Asia ex-Japan 2024 Outlook: compelling valuations and fundamentals

T. Rowe Price sees compelling stock valuations and fundamentals in various parts of Asia ex-Japan, which supports our constructive view from the bottom up as we enter 2024. In China, pockets of cheap valuations, secular growth opportunities in electric vehicle and green energy supply chains, and an import substitution trend have our attention. India’s robust economy is a bright spot. More meaningful for Taiwan and South Korea is the technology hardware cycle, which we think is on a path to recovery.