Since the release of ChatGPT in late 2022, AI has been a dominant theme in global markets. Investors have piled into AI stocks, sending companies such as Nvidia , Intel , Samsung , TSMC and SK Hynix to dizzying levels. However, that has also led to concentration risk, particularly in Asia, with HSBC saying more than half of index returns on the FTSE Asia ex-Japan index were driven by TSMC, SK Hynix and Samsung Electronics. “There are risks to such a concentrated rally. Everybody owns the same stocks,” the bank said in a note on Tuesday, adding this focus on AI was causing some “market dislocations and, in some cases, is pulling attention away from other growth themes.” Shedding light on names beyond AI, HSBC has identified 10 “forgotten gems” in Asia, picking out companies that have generated high return on equity, gained market share while remaining highly profitable and paying out strong dividends. Here is HSBC’s full list: Among the companies are the Hong Kong Exchange , South Korean food manufacturer Samyang Foods, and Indonesian telecommunications provider PT Telkom. HSBC also chose Fuyao Glass Industry , the world’s largest automotive glass manufacturer, highlighting its scale. “In our view, the market is undervaluing Fuyao’s growth runway and margin resilience, as well as the broader shift in global competitive dynamics that are playing out in its favour,” HSBC’s analysts wrote. The company holds about a 70% share of the Chinese market, and is also gaining share internationally, helped by its manufacturing presence in the US and a broad product portfolio anchored in China, the bank stated. Another “forgotten gem” on HSBC’s list is WuXi AppTec , a China-based contract research, development, and manufacturing organization, or CRDMO. CDMO revenue, which refers to the development and manufacturing of drugs, rose 11% growth in 2025 and the analysts expect growth to pick up further in 2026, driven by solid customer demand and ongoing global capacity expansion in Singapore, the European Union and the U.S. WuXi AppTec guided for a revenue growth of 18%–22% for its continuing operations in 2026, the analysts noted. “We think this growth runway can reasonably last another two-to-three years,” they added. HSBC also named Indian real estate developer Godrej Properties , and said that while Indian developers’ stocks have been under pressure due to a broad moderation in market appetite, premium demand remains strong. Godrej Properties is one of the few real estate companies in India with a cross-country presence, deep balance sheet, brand strength, and experience in sourcing and selling large projects, HSBC said. As such, it is well positioned for market share growth, according to the bank. “We expect strong deliveries to translate into reported profitability, improved collections, and strong cash flows,” the analysts wrote.
