Vladimír Urbánek (Kurzy.cz)
Finance  |  September 02, 2010 13:36:51

After two years, once again surpass the valuation of equity markets in emerging markets mature


Stock titles in emerging markets is currently moving at higher valuations than the titles to the already developed markets. The average valuation of the MSCI Emerging Markets index is currently in the range of PE 14.1 and 1.9 compared to the value of net worth.
For the MSCI World, these values ??are 14.9 and 1.7.
A similar situation was recently in mid-2008. Then the index of emerging markets fell in the next 4 months and 48% MSCI World fell behind by 16 percentage points.

According to analysts, although similar to the current valuation of the state from mid-2008, but otherwise the situation is very different. Developing countries have smaller amounts of debt, have more companies and their revenue-GDP growing more than twice faster than in developed countries. Global investors SOU bull now in position to emerging markets and are moving in that direction more and more resources.According to some statistics, mutual funds have already moved in this year in emerging markets for 35 mld.USD, while those from developed withdrew about 28 mld.USD. Fully 38% of global investors in August raiser their shares in emerging markets.

The share of "emerging markets" the world's total capitalization at the end of August last year rose from 22 to a record 25%.

The MSCI Emerging Markets Index lost 2.2% in August and since the beginning of the year is almost zero. The MSCI World lost 3.9% in August and YTD is 4.9% minus.

The complete top 10 global markets in August from developing countries, led by the Sri Lankan markets (+9.6%) and Thailand (+6.7%).

It is expected that companies from the MSCI Emerging City next year will improve its economy by an average of 29% versus 28% in the MSCI World. The ratio of income from the property will be in their favor and 14.8 compared to 10.2%.

Long-term average for the last 10 years shows that the MSCI Emerging Index is moving at a discount of about 30% compared to the MSCI World.

In recent years also increasingly about the need to review credit ratings in emerging economies.

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