The document provides an analysis of the valuation spread across non-financial sectors in emerging markets (EM) compared to developed markets (DM). It highlights that energy is a cheap EM sector relative to returns compared with DM, while consumer discretionary, IT, and telcos also appear better valued. In contrast, healthcare and consumer staples are more favorable in DM. The document includes a table comparing EM and DM by sector in terms of price-to-book value (P/BV) and return on equity (RoE). It also discusses the convergence of margins between EM and DM and the impact on RoE.
doj/DataSet10/EFTA01451031.pdf
{"title":"GEM Equity Strategy Outlook 2014","document_date":"December 2013","document_type":"tabular","key_locations":["London"],"document_subtype":"financial report","key_organizations":["Deutsche Bank","Bloomberg Finance LP"],"reference_numbers":["DB-SDNY-0107148","SDNY_GM_00253332","EFTA01451031"]}