Swiss investment bank, UBS has given its own list of top 10 stock picks in Asia for 2009, and surprisingly the list has only one Indian company, Bharti Airtel Ltd., India’s largest mobile-phone operator.
According to UBS, Asian markets would witness a rebound in 2009 due to better credit conditions and sudden rebound in global growth.
Currently Asian equities are at 1.11 times book value while the average is 1.6 times leading to view for considerable upside.
UBS is overweight on China, Hong Kong and Singapore while underweight on India, Malaysia and Taiwan.
Bharti Airtel qualifies for only Indian pick due to its balance sheet strength and is the best positioned mobile operator. Also it is a ‘high yielding stock with good cash flow’.
Other companies in the list includes Cathay Pacific Airways, China Mobile Ltd and United Overseas Bank Ltd. source