India
2.0 Stars - Not Attractive
Macro Outlook
- India’s recovery looks increasingly fragile due to upside risks in inflation and an aggressive RBI.
- We expect stickier macro headwinds in the near-term, especially amidst cooling global growth and tighter financial conditions.
What we like about
- Secular growth opportunities remain intact with positive reforms and domestic tailwinds.
- Key beneficiary of the global supply-chain relocation from China.
Investment Risk(s)
- Further negative EPS revision is highly likely, with escalating domestic and global macro headwinds expected to weigh on firms’ profitability.
- Valuations remain frothy, putting equities at risk of de-rating. The likelihood of additional EPS downgrades will put greater pressures on valuations moving forward.
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