Goldman Sachs is cautious on Chinese tech behemoth Tencent Holdings , removing it from its Asia-Pacific "conviction list" of top picks.
Goldman also removed Japan's Sumitomo Mitsui Financial Group and China's Sungrow Power Supply from its Asia conviction list for January, and added Kotobuki Spirits , JD.com and Iluka Resources .
The stocks are featured in the investment bank's "Conviction List - Directors' Cut," which it says offers a "curated and active" list of buy-rated stocks.
JD.com Goldman also added Chinese e-commerce player JD.com to its list, citing factors such as a growth pick-up and "significant room for further valuation re-rating."
Goldman has a target price of 7.7 Australian dollars ($4.79) on the stock, implying nearly 50% upside potential.
Persons:
Goldman Sachs, Goldman, Norihiro Miyazaki, JD.com Goldman, JD.com, Ronald Keung, Paul Yong, — CNBC's Michael Bloom
Organizations:
U.S . Department, National Defense, Sumitomo Mitsui Financial Group, Iluka Resources, Fukuoka Airport, Kansai International Airport, Tokyo Stock Exchange, Hong Kong Exchange, Hong, Resources, Australian Securities Exchange
Locations:
Asia, Pacific, Iluka, Japan, Kansai, U.S, Hong Kong