from me to fundsupermartSubject:accuracy of singapore valuations on fundsupermart.comhi,Hope you can clarify some issues i have after viewing your site.As mentioned onhttp://www.fundsupermart.com/main/articleFiles/Sector_Reviews/SG/en/pdf_Singapor\\e.pdfyou say"the Singaporean market is priced at about 15.5X and 14.2X for 2007 and2008 respectively"however in the attached file (citigroup research ) i see a p/e near 20.also we have for the msci singapore etfhttp://www.ishares.com/fund_info/detail.jhtml?symbol=EWSEWS has a p/E of 19.9 a p/book of 2.83 on 31/1/2007 with nav 11.65So which number is correct, if we use the P/E of 20 as reported bycitigroup and the MSCI etf then singapore is overvalued.-MeFund supermart repliesHi returntomean,Thanks for your qn.Just wish to first highlight on the date of the link that you sent tous: it is actually dated January 2007 and it is a report that we updateevery month end. So the data is as at end December 2006.The report that you highlighted was dated on 23 February 2007, and onthat day the STI was at 3310.44 (before the recent correction). Based onthe figures by us, estimated PE at such levels is at 17.1X for 2007 and15.7X for 2008. The PDF files that you sent us, if you look at PE for2007 is at 18.4X. Usually we usually look at the PE for 2007 rather than2006 as earnings for 2006 is typically less representative of themarket after the year has passed.Even though that is the case, there is still a difference of 1.3X, thisdifference can be explained because perhaps Citigroup and us usedifferent earnings growth forecasts that differs from our ownmethodologiesof deriving the figures.As at end 28 Feb (after the market corrected), estimated PE is at 16.1Xfor 2007, the index is at 3104.15. Our report as at end Feb will be outnext week. You can click on this link:http://www.fundsupermart.com/main/articleFiles/Sector_Reviews/SG/en/pdf_Summary.\\pdfto get an updated summary of the est PE.Tks
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