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Why JPMorgan Prefers Baidu, Alibaba & Tencent Over FANG Stocks

Tech stocks have propelled rallies in both the U.S. and Asian markets this year, but it’s the former that looks more vulnerable to a pull-back, says one of JPMorgan Asset Management’s top strategists.

In Asia, the biggest contributor to the 20% rally in Hong Kong’s Hang Seng Index this year is social media giant Tencent (700.HK), which itself is up 50%. Tech hardware names like Taiwan Semiconductor Manufacturing (2330.TW) and Hon Hai Precision Industry (2317.TW) have helped the Taiwan benchmark add 15%. In the U.S., Apple’s (AAPL) 30% ascent has supported a 9% rise in the Dow Jones Industrial Average.

That’s led to some lofty valuations: Tencent is trading at 36 times next...