It would be difficult to describe the chief investment officer and head of emerging markets equity at JP Morgan Asset Management in London as a China bear.
Nor does Richard Titherington buy into the notion that China is blowing bubbles, according to a piece in AsianInvestor on Monday.
As the magazine reported (links/emphasis ours):
“I don’t think China valuations, either of equity or property, are bubble-like in general,” he says. “There are always individual property projects or stocks that are overvalued of course. It might become a bubble, but is not there yet.”
On average, Chinese price-to-earnings ratios are in the mid-teens, which he does not feel is excessive. Some stocks, such as China Mobile, have a P/E closer to 10x, and China P/Es range from 10x to 40x, he says.
“It’s still a market where stock selection is extremely important,” says Titherington. “When you look at previous bubbles, everything was overvalued, and that’s not the case with China.”
No comment from Titherington on matters of political and legal risk or censorship, however.
Related links:
China fund celebrates at conference – FT
China’s banks, more liquid-hot than ever – FT Alphaville
China vs America: fight of the century – Prospect
China Bans 78 Companies From Investing in Property – WSJ
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