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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessFinding Value in EM Markets: Malaysia, Chile and Indonesia are Currently 'Cheap' (Z-score)
- In this chart, we compute the z-score of P/B ratios of the 16 EM equity markets (15 countries + EM index - MXEF Index) using over 10 years of data (starting January 2010) and then rank them from 'cheapest' to 'most expensive' based on the distance between the minimum value and the current z-score.
- Interestingly, Malaysia and Indonesia appear as two of the 'cheapest' markets based on historical ranges.
- The two equity markets usually appear among the most 'expensive' ones using our value scoring method, which ranks equities markets based on a range of ratios at a specific time.
- Chile is currently the second 'cheapest' equity market as political uncertainty had been weighing on the CLP and domestic risky assets in 2021.
- At the top, India remains the 'most expensive' market among the EM world, with a current price-to-book ratio of 4 (vs. 1.85 for EM MSCI index).
- Hungary is the second most 'expensive' equity market with equities currently trading closed to their all-time high (all-time high in Hungarian equities was reached in early November 2021).
Source: Bloomberg/MNI
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.