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Asian stocks' relative valuations to global peers at 14-month low

(Reuters) - The relative price valuations of Asian equities compared with their global peers are at a near 14-month low, data showed, after their lacklustre performance due to...
Asian stocks' relative valuations to global peers at 14-month low © 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

(Reuters) - The relative price valuations of Asian equities compared with their global peers are at a near 14-month low, data showed, after their lacklustre performance due to worries over slowing growth and the spread of the Delta-variant of coronavirus this year.

According to Refinitiv data, the MSCI Asia-Pacific index's forward 12-month P/E ratio stood at 14.9 compared with the MSCI World's P/E ratio of 18.46. That near 20% valuation discount is the highest in 14-months, the data showed.

MSCI Asia-Pacific and World index's PE

To view the graphic, click here: https://fingfx.thomsonreuters.com/gfx/mkt/znpneewjdvl/MSCI%20Asia-Pacific%20and%20World%20index's%20PE.jpg

MSCI Asia-Pacific index's estimates change

To view the graphic, click here: https://fingfx.thomsonreuters.com/gfx/mkt/myvmnnermpr/MSCI%20Asia-Pacific%20index's%20estimates%20change.jpg

The MSCI Asia-Pacific index is up just 3.37% this year, compared with the MSCI United States' gain of 19.7% and MSCI Europe's 12.9% this year.

The Asia-Pacific index has, however, gained 4.4% in the past two weeks, on rising hopes that the U.S. Federal Reserve is likely to delay the start of tapering its asset purchases and maintain its expansive monetary policy for the near-term.

"U.S. equities had an incredible run so far leading to almost 35% premium over Asian equities, higher than the average discount over the past 20 years," said Sean Taylor, chief investment officer for APAC at DWS.

"We could see a reverse in trends next year with the rest of world moving towards tighter monetary policy driven by strong recovery and inflationary pressure while China increases fiscal spending with more liquidity provision."

Some analysts said Asian stocks are attractive at these levels and could stage a turnaround due to the recent pick up in vaccinations and a rise in domestic consumption levels in the region.

"Asian equities are under-owned by institutional investors. Within EM, investors are underweight EM Asia and overweight Latin American equities," said Manishi Raychaudhuri, Asia-Pacific equity strategist at BNP Paribas (OTC:BNPQY).

"Given Asia's stronger growth outlook, listed presence of tech and consumer megatrends and lower balance sheet risk, such a stance in favour of Latin America is surprising to us," he said."

China, Hong Kong and South Korea have the lowest P/E ratios the data showed.

Valuation of Asia-Pacific equities

To view the graphic, click here: https://fingfx.thomsonreuters.com/gfx/mkt/gdvzyyxnypw/Valuation%20of%20Asia-Pacific%20equities.jpg

Sectorwise, financials and real estate are the cheapest in the region.

Meanwhile, Asian firms continued to receive earnings upgrades in August, data showed, which highlighted sustained hopes of an earnings recovery in the region.

Breakdown by country for estimates changes in last 30 days

To view the graphic, click here: https://fingfx.thomsonreuters.com/gfx/mkt/gkvlggoegpb/Breakdown%20by%20country%20for%20estimates%20changes%20in%20last%2030%20days.jpg

Breakdown by sector for estimates changes in last 30 days

To view the graphic, click here: https://fingfx.thomsonreuters.com/gfx/mkt/movanngrkpa/Breakdown%20by%20sector%20for%20estimates%20changes%20in%20last%2030%20days.jpg

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APPROVED BROKERS
Row 1 Left net_home_top Row 1 Right Row 2 Left Row 2 Center Row 2 Right Main Right TOP 07 Main Right TOP 06 Main Right TOP 05 Main Right TOP 04 Main Right TOP 03 Main Right TOP 01
28-09-2021 05:49:09 (UTC+7)

EUR/USD

1.1696

+0.0002 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (4)

EUR/USD

1.1696

+0.0002 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (4)

