American firm Citigroup's revised Focus List Asia of 18 corporates, released on Friday, showed only three Indian companies - Aurobindo, Axis Bank and Reliance Industries Ltd (RIL) - in the list revised from 13 to 18 stocks.
"We have revised and expanded our Focus List from 13 to 18 stocks, comprising six old names and 12 new," Citi Research said in a report.
"Tencent, Ping An Insurance, Bank of China, DBS Group, Samsung Electronics, and LG Chem have been retained," it said.
"Sands China, CR Land, TSMC, Largan, Axis Bank, Reliance, Aurobindo, AmorePacific, Bangkok Bank, Ayala, Tenaga, and Astra Intl have been included," it added.
Citi said seven stocks exit the list - CSPC Pharma, Dalian Wanda, CK Hutchison, HDFC Bank, Lupin, Bank Rakyat, and Advanced Info.
The Citi Focus List Asia showcases Citi analysts' strongest 'Buy' ideas for the next 12 months, in line with its rating system, and presents a summary of the investment theses, valuations and risks for the stocks, the US agency said.
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"The focus list highlights liquid names in which investors can readily build positions," it said.
"Our focus list this time has 18 of our Buy-rated stocks with sizeable liquidity and market cap. Liquidity factors mean some names with higher return expectations are excluded," it added.