The document discusses the relative value in the financial sector within emerging markets (EM) compared to developed markets (DM), highlighting low price-to-book valuations relative to return on equity (ROE). It notes a polarization of valuations within EM sectors, with financials and energy stocks undervalued and healthcare and consumer staples overvalued. The report suggests that potential catalysts for EM re-rating include faster global growth and improved governance, though it expresses skepticism about these occurring.
doj/DataSet10/EFTA01451023.pdf
{"title":"GEM Equity Strategy Outlook 2014","document_date":"December 2013","document_type":"tabular","document_subtype":"financial report","key_organizations":["Deutsche Bank AG"],"reference_numbers":["DB-SDNY-0107138","SDNY_GM_00253322","EFTA01451023"]}