Fundamental Valuation in Emerging Markets 4 comments
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October, one of the worst months for stock markets, is over and Standard & Poor's have published statistics for major stock market indices. I picked a group of emerging markets from the S&P Global Equity Indices and added four fundamental indicators - Dividend yield, Price / Book Value, Price / Cash flow and Price / Earnings.
On average, for emerging markets as a group, dividend yield is 4.2, P/BV is 1.9, P/CF is 9.5 and FY1 P/E ratio is 9.5.
In comparison, U.S. dividend yield is 3.14, P/BV is 1.76, P/CF is 6.93 and FY1 P/E ratio is 11.8.
For both emerging markets and U.S. markets, this level of fundamental valuation has not been seen in decades. You can also check my last post about stock markets valuation two months ago, just before global sell-off had been triggered.
| Div.Y. | P/BV | P/CF | P/E | |
| Argentina | 1.8 | 1.2 | 4.3 | 5.5 |
| Brazil | 2.2 | 1.6 | 4.6 | 6.7 |
| Chile | 3.5 | 1.9 | 6.5 | 12.2 |
| China | 3.3 | 1.4 | 5.8 | 8.2 |
| Colombia | 2.3 | 1.1 | 8.6 | 12.8 |
| Czech Rep | 6.2 | 2.1 | 6.7 | 8.8 |
| Egypt | 5.5 | 1.7 | 5.1 | 6.8 |
| India | 1.9 | 2.1 | 8.0 | 10.0 |
| Indonesia | 5.3 | 1.6 | 5.4 | 7.2 |
| Israel | 4.0 | 1.6 | 7.2 | 10.1 |
| Jordan | 1.7 | 1.8 | 6.1 | 15.2 |
| Malaysia | 5.6 | 1.3 | 5.9 | 9.6 |
| Mexico | 2.1 | 2.0 | 4.9 | 9.5 |
| Morocco | 2.8 | 3.8 | 20.8 | 20.5 |
| Nigeria | 4.3 | 3.1 | 4.1 | 9.3 |
| Pakistan | 6.4 | 1.7 | 5.5 | 7.3 |
| Peru | 6.7 | 2.1 | 7.1 | 7.7 |
| Philippines | 4.3 | 1.3 | 5.1 | 9.9 |
| Poland | 5.4 | 1.3 | 5.5 | 7.5 |
| Russia | 2.7 | 5.8 | 81.7 | 3.5 |
| Slovenia | 2.2 | 1.5 | 11.5 | 12.8 |
| South Africa | 4.7 | 1.8 | 6.4 | 8.1 |
| Taiwan | 7.7 | 1.1 | 3.9 | 9.6 |
| Thailand | 7.7 | 1.0 | 3.8 | 5.5 |
| Turkey | 5.1 | 1.1 | 3.8 | 5.6 |
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jimrogers-investments....
Things changed really dramatically. My previous post is on 2 Sep and has data from end of July. S&P publishes fundamental data a bit delayed. You can check RSI on July with end of October.
On Nov 11 02:15 PM user278494 wrote:
> It seems to me you use wrong data on Russia.Your previous post is
> dated 2 September, 2008. Since then things have changed dramatically...