InvestStrat

Country Investment Guide

This guide uses the PEGY valuation ratio used by Peter Lynch but applied to a whole Country's market. This is a beta page and explanations of how the tables are formed and how the system works will follow.

Menu

 


COUNTRy INVESTMENT Guide

Past Valuations

Country Value and Growth Factors February 29, 2024


Country Value and Growth Factors February 29, 2024
Country 2023 Real GDP Projected Annual Growth Rate % Yield P/E Total Return PE/Total Return Price/ Book Value 4% Model Market Indicator Date 4% Trend Started Index Index YTD % Feb 29 2024
Argentina -2.8 1.13 8.16 -1.67 -4.886 0.9 Bullish Feb 18 2024 MSCI Argentina  3.44%
Australia 1.4 3.96 17.27 5.36 3.222 2.36 Bullish Jul 9, 2023 MSCI Australia USD -2.13%
Austria 0.8 6.76 6.11 7.56 0.808 0.88 Bearish Feb 4 2024 MSCI Austria  -4.47%
Belgium 0.9 2.46 20.90 3.36 6.220 1.59 Bullish Mar 13, 2022 MSCI Belgium 0.77%
Brazil 1.7 7.36 8.03 9.06 0.886 1.56 Bearish Jan 14, 2024 MSCI Brazil Net USD -5.66%
Canada 1.1 3.15 16.34 4.25 3.845 1.95 Bullish Mar 26, 2023 MSCI Canada Net USD -0.13%
Chile 1.6 6.65 8.39 8.25 1.017 1.3 Bullish Feb 25, 2024 MSCI Chile Net USD -6.10%
China 4.6 2.87 11.53 7.47 1.544 1.19 Bearish Jan 14, 2024 MSCI China Net USD -3.11%
Colombia 2.0 9.55 5.58 11.55 0.483 0.89 Bullish Oct 29,  2023 MSCI Colombia 3.65%
Czech Republic 2.3 13.59 8.38 15.89 0.527 1.59 Bullish July 23, 2023 MSCI Czech Republic Net USD -7.22%
Denmark 1.4 1.30 31.06 2.70 11.504 6.48 Bullish Jan 28, 2024 MSCI Denmark  11.04%
Egypt 3.0 2.18 9.12 5.18 1.761 2.91 Bullish Aug 27, 2023 MSCI Egypt 1.05%
Finland 1.0 5.15 13.26 6.15 2.156 1.69 Bullish Oct 29, 2022 MSCI Finland -3.04%
France 1.0 2.87 17.14 3.87 4.429 2.05 Bullish Jan 1, 2023 MSCI France  4.92%
Germany 0.5 3.09 14.99 3.59 4.175 1.51 Bullish Mar 26, 2023 MSCI Germany  5.08%
Greece 2.0 2.54 7.77 4.54 1.711 1.12 Bullish Nov 12, 2023 MSCI Greece  10.08%
Hong Kong SAR 2.9 4.21 17.81 7.11 2.505 0.88 Bearish Jan 14, 2024 MSCI Hong Kong  -5.33%
Hungary 3.1 2.86 5.52 5.96 0.926 0.98 Bullish Nov 26, 2023 MSCI Hungary 8.55%
India 6.5 1.05 26.02 7.55 3.446 4.03 Bullish July 23, 2023 MSCI India Net USD 5.10%
Indonesia 5.0 4.53 16.31 9.53 1.711 2.32 Bullish Jan 28, 2024 MSCI Indonesia USD 1.47%
