Singapore: Asian consumer growth story looks promising in the long run, but India has become riskier for investment in the last few months, said a senior executive at prudential PLC's Asian assets management arm.
"There is no time to be sold, (Asian) markets are cheap enough, fundamentals are good enough for people to stay interested in equity markets," Ashish Goyal, chief investment officer of Asian equities at Eastspring Investments, told Reuters in an interview Thursday.
Goyal expected volatility but advised investors to take advantage of market weakness to add to their possessions. The MSCI Asia Pacific ex-Japan gained 12 percent so far this year, after dropping nearly 18 percent in 2011.
Previously known as prudential Asset Management, Eastspring manages approximately $ 80 million in assets, of which about $ 15 billion in Asian equities, managed by Goyal's team.
Goyal said the shaky government and the lack of clarity about rules for certain sectors were preventing investment from the private sector.
"India has become riskier in the last six months. They had a great opportunity that they missed, which was fiscal consolidation," said Goyal, who is responsible for a team of 20 investment professionals based in Singapore and Hong Kong.
The government has avoided bold reforms in its annual budget, opting for cautious steps to shore up growth and modest targets rein in bloated deficit.
Goyal joined prudential Asset Management in 1998 from India's ICICI Asset Management where he was a portfolio manager focusing on the Indian capital market.
He said there are still pockets of opportunities in infrastructure plays in India, as well as the banking and resources sectors in Indonesia. Sensex surged as 28 percent this year, but pared gains to be up to 13 per cent so far this year.
Despite the harsh environment, Goyal said, well run businesses in India, as a property firm Sobha Developers Ltd, and infrastructure plays like Reliance Industries stand to benefit from the country under-investment.
CHINA Exposure
Since investing in India have become more challenging and Chinese equities have been relatively inexpensive, Goyal said one Eastspring fund that invests primarily in both countries began to increase positions in China stocks in the last few months.
The S $ 1 billion ($ 794 million) Dragon Peacock Fund now has about 50 percent of its assets invested in China equities, compared with 47 per cent for India. Its top holding is Bank of China Ltd., while its largest Indian game is Infosys.
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Seeing Science Everywhere
11 years ago
