The V-shaped recovery in Asian equity markets suggests that the region has fared relatively well compared with others. That may ring true given the lower infection rates, fewer deaths and less economic damage incurred by North Asian economies such as Taiwan, Korea and China, but the experience of these countries is not comparable to those of Southeast Asia and India, which have had less success in containing the virus.
We think the best approach is to invest in companies that are worth more than the market believes. We are looking for new stocks trading at significant discounts to our estimate of fair value, with deep discounts currently available in more cyclical areas of the market, where there is less confidence in the pace of recovery.
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