Asia ex-Japan -  
Europe -  
GEMs -  
Japan -  
US -  

Single Asian Country/Market Star Ratings

Australia -  
Brazil -  
China -  
Hong Kong -  
India -  
Indonesia -  
Malaysia -  
Russia -  
Singapore -  
South Korea -  
Taiwan -  
Technology -  
Thailand -  

At the end of each quarter, we review our calls on the various regional and single-country equity markets under our coverage to assess each market’s attractiveness as an investment proposition both on a standalone basis, as well as with respect to other markets. In our quarterly star rating exercise, we look at key valuation metrics like PE and PB ratios, expected earnings growth, as well as excess earnings yield to determine how attractive a particular market is. In addition, we consider the economic outlook utilising both consensus forecasts, as well as our own assessment of longer-term economic prospects. Our methodology not only incorporates both top-down and bottom-up forecasts, but also includes qualitative adjustments where necessary to achieve reasonable estimates of target upside for each market under our coverage over a 3-year horizon.