Mohd Rasfan | Afp | Getty ImagesSoutheast Asia markets could see a turnaround in 2024 on the back of cheap valuations and potentially high economic growth, after losing some steam last year, according to Maybank.
Improving growth, rising exports, a pick up in manufacturing and a better-than-expected outlook by Taiwan Semiconductor Manufacturing Company last week all mean that Southeast Asia markets are poised for a better year, said Thilan Wickramasinghe, head of research for Singapore at Maybank Investment Banking Group.
"Southeast Asia really is a bargain basement of markets, when it comes to valuations," Wickramasinghe told CNBC's "Street Signs Asia."
watch nowThe MSCI Southeast Asia index fell a little over 3% in 2023, compared with a more than 20% rise in the broader MSCI World index, whose top five constituents are U.S.-listed technology giants including Apple and Microsoft .
The MSCI's Southeast Asia index was trading at about 13.21x its 12-month forward price-to-earnings ratio, according to data from MSCI, as of Dec. 29, compared with a 16.57x forward P/E for the MSCI World index.
Persons:
Mohd Rasfan, Thilan Wickramasinghe, Wickramasinghe, CNBC's
Organizations:
51st Association of Southeast Asian Nations, ASEAN, Afp, Getty, Maybank, Taiwan Semiconductor Manufacturing Company, Singapore, Maybank Investment Banking Group, Apple, Microsoft
Locations:
Philippines, Republic, Korea, Singapore, Asia