Ireland 3.3 1.85 12.22 5.15 2.373 1.53 Bullish Jan 14, 2024 MSCI Ireland 12.11%
Israel 3.0 1.88 12.60 4.88 2.582 1.92 Bullish Oct 29, 2023 MSCI Israel  9.28%
Italy 0.7 4.70 8.71 5.40 1.613 1.31 Bullish Mar 26, 2023 MSCI Italy 7.06%
Japan 0.9 1.99 16.35 2.89 5.657 1.57 Bullish Nov 6, 2022 MSCI Japan USD 7.75%
Korea, South 2.3 2.02 23.27 4.32 5.387 1.07 Bullish Jan 21, 2024 MSCI Korea USD -3.37%
Malaysia 4.3 3.65 19.46 7.95 2.448 1.43 Bullish Nov 6, 2022 MSCI Malaysia USD 2.01%
Mexico 3.4 3.26 15.11 6.66 2.269 2.14 Bullish Oct 29, 2023 MSCI Mexico USD -4.64%
Netherlands 0.7 1.87 22.92 2.57 8.918 3.23 Bullish Jan 1, 2023 MSCI Netherlands 13.65%
New Zealand 1.0 2.57 38.89 3.57 10.894 2.79 Bullish Oct 29, 2023 MSCI New Zealand  0.93%
Norway 1.5 5.70 11.87 7.20 1.649 1.66 Bullish Oct 8, 2023 MSCI Norway -5.92%
Pakistan 2.0 8.97 4.14 10.97 0.377 0.79 Bullish Feb 18, 2024 MSCI Pakistan Net USD 0.73%
Peru 2.7 3.63 14.66 6.33 2.316 2.02 Bullish Nov 12, 2023 MSCI Peru 6.21%
Philippines 6.0 2.31 15.39 8.31 1.852 1.88 Bullish Jan 8, 2023 MSCI Philippines USD 6.51%
Poland 2.8 3.25 9.20 6.05 1.521 1.27 Bullish Oct 8, 2023 MSCI Poland USD 2.85%
Portugal 1.5 3.80 18.11 5.30 3.417 1.81 Bearish Jan 14, 2024 MSCI Portugal  -12.54%
Qatar 2.2 4.44 12.09 6.64 1.821 1.53 Bullish Dec 17, 2023 MSCI Qatar -4.10%
Singapore 2.1 4.77 12.32 6.87 1.793 1.3 Bearish Aug 13, 2022 MSCI Singapore  -1.95%
South Africa 1.0 3.95 10.88 4.95 2.198 1.5 Bullish Jan 21, 2024 MSCI South Africa USD -11.02%
Spain 1.5 4.55 9.24 6.05 1.527 1.25 Bullish Mar 26, 2023 MSCI Spain -1.73%
Sweden 0.6 2.84 14.34 3.44 4.169 2.31 Bullish Nov 12, 2023 MSCI Sweden 3.43%
Switzerland 1.8 3.02 17.71 4.82 3.674 3.51 Bearish Oct 15, 2023 MSCI Switzerland 1.84%
Taiwan  3.0 3.00 20.79 6.00 3.465 2.54 Bullish Nov 12, 2023 MSCI Taiwan USD 4.21%
Thailand 4.4 3.01 19.47 7.41 2.628 1.66 Bullish Nov 12, 2023 MSCI Thailand USD -7.32%
Turkey 3.1 1.97 6.11 5.07 1.205 1.89 Bearish Jan 7, 2024 MSCI Turkey  18.45%
United Arab Emirates 4 4.87 9.53 8.87 1.074 1.45 Bullish Oct 29, 2023 MSCI UAE  Gross USD -1.70%
United Kingdom 0.6 4.00 12.14 4.60 2.639 1.79 Bearish Mar 12, 2023 MSCI UK  -0.97%
United States 2.1 1.38 26.01 3.48 7.474 4.73 Bullish Oct 29, 2023 MSCI USA USD 7.46%
Vietnam 5.8 1.40 20.83 7.20 2.893 1.69 Bullish Nov 5, 2023 MSCI Vietnam 3.57%

