飞行的荷兰人：亚洲的AI 3与Mag 7

Asia Magnificent7arelargerandfarmoreliquidthanAsia's3topAlplays, but both groups now dominate indices to a similar degree Head of Equity Strategy,Asia PacificThe Hongkong and Shanghai Banking Corporation Limitedneraldvanderlinde@hsbc.com.hk+85229966575Prerna Garg* • Asia Trident stack up well on earnings, cash flow, and capexversus the Mag-7... Asia Equity StrategistThe Hongkong and Shanghai Banking Corporation Limitedgarg@hsbc.com.hk+85298316901AdamQi* ...andevenaftertherecentrun-up,Asiavaluationsstill lookvery low versus both the Mag-7 and their own average Associate,EquityStrategyThe Hongkong and Shanghai Banking Corporation Limitedadam.x.l.qi@hsbc.com.hk+85222889311Varun Pai The topthreeAlTech hardware names in Asia have been the preferred namesforinvestors,outperformingtheirUScounterpartssignificantlysince end-2025.Thequestion we ask now is can this go further? We answer this by comparing theirperformance,liquidity,profitability,andvaluations. AssociateBangalore Size and performance.The Magnificent 7 in the US dwarf the big three Alhardwarenames in Asia-SK Hynix,Samsung Electronics,TSMC-whichwe label the AsiaTridentinsize.ButtheAsianstockshave massivelyoutperformedMag-7since end-2025. As a result, both the Mag-7 and Asia Trident now account for roughly 30% oftheir respective indices in the US and Asia ex Japan. *Employedbyanon-USaffliateofHSBC Securities(USA)Inc,andisnot registered/qualified pursuant to FINRA regulations Liquidity.On an absolute basis, the Mag-7 traderoughly 6xmore than Asia's threestocksaday.Thisisdespitethebigand growing retailinvestorbase inAsia.AsiaTrident account for just 7% of region's turnover, versus 23% for the Mag-7. In otherwords,Mag-7firmsaremateriallymore liquidthantheseAsiatechhardwarenames. Valuations. That liquidity gap partly explains the valuation differential. Asia Tridenttrade on lowermultiples, with a 12-month forward Factset consensus P/E of~10x,broadlyinline withtheir ownhistory.By contrast,theMag-7tradeat27x ona12-valuations, but unlike Mag-7, Asia Trident also trade at a deep discount to its broadermarket'sownhistoricalaverage. Growth and cashflow.Mag-7 earnings are expected to grow by 32% this year asper Factset consensus. That's a solid number, but it's stilless punchy than the bigthree in Asia, where earnings are expected to triple per Factset consensus. Growthexpectations aremovingupforbothgroups.Onanabsolutecashflowbasis,thetwogroups look broadly comparable. The difference is in the mix: for the Mag-7, a lot ofthe cash flow is being driven by Nvidia and Apple, and they're not spendingaggressively.In Asia, it is more evenly supported-all three companies aregenerating strong cashflows.TheirROEs are also comparable, but history tells us,profitabilityin Asiatend to be more cyclical. Issuer of report: The Hongkong and ShanghaiBanking Corporation Limited Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications inthe Disclosure appendix, and with the Disclaimer, which forms part of it. View HSBC Global Investment Research at:https://www.research.hsbc.com What Mag 7 tells about AsiaTrident + Mag-7 is bigger, trades more but dominates the Us index as muchasAsia'sAlbig3hardwareAlplaysdominateAsiaexJapan+Asianstocks comparefavourablytotheMag-7 onearningsgrowthcashflow,capexandROEs+ Yet, Asian valuations are a fraction of the Mag-7's, allowing moreroomfor expansion Magnificent7vsAsia'sAlTrident In this note we make a quick comparison between the Magnificent 7-"Mag-7"for short andwhich includes Microsoft, Alphabet, Amazon, Meta, Tesla, Nvidia and Apple -with the threelargest beneficiaries of Al in Asia. The latter we neatly name the “Asia Trident" and includes SKHynix and Samsung Electronics in Korea and TSMC in Taiwan. While Asia Trident dominate inmaking memory and logic chips, Magnificent 7 are much more diversified in operationsspanning across businesses such as chip designing,e-commerce, cloud computing, digitalmedia and EVs. In this report, we have constructed equal weighted indices with these two groups of names andmakecomparisonsbetweenthem. Let'sfirst startswiththesize.The seven inthe USareabout5xlargerthanthethree inAsia 2.Mag-7 outperformed Asia Trident until2025, but since then Asia Trident hasrallied, becomingthepreferred names forAl plays investor base in Asia. Asia Trident accountfor just 7% of region's turnover, muchsmaller than Mag-725% with its daily turnover about 1/6th of theMag-7 7. There is also a considerable gap ingrowthexpectations.EarningsforAsiaareset to triple this year, growing much fasterthantheUScounterparts 6.This to some extent also explains thevaluation differential.Asia Tridenttradeatlowermultiples.Thankstolargeliquidityand big pool of capital, US stocks ingeneral trade at higher valuation cashflows.Both sets are expected togeneratecUSD400-500bnofcashannuallyin2027eFCF (USDbn) coming fromNvidia&Apple(given theirlowercapex).That'snotthecaseinAsiaall 3have strong c