Three reasons Jupiter is staying bullish on Asian stocks
Asia's tech giants are still raising prices on surging demand — Jupiter's Jason Pidcock and Sam Konrad explain why they remain more attractive than their US counterparts.
Asian equities have outperformed most other regions over the past two years, driven by earnings rather than rising valuations, according to Jupiter Asset Management's Jason Pidcock and Sam Konrad. The Asia Pacific ex Japan index trades on a 12.7x forward PE.
Visits to Taiwanese tech companies reinforced their conviction: demand for chips is outstripping supply, with TSMC, Samsung and SK Hynix raising prices and signing multi-year agreements. The managers see this continuing well into 2028, with growth shifting from large language models towards agentic and physical AI.
They also argue Asian tech looks more attractive than its US counterparts, trading on lower multiples with higher dividends, while US hyperscalers' rising capex is squeezing their own margins. The Jupiter Asian Income strategy holds around 45% in technology and 17% in commodities and defence.
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