Global Bank Equity Specialist, Creative Portfolios

Paul Hollingworth

Global Bank Equity Specialist

Creative Portfolios

Thematic (Sector/Industry)

Argentina Financials / Thematic (Sector/Industry)

We take a deep look at EM banks within a global PH Score™  framework.After examining regions within EM, with our PH Score™ model rather than a top-down approach, we conclude that some jurisdictions have an edge over others.Favored jurisdictions include China, the Philippines, South Korea, Greece, and Pakistan though it is the individual stock that transcends geography. Conversely, we are less enthusiastic about Taiwan, the Middle East, Colombia,  Peru, big India, Brazil and Malaysia, and parts of Vietnam. There are some names within Poland, Turkey as well as South Africa which merit a watching brief on account of some tentative signs of better financial strength trends at the former and according to valuation at the latter two despite deep risks. We continue to view Asia as offering the best opportunities today on a combination of selective fundamental progression tied to valuation and technicals.

We take a deep look at EM banks within a global PH Score™  framework.After examining regions within EM, with our PH Score™ model rather than a top-down approach, we conclude that some jurisdictions have an edge over others.Favored jurisdictions include China, the Philippines, South Korea, Greece, and Pakistan though it is the individual stock that transcends geography. Conversely, we are less enthusiastic about Taiwan, the Middle East, Colombia,  Peru, big India, Brazil and Malaysia, and parts of Vietnam. There are some names within Poland, Turkey as well as South Africa which merit a watching brief on account of some tentative signs of better financial strength trends at the former and according to valuation at the latter two despite deep risks. We continue to view Asia as offering the best opportunities today on a combination of selective fundamental progression tied to valuation and technicals.

EM Banks: Opportunities & Risks