According to VinaCapital, the VN-Index is trading at an attractive 13x forward price-to-earnings (P/E) ratio valuation versus 15 per cent expected earnings growth, but that headline figure obscures a deeper discount: over 70 per cent of the market is trading below 10x P/E, a valuation that is consistent with past Vietnam stock market shocks. The market is trading as if Vietnam were experiencing an economic crisis – which is a sharp disconnect fr…
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