Asia Insight

Stay up-to-date with what’s happening in Asia

Blackfriars Asset Management

Asia Insight

October 2018

In this issue
  • Asia ex trades at 1.2x PBR for the fourth time in 20 years
  • Except for China, global emerging markets leverage very low
  • Titbits on US corporate leverage and huge intangibles on balance sheet
  • Asia trades at huge and unjustified discount to MSCI World and MSCI US
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Previous Asia Insight

September 2018
• Macro headwinds persist
• Chart of the year – change in global trade patterns
• Indian NBFC default. Tough but manageable
• Period of seasonal weakness (almost) over
August 2018
• Generally solid 1H results announced
• Trade and other macro fears persist
• Valuations remain supportive
July 2018
• Trade wars rattle markets
• Asian domestic demand booming
• Encouraging earnings results across the region
• Valuations remain very reasonable
June 2018
• Downdraft – rising interest rates, a strong dollar and trade fears to blame
• Modi’s policies – signs of success
• Yield curves – an inverted curve coming your way
• Someone tell Trump - China posted a 1Q18 current account deficit