Aberdeen's Young: Value has dried up in Asia

Aberdeen Asset Management's Hugh Young has cautioned there is a lack of buying opportunities in Asia as earnings growth continues to slow down across the continent.

Young (pictured) said small-cap Asian equities in particular have become considerably more expensive over the past year, as investors move down the market cap spectrum. That follows a rotation out of large-cap defensives that had themselves become "expensive" in the eyes of many managers. Young, managing director of Aberdeen's £40bn Asia business, said small caps have now moved to trade at a small premium compared to their large-cap peers, making the area a less attractive entry point. "There is no longer stunning value in small caps in Asia, the space is no longer the fertile hunt...