Nomura has hiked its exposure to Indian equities in its Asia exJapan portfolio and remains overweight on Indian stocks, despite expensive valuations. In a recent note, the global brokerage firm said India now commands a weight of 19 per cent in the above-mentioned portfolio as compared to 18.2 per cent in September 2023.
India, it said, is a large liquid market and remains a counter-weight to North Asia if a slowdown in the West occurs and China's recovery disappoints. India, Nomura believes, is home to several high-quality growth stocks albeit expensive, and is less exposed to global trade slowdown.
"Going into 2024, balancing between economic/earnings/political/easing/ sectoral cycles, structural growth prospects, geopolitical risks, and equity market liquidity, we prefer India. Structurally, we would be buyers on dips assuming political/policy continuity, and Korea and China (both tactically into Q1 at least). In ASEAN, our preference is Thailand (we remain neutral), while we downgrade Indonesia to underweight," Nomura's Chetan Seth, Anshuman Agarwal and Ankit Yadav wrote in the note.
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