Toshihiko Takamoto, head of investment and senior portfolio manager of DIAM Singapore, takes a closer look at prospects for India, Malaysia and the Philippines.
The recent market sell-off has pushed valuations towards the low end with the forward P/E of Asia ex-Japan now at 11x. We believe commodities to be in a long-term bear market and as such Asia (ex-Malaysia) will support economic activities. This positive factor, together with monetary easing and structural reforms in two of Asia's major countries, India and China, should provide better investment opportunity. In Malaysia, the recent developments in the domestic and external sector and the 1MBD scandal continue to suggest the export dependent economy will not turn around anytime soon an...
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