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From: Julius Wong9/28/2024 7:37:48 AM
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U.S. companies with the highest percentage of sales to China have outperformed this week

Sep. 27, 2024 10:43 AM ET
By: Monica L. Correa, SA News Editor

Klubovy

China's CSI 300 stock index ( ASHR) is up 10.8% week-to-date, and up 19% just in the past five days after China announced fiscal stimulus plans, and rate requirements cuts.

Some U.S. stocks are seeing a clear positive catalyst, with the S&P 500 excluding Technology (NYSEARCA: SPXT) companies with the highest percentage sales to China (about 29% sales to China on average) averaging a strong 9.1% week-to-date return, Wells Fargo equity analyst Christopher P. Harvey said in a note.

Here are the companies:

  • Las Vegas Sands ( LVS) – % Sales to China: 63%; WTD return: 15.3%
  • Wynn Resorts Ltd. ( WYNN) – % Sales to China: 47%; WTD return: 14.2%
  • Albemarle Corp. ( ALB) – % Sales to China: 30%; WTD return: 10.6%
  • Estee Lauder ( EL) – % Sales to China: 26%; WTD return: 18.6%
  • Tesla Inc. ( TSLA) – % Sales to China: 22%; WTD return: 6.7%
  • A. O. Smith Corp. ( AOS) – % Sales to China: 21%; WTD return: 7.7%
  • Borgwarner Inc. ( BWA) – % Sales to China: 21%; WTD return: 7.2%
  • Agilent Tech Inc. ( A) – % Sales to China: 20%; WTD return: 4.7%
  • MGM Resorts International ( MGM) – % Sales to China: 20%; WTD return: 2.7%
  • Aptiv Plc ( APTV) – % Sales to China: 20%; WTD return: 3.5%
In addition, the top 10 technology ( XLK) companies with the highest percentage of sales to China also outperformed, with an average of 5.8% week-to-date return. These companies “are often merely manufacturing pass-throughs,” said Harvey.

Here are the companies:

  • QUALCOMM Inc. ( QCOM) – % Sales to China: 62%; Period return: 2.2%
  • Monolithic Power ( MPWR) – % Sales to China: 51%; Period return: 6%
  • KLA Corp. ( KLAC) – % Sales to China: 43%; Period return: 6%
  • LAM Research ( LRCX) – % Sales to China: 42%; Period return: 9.6%
  • NXP Semiconductors ( NXPI) – % Sales to China: 33%; Period return: 4.5%
  • Corning Inc. ( GLW) – % Sales to China: 33%; Period return: 1.8%
  • Broadcom Inc. ( AVGO) – % Sales to China: 32%; Period return: 4.1%
  • Intel Corp. ( INTC) – % Sales to China: 27%; Period return: 9.5%
  • Applied Material ( AMAT) – % Sales to China: 27%; Period return: 9.1%
  • ON Semiconductor Corp. ( ON) – % Sales to China: 26%; Period return: 5.4%
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