Hi Selva, Hello again. I trust you did well by not buying into the Malaysian (for that matter, any) market since our last PM discussion back at the beginning of the year.
Thank you for the on-the-ground view of political developments in Malaysia.
I agree with you that SE Asian asset prices are extremely low now, including those in Malaysia, Thailand, Philippines, but not yet Singapore and Hong Kong. I am cautious on all SE Asian equities of manufacturing companies, unless what is being processed is food, as opposed to anything remotely electronic or electrical or textile. I believe the China abracadabra will make the SE Asian miracle of export manufacturing untenable in the long term, and a losing bet in the short term. SE Asia must focus tightly on some comparative advantages from this point on. I follow some banks, food processors, property investment firms, and will be buying some as soon as I think the US is close to the bottom. Sustained Asian equity recovery is unlikely before US hits bottom. My partners and I are now making a direct investment in Thailand beach land and intend to do a master plan, and try to interest any resort group to develop and manage same.
Chugs, Jay |
