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The five countries whose S&P/BMI stock index have the lowest forward P/E multiples, and for which there is a country ETF, are China (proxy GXC), Russia (proxy RSX), Brazil (NYSEARCA:EWZ), South Korea (proxy EWY) and Spain (proxy EWP).

The five countries whose S&P/BMI stock index have the highest forward P/E multiples, and for which there is a country ETF, are Chile (proxy ECH), Canada (proxy EWC), Indonesia (proxy IDX), India (proxy EPI) and Hong Kong (proxy EWH).

Twenty other countries have intermediate multiples.

The table below presents the trailing P/E, forward P/E and trailing P/CF for thirty countries, sorted from smallest to larges forward P/E multiple.

Note that the proxy funds generally do not track the same index for which the table provides multiples, but the data may be “close enough” to at least guide further study of the fund and the particular indexes that the various funds track.

click to enlarge

A recent prior article, presented the Economist Intelligence Unit country risk ratings for: country overall, sovereign debt, currency, and banking.

Securities Identified in This Article: EWP, EWC, EWD, EWH, EWG, EWL, EWS, EWT, ECH, EWQ, EWO, EWJ, CAF, EWY, EWU, EZA, EIS, EWM, EWW, RSX, EWP, EWI, EWZ, EWK, THD, EWZ, EGPT, EPI, IDX, TUR.

Holdings Disclosure: As of January 26, 2011 we hold positions in some but not all managed accounts for the following securities mentioned in this article: EWS, EWY, and RSX.

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Source: Which Non-U.S. Countries Have the Highest and Lowest Forward P/E Multiples?