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Asian stocks trade at steep valuation discount to global peers

Thứ Sáu, 7 tháng 1, 2022
Asian stocks trade at steep valuation discount to global peers © Reuters. FILE PHOTO: A man stands in front of an electronic board displaying stock information at a brokerage firm in Hangzhou, Zhejiang province, China April 1, 2019. Picture taken April 1, 2019. REUTERS/Stringer

By Gaurav Dogra

(Reuters) - Asian shares' relative price valuations hit a more than 18-year low compared to their global counterparts last week, after regional equities dropped in 2021 due to investor concerns over slower growth amid COVID-19-induced curbs. The MSCI Asia-Pacific index's forward 12-month P/E ratio stood at 14.27 at the end of last week, compared with the MSCI World's P/E ratio of 18.31, according to Refinitiv data. That valuation discount of over 22% is the highest since at least June 2003, the data showed.

Graphic: MSCI Asia-Pacific and World index's PE, https://fingfx.thomsonreuters.com/gfx/mkt/jnpwejwqepw/MSCI%20Asia-Pacific%20and%20World%20index's%20PE.jpg Shares in Hong Kong, China and South Korea were the cheapest in the region, with each market having a forward 12-month P/E ratio of less than 11.

Graphic: Valuations of Asia-Pacific equities, https://fingfx.thomsonreuters.com/gfx/mkt/byprjmrzkpe/Valuation%20of%20Asia-Pacific%20equities.jpg The MSCI Asia-Pacific index shed 3.4% in 2021, compared with the MSCI United States' gain of 25.24% and MSCI Europe's 13.75% last year. The parts of the stock markets in Asia that do look cheap on headline multiples are sectors including banks, insurance, or property, said Toby Hudson (NYSE:HUD), head of Asian equity investments, ex-Japan, at asset manager Schroders (LON:SDR).

"These sectors are typically beneficiaries of higher inflation and interest rates, so there may be opportunities for an improvement in returns in the medium term, if inflation is more than just a 'transitory' issue," he said.

"However, these industries face ongoing structural challenges from the rise of fintech and e-commerce in the region, which limits our enthusiasm." According to Refintiv data, analysts have cut the MSCI Asia Pacific index's 2022 earnings for the fifth consecutive month in December.

Graphic: Breakdown by country for estimates changes in last 30 days, https://fingfx.thomsonreuters.com/gfx/mkt/zdpxoqrmmvx/Breakdown%20by%20country%20for%20estimates%20changes%20in%20last%2030%20days.jpg Real estate and consumer sector firms were among those facing the biggest earnings cut in 2022 over the past month, the data showed.

Graphic: Breakdown by sector for estimates changes in last 30 days, https://fingfx.thomsonreuters.com/gfx/mkt/gdpzykwzrvw/Breakdown%20by%20sector%20for%20estimates%20changes%20in%20last%2030%20days.jpg "Although there is a catch up expected for Asian companies profit growth, COVID-19 related issues are bound to drag Asia's growth," said Alicia Garcia Herrero, chief Asia Pacific economist at investment manager Natixis. Graphic: Asian companies' estimated profit growth in 2022, https://fingfx.thomsonreuters.com/gfx/mkt/myvmnbgkdpr/Asian%20companies'%20estimated%20profit%20growth%20in%202022.jpg

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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