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    STAN   GB0004082847

STANDARD CHARTERED PLC

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Analysts' 2022 outlook for Chinese assets

12/01/2021 | 11:50pm EST
FILE PHOTO: A view of the city skyline from the Shanghai Financial Center building

 
    SYDNEY, Jan 13 (Reuters) - Investment houses have started
publishing their predictions for Chinese asset prices in 2022
following a bruising year for the financial markets.
    The Hang Seng equity index has gained about 4.4% so
far this year after losing more than 14% in 2021.
    The MSCI China index rose nearly 3% after
wiping out 23% of its value last year, against a 17% rise in
world stocks during the same period.
    On Jan. 13, the Hang Seng was at 24,422, MSCI China at
86.082 and the blue-chip CSI300 index at 4,818.8.

    Here is a summary of some forecasts for Chinese assets at
the end of 2022:
 
 INVESTMENT  HANG SENG   MSCI CHINA  CSI300   USD/CNY
 HOUSE       TARGET      TARGET      TARGET   
 Goldman                        105    5,500  6.2
 Sachs                                        (12-month
                                              forecast)
 Morgan          25,000          95    5,300         6.4
 Stanley                                      
 Barclays                                            6.5
 HSBC            28,030                5,600            
 Standard                                            6.5
 Chartered                                    
 
    KEY COMMENTS:
    
    * GOLDMAN SACHS
    "We believe Chinese stocks will have a better year in 2022
as the market recovers from a major correction and transitions
into a 'hope' phase, where P/E expansion typically trumps weak
fundamental growth and drives strong equity gains."
    
    * MORGAN STANLEY
    "MSCI China has had its worst ever relative performance
drawdown versus broad emerging markets in 2021 ... despite such
a record underperforming year, we still see some lingering risks
skewed towards higher volatility or more downside in the near
term. This makes us believe that now is not yet the right time
to go bullish at a broad index level."
    
    * HSBC
    "We think markets have been overzealous in selling Chinese
stock ... most funds are underweight and as the focus returns to
growth in China, we think this market will roar back."
    
    * Credit Suisse
    "Amid the expected relatively friendly policy environment
and reasonable liquidity, we remain constructive on China
A-share markets, despite the possible negative impact from the
expected Fed's tightening cycle. The Hong Kong stock market is
likely to have a bigger impact from overseas macro and market
volatilities, while we expect sector rotation could tilt back
towards growth."

 (Reporting by Tom Westbrook and Winni Zhou; Editing by Rashmi
Aich, Shailesh Kuber and Shounak Dasgupta)
  

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 0.77% 203.85 Delayed Quote.8.85%
BELIEVE 1.26% 14.504 Real-time Quote.-14.74%
CREDIT SUISSE GROUP AG 1.31% 8.686 Delayed Quote.-2.10%
HSBC HOLDINGS PLC 3.04% 538.3 Delayed Quote.19.98%
MORGAN STANLEY 0.98% 101.15 Delayed Quote.3.05%
MSCI CHINA (STRD) -3.24% 79.911 Real-time Quote.-1.16%
MSCI CHINA A (STRD) -2.67% 2392.055 Real-time Quote.-4.94%
STANDARD CHARTERED PLC 4.47% 547.4 Delayed Quote.21.81%
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Financials (USD)
Sales 2021 14 830 M - -
Net income 2021 2 436 M - -
Net Debt 2021 - - -
P/E ratio 2021 9,70x
Yield 2021 2,25%
Capitalization 22 515 M 22 528 M -
Capi. / Sales 2021 1,52x
Capi. / Sales 2022 1,43x
Nbr of Employees 82 084
Free-Float 93,6%
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Number of Analysts 23
Last Close Price 7,31 $
Average target price 8,02 $
Spread / Average Target 9,74%
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William Thomas Winters Group Chief Executive Officer & Executive Director
Andrew Nigel Halford Group Chief Financial Officer & Executive Director
JosÚ Vi˝als Group Chairman
Roel Louwhoff Group Chief Digital & Technology Officer
David Whiteing Group Chief Operating Officer
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