Rundt om det kinesiske aktiemarked: Kinesiske aktier billige, men måske for tidligt at gå ind

“Fresh stimulus news-flow is coming through and the Chinese-related indices could be due a bounce. Should one position for this? The new support measures might stabilize Chinese growth momentum, close to the 5% target, but could end up insufficient in helping drive any sustained upside. Structural concerns remain significant, with the lack of confidence by the private sector, and the adjustment in real estate continuing. Demographics is a constraint; fiscal and monetary space to act is limited; and the risk of Japanese-style stagnation remains real, with a housing double dip the base case. Our worry is that any rally might end up short-lived, and not lead to sustained medium-term gains”