Will Far Eastern economies come back within a year or two? If you think so, start looking at the cheap stocks there now. The Asian market meltdown last summer not only hurt overinflated stocks but also took its toll on good, solid companies. And despite a modest comeback from their lows in late August, several markets look cheap. Chinese stocks, for example, are trading at only 10 times their consensus forecast of 1999 earnings (as calculated by ibes Express). The Hong Kong market is going for 14 times the forecast. Contrast the U.S. s&p 500 index, at 25 times the composite forecast of 1999 earnings.
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