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Are emerging market equities cheap?

For investors, the real story is not so much in the aggregate valuations but in the very considerable valuation differences across regions, countries and sectors.

WITH the 20 per cent gain in the MSCI Emerging Markets Index since its low on Jan 21, 2016, investors may worry that the opportunity to invest in emerging market equities at the point where valuations are the most attractive has been lost.

Forward price-earnings ratios have indeed jumped...

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