Governance reforms should also support stocks with a low price-to-book value. In particular, profitability is improving for banks, where a high dividend yield of 3.5–4% provides a degree of defensiveness. We expect that outperformance to continue. While value stocks have underperformed year-to-date in much of the world, Japan is an exception, with the MSCI Japan Value Index rising 31% year-to-date. Japanese value stocks should benefit from both rising earnings and improving governance. We expect low-teens total returns over the coming 12 months. MSCI Indonesia’s forward price-to-earnings ratio of 13 times is one standard deviation below its 10-year average. Added to this, current valuations don’t reflect this brightening outlook. Indonesia’s increased positioning as an electric-vehicle hub also presents long-term opportunities.
Headline inflation has halved to 3%, boosting consumption potential foreign direct investment stands at the highest levels in at least six years and a move to a current account surplus has lowered risks. Investors have warmed to Indonesian assets in recent months. Indonesian equities look set to outperform, in our view. The Nifty 50 Index’s current price-to-earnings ratio of around 20 times is around 10% below the Modi-era average, with expected earnings growth of 12–13% next year, according to our estimates. Equity market valuations are not optically cheap but look fair, in our view. In addition, the country’s external vulnerabilities have eased, with inflation and the external deficit falling. Investor interest is rising-foreign institutional investor inflows of more than INR 1tr (around USD 12bn) in the second quarter of 2023 were the biggest since the fourth quarter of 2020, according to Bloomberg. We expect it to account for a fifth of global economic growth over the next three years (2022 to 2024), and it's set to overtake Japan to become the world’s third-largest economy by the end of the decade. India is already the world’s most populous country.
#China remote production management service drivers
India’s market is an effective complement to Chinese stock exposure given different drivers for potential gains in the two markets.
Retail sales also accelerated and topped forecasts.Īlthough data also pointed to continuing headwinds for the housing market, with new home prices falling at the fastest pace in 10 months, the releases reinforce our view that stimulus measures are supporting activity.īut while we remain most preferred on China equities, there is more to investing in Asia than just China. The nation’s industrial production rose 4.5% in August from a year earlier, up from 3.7% in July and above the 3.9% consensus forecast of economists. Prisma Access China released, providing cloud-delivered security and network access to help you secure your multinational hybrid workforces and remote locations across mainland China without the need for additional hardware.China’s economy showed signs of stabilizing after a prolonged period of undershooting expectations. See the 4.0 release notes for more information.
Prisma Access 4.0 Preferred offers many exciting new features, including PAN-OS 10.2 support, support for 400 remote network sites per IPSec termination node, and new and updated locations. This protects users with always-on internet security while providing on-demand access to private apps through a third-party VPN, GlobalProtect with Prisma Access, or an on-premises NGFW.Īll new ZTNA Connector provides mobile users and users at branch locations access to your private apps using an automated secure tunnel, eliminating the need to set up IPSec tunnels and routing definitions to access your private apps. Prisma Access now supports explicit proxy connectivity for GlobalProtect 6.2. See the 4.1 release notes for more information. Prisma Access 4.1 Preferred provides you with more exciting features, including high-bandwidth private app access with Colo-Connect, traffic replication and PCAP support, and service provider backbone integration. Prisma Access 4.2 Preferred offers you credential phishing prevention support and user-based enforcement for Explicit Proxy Kerberos authentication, among other new features.
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