The U.S. Federal Reserve struck a hawkish tone at its latest meeting and Treasurys have risen to multi-year highs .
According to Morgan Stanley, those conditions could put certain stocks in Asian and emerging markets at a disadvantage.
"We believe large cap growth stocks, particularly the low quality and unprofitable ones, could come under pressure," they said.
More specifically, those set to be "disadvantaged" are high-growth names "with low balance sheet quality" and low free cash flow yield.
Morgan Stanley had an underweight rating for Alibaba Health Information Technology , a Chinese integrated pharmaceutical services provider.
Persons:
Morgan Stanley, Meituan, Xero, CNBC's Michael Bloom
Organizations:
U.S . Federal Reserve, Sony, Hong, New, Nio, HK, Alibaba Health, Technology
Locations:
U.S, Hong Kong, New Zealand