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Asia’s technology sector is poised for growth in 2025, with valuations now reflecting elevated bond yields and early signs of earnings recovery, according to Bernstein analysts. The sector’s forward price-to-earnings (P/E) ratio of 21.5x and price-to-sales ratio of 2.4x align with its 10-year historical averages. Analysts believe the impact of higher bond yields has been priced in, positioning the sector for upside unless yields exceed 5%.
Key sub-sectors like internet, entertainment, and interactive media stand out for their attractive valuations and potential earnings support. Semiconductors, despite appearing expensive on revenue multiples, show promising earnings revisions driven by growing AI-related demand. Companies such as Taiwan Semiconductor Manufacturing (TSMC), SK Hynix, and Samsung Electronics are highlighted as top picks, supported by robust data center AI adoption.
The memory segment, though controversial, could see growth by mid-year. In contrast, IT services and software face challenges with peak valuations and limited earnings growth potential.
China’s internet sector began 2025 on a weaker note, weighed down by muted macroeconomic signals and geopolitical concerns. However, normalization of pessimistic valuations could spark a rebound. Tencent, Meituan, and NetEase are favored for their strong risk-reward profiles.
Overall, the broader tech sector recovery is supported by improving sentiment and valuation resets, while underexposure compared to other sectors reduces crowding risks. Bernstein’s outlook signals opportunities for investors seeking growth in Asia’s tech landscape.
