巴西與中國之比較

主要要點:
1. 巴西股票市場P.E.係13.2, 而中國上證綜合指數P.E.係17.9
2. 巴西經濟相對合理及可持續. 因為巴西資源非常豐富, 並不需要向外買入資源.
3. 中國需要向外買入油, 鐵礦及食物.


Jan. 25 (Bloomberg) -- Brazil’s economy is “more sustainable” than China’s because its exports of raw materials from metals to crops make it more resilient, investor Mark Mobius said.
The valuation of the benchmark Bovespa stock index “is not excessive,” Mobius, chairman of Templeton Asset Management Ltd., told investors in Bangkok today. The gauge trades at 13.2 times estimated earnings, compared with 17.9 for the Shanghai Composite Index, according to data compiled by Bloomberg.
“Brazil’s economy is more sustainable because they don’t have to import anything. China has to import oil, iron ore and foods,” said Mobius, who oversees $34 billion of developing- nation assets at Templeton Asset. “Brazil is in a situation where it has tremendous resources. Not only mineral resources, but agricultural resources.”
Global equities tumbled last week after higher-than- expected economic growth in China fueled concern the fastest- growing major economy will raise borrowing costs to keep its economy from overheating. Brazil’s index, which fell the most in three months on Jan. 22, remains 72 percent higher over the past year, as record-low interest rates and government stimulus plans helped pull the economy from a recession.
The Bovespa stock index surged 83 percent last year, the most since 2003. China’s Shanghai Composite climbed 80 percent.
Valuation
The Bovespa index’s price-earnings multiple is the lowest among the key gauges in Latin America, according to data compiled by Bloomberg.