But discounts are narrowing. Brazilian stocks' 33 percent rally this year leaves them trading at 12 times forward earnings, well above historical averages despite messy domestic politics and an economy shrinking up to 4 percent this year.
"If you look at the underlying state of the economy, it's in absolutely terrible shape. You've seen multiple expansion but there's no sign that earnings will support that higher multiple," Aviva's Ballard said.
Emerging earnings overall are headed for a fifth year in recession, Morgan Stanley says, predicting a 7 percent drop in 2016.
Still, the sector increasingly has fans.
Devan Kaloo, head of emerging equities at Aberdeen Asset Management, says that while EM earnings slipped 3 percent last year in dollar terms, they grew 10 percent in local currency once resource companies are stripped out.
And BAML argues that 40 percent of emerging currencies are at their most competitive levels ever in trade-weighted terms and this should presage at least some export and trade benefits.
It added: "Our analysts are more bullish than . . . the consensus on emerging earnings growth for the first time in five years."