 

 

Country Risk Factors - Economic February 2024
  Economic Risk Socioeconomic Risk
Country Interest Rate Interest Rate Score Inflation Inflation Score Unemployment Unemployment Score Population Growth Score Income Distribution GINI Index over 40 Corruption Transparency Perception Rank Score Corporate Tax Rate Corporate Tax Rate Score
Argentina 100 -5 254 -5 5.7 -1 1 -1 -2 25 0
Australia 4.35 -1 4.1 -2 4.1 -1 1     30 -1
Austria 4.5 -1 4.3 -2 7.6 -2 -1     23 0
Belgium 4.5 -1 3.2 -1 5.5 -1 0     25 0
Brazil 11.25 -2 4.51 -2 7.6 -2 0 -1 -3 34 -2
Canada 5 -1 2.9 -1 5.7 -1 0   1 26.5 -1
Chile 7.25 -2 3.8 -1 8.44 -2 0 -1   27 -1
China 3.45 -1 -0.8 -2 5.2 -1 -1   -2 25 0
Colombia 12.75 -3 7.74 -2 12.66 -2 0 -1 -2 35 -2
Czech Republic 6.25 -2 2.3 -1 4 -1 -1   -1 21 0
Denmark 3.6 -1 1.2 0 2.5 0 0   2 22 0
Egypt 27.25 -4 29.8 -4 6.9 -1 2   -3 22.5 0
Finland 4.5 -1 3.3 -1 8.3 -2 -1   2 20 0
France 4.5 -1 2.9 -1 7.5 -2 -1     25 0
Germany 4.5 -1 2.5 -1 5.9 -1 -2   1 30 -1
Greece 4.5 -1 2.9 -1 10.4 -2 -2   -1 22 0
Hong Kong 5.75 -1 1.7 0 2.9 0 -1   1 16.5 0
Hungary 9 -2 3.7 -1 4.6 -1 -2     9 2
India 6.5 -2 5.1 -2 6.78 -1 0   -2 34.94 -2
Indonesia 6 -1 2.75 -1 5.32 -1 0   -3 22 0
Ireland 4.5 -1 4.1 -2 4.2 -1 1   1 12.5 1
Israel 4.5 -1 2.6 -1 3.2 -1 2     23 0
Italy 4.5 -1 0.75 0 7.2 -1 -2   -1 24 0
Japan -0.1 -1 2.2 -1 2.4 0 -2     30.62 -2
Korea, South 3.5 -1 3.1 -1 3 -1 -1     27.5 -1
Malaysia 3 -1 1.5 0 3.3 -1 1 -1 -1 24 0
Mexico 11.25 -2 4.4 -2 4.4 -1 0 -1 -3 30 -1
Netherlands 4.5 -1 2.8 -1 3.6 -1 0   1 25.8 -1
New Zealand 5.5 -1 5.6 -2 3.9 -1 1   1 28 -1
Norway 4.5 -1 4.7 -2 4.5 -1 0   1 22 0
Pakistan 22 -3 23.1 -4 6.3 -1 2   -4 29 -1
Peru 6.25 -2 3.3 -1 7.2 -1 0 -1   29.5 -1
Philippines 6.5 -2 3.4 -1 4.5 -1 2 -1 -3 25 0
Poland 5.75 -1 3.9 -1 5.4 -1 -2   -1 19 0
Portugal 4.5 -1 2.1 -1 6.6 -1 -2     21 0
Qatar 6.25 -2 2.99 -1 0.1 -1 1     10 1
Singapore 3.63 -1 2.9 -1 2 0 1   1 17 0
South Africa 8.25 -2 5.3 -2 32.1 -5 1 -1 -2 27 -1
Spain 4.5 -1 2.8 -1 11.76 -2 -1     25 0
Sweden 4 -1 5.4 -2 8.5 -2 0   1 20.6 0
Switzerland 1.75 0 1.2 0 2.4 0 0   1 14.6 1
Taiwan  1.88 0 3.08 -1 3.39 -1 -1     20 0
Thailand 2.5 0 -0.77 -2 0.81 1 -1   -3 20 0
Turkey 45 -4 67.07 -5 8.8 -2 0 -1 -3 25 0
United Arab Emirates 5.4 -1 3.6 -1 2.95 0 0     9 2
United Kingdom 5.25 -1 4 -1 3.8 -1 0     25 0
United States 5.5 -1 3.1 -1 3.9 -1 0     21 0
Vietnam 4.5 -1 3.98 -1 2.26 0 1   -2 20 0


