HOLT APAC Measuring the APxJ growth divide through HOLT Percent Growth

研报英文原文证据摘录

HOLT APAC Measuring the APxJ growth divide through HOLT Percent Growth

Global Research

16 July 2026ab

HOLT APAC Equities

Asia PacificMeasuring the APxJ growth divide through HOLT

Percent Growth Hock Leng Ng

HOLT Sector Specialist

hockleng.ng@ubs.com

+65-6212 3009

Across APxJ, growth expectations have become increasingly polarized, with Technology Raphael Lee

and Industrials now trading near the upper end of their 10-year ranges, while HOLT Sector Specialist

Communication Services, Consumer Discretionary and Consumer Staples remain close raphael.lee@ubs.com

to historical lows. This results in one of the widest dispersions in growth expectations +65-6212 3008

across APxJ sectors in the past decade.

This divide has been driven largely by investor optimism around AI. Within Technology,

growth expectations have expanded across semiconductors, AI infrastructure and

related supply chains. Industrials have also re-rated as investors price in stronger demand

for power equipment, electrification, automation and data-centre infrastructure. In

contrast, Communication Services, Consumer Discretionary and Consumer Staples

continue to trade at relatively low Percent Growth levels. Slower consumption growth,

softer demand from China and more mature industry structures have limited the

market's willingness to assign value to future growth opportunities.

Figure 1: Tech and Industrials have the highest growth expectations vs history

al

ri

st

du

In

d

n

h a

Tec

s ha ve the high est expectat ions vs h istory

growth

Source: UBS HOLT. APxJ stocks > US$ 1 bn in mkt cap (ex. China A-shares). Market cap weighted HOLT Percent

Growth. Samsung Electronics and SK Hynix are excluded from the Tech Sector aggregates. Sectors are sorted from