Zurich-based Clariden Bank expects the Far East ex-Japan to remain as the world"s fastest growing re...
Zurich-based Clariden Bank expects the Far East ex-Japan to remain as the world"s fastest growing region in 2004.
The bank says its growth was dependant on global growth continuing to gain traction. But, less well noted has been that five out of the nine economies in the region are holding elections this year.
As a result, Colin Choo and Lim Chew Hwee, joint fund managers of the Clariden Asia Pacific Equity Fund, say they "expect pro-growth measures to be meted out by these governments".
The managers were unconcerned about valuations in the region, despite the growth seen last year. "Regional companies continue to trade attractively against their global peers and their own historical records. We expect the valuation discount to narrow given the favourable growth environment, high domestic savings pool and improved corporate governance. Dividend yields also remain superior."
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