For HSBC, Apple competes with Louis Vuitton as well as Samsung

Luxury stocks are currently trading at valuations much higher than Apple's

As Apple prepares to start selling the $1,000 iPhone X, its most expensive smartphone yet, it seems reasonable to ask if it is still a technology company vying with the likes of Samsung Electronics, or has become a luxury stock.

The question has been raised by analysts at HSBC Holdings led by Erwan Rambourg.

“Young Asian consumers willing to spend $1,000 on a gift or a treat for themselves could look to Apple’s latest gadget,” they wrote in an October 31 note. “But alternatives could just as easily be a Louis Vuitton product, a trip, a stay in a luxury hotel, or