semiconductor and cloud platform companies as key investments, while estimating global AI spending could reach $500 billion by 2026, compared to $30 billion in China by 2028.
Global AI stocks are projected to see mid-teen upside by 2025, driven by a resurgence since January, while Chinese AI stocks may experience more moderate gains after a recent surge. UBS forecasts global AI spending to reach $500 billion by 2026, with significant revenue potential, contrasting with China's expected $30 billion by 2028. Key players include Nvidia, Alphabet, and Microsoft for global AI, while Tencent and Alibaba are highlighted for Chinese AI investments.
UBS's report for Q4 2024 reveals a slight increase in foreign institutional funds' underweight positions in China, rising from -1.7% to -1.9%. While the top 40 global investors reduced their Chinese equity holdings, sectors like banks and technology saw significant inflows, particularly into Hong Kong, which attracted $40 billion in southbound investments. Conversely, northbound investors withdrew an estimated $17 billion, mainly from materials and utilities, with around 190 funds still holding no Chinese equities.
UBS's latest report reveals a slight increase in the underweight of China among international investors, rising from -1.7% to -1.9% in Q4 2024. While major global investors reduced their Chinese equity holdings, sectors like banks, consumer discretionary, and technology saw significant inflows, particularly into Hong Kong, which attracted around USD 40 billion. Conversely, northbound investors faced outflows of USD 17 billion, primarily from commodities and utilities, with a small number of funds reintroducing Chinese equities into their portfolios.
Huawei is set to launch its much-anticipated Mate XT Ultimate Design, a triple-fold smartphone, in Hong Kong on March 7, with preorders starting on Wednesday. Priced at HK$25,499, this international edition mirrors the specifications of its mainland counterpart. The global foldable smartphone market is projected to grow over 20% annually, reflecting rising consumer demand.
The S&P 500 has significantly underperformed compared to European and Chinese markets, gaining only 3% since January, while the STOXX 600 and Hang Seng rose over 9% and 14%, respectively. Future flows to Wall Street may hinge on geopolitical developments, particularly the Ukraine ceasefire talks, and the upcoming Fed meeting in March, which could signal shifts in monetary policy. A breach of the S&P 500's recent high of 5,100 points may initiate a new bull rally, supported by increasing buying pressure.
UBS has assigned a Sell rating to Swire Pacific, setting a target price of HK$59.90, while the stock currently trades at $8.34, close to its 52-week low. The company is experiencing a 19% discount to its stub value, influenced by an ongoing share buyback program, which is expected to widen to 30% by 2025 after the buybacks conclude in May. Analysts project a 17% decline in sales this year, with Swire Properties anticipated to contribute 56% to earnings in 2024, amid pressures from increased office space supply and luxury malls in mainland China.
HSBC's Hong Kong shares fell 0.6% to HK$84.3, ending an eight-day streak of gains, amid reports of upcoming job cuts in its investment banking division as part of CEO Georges Elhedery's cost-cutting overhaul. The bank is expected to announce $1.5 billion in annual savings from its restructuring efforts, with its stock on track for the largest one-day percentage drop since January 23. Despite the decline, HSBC's shares rose 23.2% last year.
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