While Samsung has gained 17 percent since the end of June, the stock's price-earnings ratio of 11 is still 54 percent below its historical average, according to data compiled by Bloomberg.

Dongfeng trades at a 50 percent discount to the average valuation of global peers after the shares fell 22 percent since the second quarter, the data show. Hering shares, up 6.2 percent during the period, may gain another 16 percent in 12 months, according to the average of nine analysts' share-price estimates compiled by Bloomberg.

Emerging-market companies posted sales growth of 27 percent in the third quarter, about four times faster than in advanced countries, according to data compiled by Bloomberg. Profits in the MSCI developing-nation index climbed an average 2.7 percent during the period, compared with a decline of 0.3 percent in the MSCI World measure, the data show.

Fund Flows

Earnings will increase 14 percent to a record in the next 12 months, according to analyst forecasts compiled by Bloomberg. Price forecasts for individual emerging stocks suggest the MSCI index will advance to 1,190 in the next year from 909.94 yesterday.

The gauge's price-earnings ratio of 10.3 compares with the 15-year average of 16 and is lower than the MSCI World index's level of 12, according to data compiled by Bloomberg. The Hang Seng China Enterprises Index trades for 8.1 times profits, a 40 percent discount to its mean since 2001, the data show.

The decline in valuations is luring back mutual fund investors, who poured $7 billion into developing-nation equities in the past five weeks after three months of redemptions, according to data compiled by Cambridge, Massachusetts-based research firm EPFR Global.

"People gradually are getting comfort that we're heading to some kind of soft landing," Jonathan Garner, chief Asia and emerging market strategist at Morgan Stanley in Hong Kong, said in a Nov. 11 interview on Bloomberg Television. "There's a good chance the markets have already troughed for this cycle."

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