Can Asia decouple from the US correction?

SINGAPORE (Feb 15): As of last Friday, US price-to-book (P/B) valuations have fallen from a high of 3.48 times to 3.18 times or 3% above the historical average, according to a recent strategy report by Credit Suisse’s equity research team.

Further, the MSCI Asia ex-Japan’s (MXASJ) P/B has dropped from a high of 1.87 times to 1.7 times, below the historical average of 1.77 times, while return on equity (ROE) runs above the historical average of 11.2% at 11.6%.

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