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1、A P R I L 2 0 2 5Asia Market Outlook:2025 Q2Valuations are compelling,but uncertainties have heightened.Stay selective.Table of ContentsMorningstar Equity ResearchImportant DisclosureThe conduct of Morningstars analysts is governed by Code of Ethics/Code of Conduct Policy,Personal Security Trading P

2、olicy(or an equivalent of),and Investment Research Policy.For information regarding conflicts of interest,please visit:http:/ Wang,CFAAsia Equity Market StrategistKathy Chan,CFASenior Associate Equity AnalystM A R K E T O U T L O O K|A S I A E Q U I T I E S Q 2 2 0 2 5Individual Sectors and Top Pick

3、sBasic Materials and EnergyCommunication ServicesConsumer CyclicalConsumer DefensiveFinancial ServicesHealthcareIndustrialsReal EstateTechnologyUtilitiesMarket Valuation:Looking Ahead to Minimize Tariff VolatilitySector and Top Picks:Cyclicals Remain Undervalued38Junhao YangAssociate Equity AnalystM

4、orningstar Equity Research|3See Important Disclosures at the end of this report.Looking Ahead to Minimize Tariff VolatilityMixed Gains in Q1,Tariff-Related Losses at Start of Q2Asian markets were mixed in the first quarter.While China received support from DeepSeek and artificial intelligence excite

5、ment,sliding US markets,tariff risks,and uncertainty over further Federal Reserve rate cuts weighed on sentiment.Asia technology stocks fell in alignment with their US peers,partly offsetting gains in the cyclical sectors.That was the calm.The first seven days of April,as the US announced global tar

6、iffs,saw the Morningstar Asia GMI decline 10.3%from the March 31 close.Recession Risks LoomThe direct tariff impact is likely to be broad-based,but we see limited near-term substitution,so we expect a fair degree of the tariff costs to be passed on to customers.However,a decline in consumption and u