GBP/USD

1.3701

+0.0006 (+0.05%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

USD/JPY

111.00

-0.01 (-0.00%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

AUD/USD

0.7286

0.0001 (0.00%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

USD/CAD

1.2627

0.0000 (0.00%)

Summary

Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (3)

Sell (3)

EUR/JPY

129.82

+0.04 (+0.03%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

EUR/CHF

1.0828

+0.0006 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (1)

Gold Futures

1,751.05

+1.20 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Silver Futures

22.640

+0.003 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

Copper Futures

4.2775

-0.0022 (-0.05%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Crude Oil WTI Futures

75.39

-0.02 (-0.03%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

78.62

+0.01 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (4)

Sell (1)

Natural Gas Futures

5.925

+0.065 (+1.11%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

US Coffee C Futures

194.98

+0.63 (+0.32%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (0)

Euro Stoxx 50

4,165.48

+6.97 (+0.17%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

S&P 500

4,443.11

-12.37 (-0.28%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (9)

DAX

15,573.88

+42.13 (+0.27%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

FTSE 100

7,063.40

+11.92 (+0.17%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

Hang Seng

24,208.78

+16.62 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,281.79

+33.71 (+1.50%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

IBEX 35

9,002.90

+129.80 (+1.46%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (2)

BASF SE NA O.N.

64.740

+1.040 (+1.63%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (5)

Bayer AG NA

47.47

+0.99 (+2.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Allianz SE VNA O.N.

196.19

+3.85 (+2.00%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (2)

Adidas AG

278.80

-2.77 (-0.98%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Deutsche Lufthansa AG

6.561

+0.328 (+5.26%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (2)

Siemens AG Class N

147.27

-0.84 (-0.57%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (10)

Deutsche Bank AG

11.120

+0.285 (+2.63%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (3)

 EUR/USD1.1696↑ Sell
 GBP/USD1.3701↑ Sell
 USD/JPY111.00↑ Sell
 AUD/USD0.7286↑ Sell
 USD/CAD1.2627Buy
 EUR/JPY129.82↑ Sell
 EUR/CHF1.0828↑ Buy
 Gold1,751.05↑ Buy
 Silver22.640↑ Sell
 Copper4.2775↑ Sell
 Crude Oil WTI75.39↑ Sell
 Brent Oil78.62↑ Buy
 Natural Gas5.925↑ Buy
 US Coffee C194.98↑ Buy
 Euro Stoxx 504,165.48↑ Sell
 S&P 5004,443.11↑ Sell
 DAX15,573.88↑ Sell
 FTSE 1007,063.40↑ Sell
 Hang Seng24,208.78↑ Buy
 Small Cap 20002,281.79↑ Sell
 IBEX 359,002.90Buy
 BASF64.740↑ Sell
 Bayer47.47↑ Buy
 Allianz196.19↑ Buy
 Adidas278.80↑ Sell
 Lufthansa6.561↑ Buy
 Siemens AG147.27↑ Sell
 Deutsche Bank AG11.120↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,665/ 5,715
(0/ 0) # 900
SJC HCM5,635/ 5,700
(0/ 0) # 885
SJC Hanoi5,635/ 5,702
(0/ 0) # 887
SJC Danang5,635/ 5,702
(0/ 0) # 887
SJC Nhatrang5,635/ 5,702
(0/ 0) # 887
SJC Cantho5,635/ 5,702
(0/ 0) # 887
Cập nhật 28-09-2021 05:49:11
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ↀ Giá vàng thế giới
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Sản phẩmVùng 1Vùng 2
RON 95-IV2204022480
RON 95-II,III2194022370
E5 RON 92-II2071021120
DO 0.05S1658016910
DO 0,001S-V1693017260
Dầu hỏa1564015950
ↂ Giá dầu thô thế giới
WTI$75.26-0.57-0.76%
Brent$79.40+0.460.57%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR25.993,7727.346,60
GBP30.324,2231.591,18
JPY200,45212,05
KRW16,7520,39
Cập nhật lúc 18:54:42 27/09/2021
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