is generally low despite market support measures announced by Beijing at the weekend.
Among the ASX 200, UBS has identified 35 "China plays". The list is dominated by resources companies but also includes strong representation from stocks in the food production and transport sectors .UBS analyst Richard Schellbach calculates that the average ASX 200 stock is now 11.3 per cent cheaper than before the COVID-19 pandemic based on an average price to earnings multiple of profits investors must pay for shares.
“Given the muted flows into Chinese equities, and emerging markets more broadly over the past few years, there is significant under-ownership by global and emerging market equity funds,” he says. “The creation of wealth in China, over the past generation has been epic,” Gave says. “Thirty-year old, high-earning single women buy luxury goods for themselves, they buy cosmetics.”
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