Valuations in Asia-Pacific ex Japan areas are attractive relative to global peers currently, as most of the economies in the region are beneficiaries of lower oil and commodity prices, being net importers.
However, some economies, such as Australia, Indonesia and Malaysia, have been impacted by the collapse of the commodity supercycle. Australia has seen a rotation from commodity to consumer sectors, which now look overvalued. Add to this the potential for a property price bubble, and Australia is not a market we are actively adding to. Our main focus is currently on the opportunities offered by India and China, which can be regarded as the growth engines of the region. India has strong growth potential, largely domestically driven. India's population is forecast to top that of China...
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