MMarch10,202411:52PMGMTUpdateChina–LargeAppliancesAsiaPacificMorganStanleyAsiaLimited++8522848-6502+8522239-7834What'saftertheRallyLillianLou+8523963-0149Stableearningsgrowthoutlook,stillresilientproductiondata,EquityAnalystIn-Linerelativelyattractivevaluation/yield,andfavorablepolicyLillian.Lou@morganstanley.comexpectationshaveledlargeappliancesstockstooutperformYTD.TheabovefactorsarelikelytocontinueinthenextfewHildyLingmonths,soweseeupsidesupportforvaluation.EquityAnalystKeyTakeawaysHildy.Ling@morganstanley.comWeexpectdomesticdemandgrowthtostaylowat~2%invaluein2024,withoutCindyGaofactoringinextraboostfrompotentialsubsidysupport.Concretetrade-inpolicies,withmoredetailsonsubsidieswhenexecuted,wouldResearchAssociateprovideupsidetoourgrowthforecasts.Cindy.XY.Gao@morganstanley.comLeadingplayersshouldcontinuetogainmarketsharedomestically.Overseasbusinessisastabilizingfactorforgrowthand/ormarginin2024.China/HongKongConsumerWeexpectminormarginupside,mainlyfromcontinuedefficiencyimprovement.AsiaPacificNear-termcatalysts:1)follow-upontrade-inpolicies;2)ACpeakseasonsalesIndustryViewtrend(volumeandpricing);3)dividendpayout;4)overseasmarketdevelopment.Exhibit3:SummaryofkeymetricsBackdrop:Largeappliancesstocksareup10-28%YTD,outperformingMSCIChina's-5%andtheChineseconsumerstockaverageof-5%.Weexpectfundamental202220232024...
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