Country Risk Factors - Sovereign, Political, Conflict and Extraordinary  February 2024
  Sovereign Risk Political Risk Conflict Risk Extraordinary  Event Risks    
Country Average Credit Ratings  Average Credit Ratings Score Government Debt as % of GDP Debt  Score Political Stability Government Friendly to Business Trade Dispute Cases on WTO/Trade Wars Equity Restrictions FDI Regulatory Restrictiveness Index Above 0.12 Territorial Disputes/ Wars Internal Conflict/ Terrorism Natural Disasters, Banking Crisis, Political Crisis, etc Total Score % Modifier
Argentina 12 -4 85 -2 1   -1   -1 -1   -21 70.00%
Australia 100 2 22.3 1 2   -1 -1 0 0   -1 0.00%
Austria 96 1 78.4 -1 1   -3   0 0   -8 30.00%
Belgium 87 0 104 -2 1   -3   0 -1   -8 30.00%
Brazil 43 -2 72.87 -1 2   -2   -1 0   -16 60.00%
Canada 100 2 107 -2 1 1 -2 -1 0 0   -4 10.00%
Chile 73 -1 38 0 1       -1 0   -8 30.00%
China 78 -1 77.1 -1 2 -1 -3 -1 -1 0   -13 50.00%
Colombia 55 -1 63.6 -1 1       -1 -1   -15 50.00%
Czech Republic 85 0 44.2 0 1   -3   0 0   -8 30.00%
Denmark 100 2 29.8 0 1   -3   0 -1   0 0.00%
Egypt 23 -4 87.2 -2 2       -1 -1   -16 60.00%
Finland 96 1 73.3 -1 1       0 0   -2 0.00%
France 92 0 112 -3 1   -3   0 -1   -11 40.00%
Germany 100 2 66.1 -1 1   -3   0 -1   -7 30.00%
Greece 50 -2 160 -4 2 1 -3   -1 -1   -15 50.00%
Hong Kong 88 0   0 2 -1     0 -1   -1 0.00%
Hungary 60 -1 73.9 -1 2   -3   0 0   -7 30.00%
India 56 -1 86.54 -2 2   -1   -1 -1   -13 50.00%
Indonesia 60 -1 39.9 0 1   -1 -1 -1 -1   -10 40.00%
Ireland 83 0 44.4 0 1   -3 -1 0 -1   -5 20.00%
Israel 81 0 60.7 -1 1       -3 -2   -6 20.00%
Italy 62 -1 137 -4 1   -3   0 -1   -13 50.00%
Japan 77 -1 264 -5 2   -1   -1 -1   -13 50.00%
Korea, South 86 0 49.6 0 1   -1 -1 -1 0   -7 30.00%
Malaysia 68 -1 60.4 -1 1       -1 -1   -6 20.00%
Mexico 60 -1 49.4 0 2   -1 -1 0 0   -11 40.00%
Netherlands 98 1 46.8 0 1   -3   0 0   -4 10.00%
New Zealand 95 1 35.9 0 1     -1 0 0   -2 0.00%
Norway 100 2 37.4 0 1       0 0   0 0.00%
Pakistan 18 -4 91 -2 1       -1 -1   -18 60.00%
Peru 61 -1 33.8 0 2 -1     0 -1   -7 30.00%
Philippines 61 -1 60.9 -1 1       -1 -1   -9 30.00%
Poland 71 -1 49.3 0 2   -3   0 0   -8 30.00%
Portugal 70 -1 112 -3 2   -3   0 0   -10 40.00%
Qatar 86 0 46.9 0 2       0 0   0 0.00%
Singapore 100 2 168 -4 2 1     -1 -1   -1 0.00%
South Africa 41 -2 72.2 -1 2       0 0   -13 50.00%
Spain 71 -1 112 -3 1   -3   -1 -1   -13 50.00%
Sweden 100 2 32.9 0 1   -3   0 0   -4 10.00%
Switzerland 100 2 41.4 0 2       0 0   6 -15.00%
Taiwan  90 0 29.7 0 1       -1 0   -3 10.00%
Thailand 65 -1 60.96 -1 1   -1   -1 -1   -9 30.00%
Turkey 28 -3 31.7 0 2       -2 -1   -19 70.00%
United Arab Emirates 90 0 38.3 0 2       -2 -1   -1 0.00%
United Kingdom 87 0 97.1 -2 1       -1 -1   -6 20.00%
United States 97 1 129 -3 1   -3   0 -1   -8 30.00%
Vietnam 46 -2 37.1 0 2       -1 0   -4 10.00%

 

 
Notes

No Natural disasters having a major affect this month

.

Country Valuation by Price to Book Value February 2024
Country Price/ Book Value 4% Model Market Indicator Index YTD %  Feb 29 2024
Pakistan 0.79 Bullish 0.73%
Austria 0.88 Bearish -4.47%
Hong Kong SAR 0.88 Bearish -5.33%
Colombia 0.89 Bullish 3.65%
Argentina 0.9 Bullish 3.44%
Hungary 0.98 Bullish 8.55%
Korea, South 1.07 Bullish -3.37%
Greece 1.12 Bullish 10.08%
China 1.19 Bearish -3.11%
Spain 1.25 Bullish -1.73%
Poland 1.27 Bullish 2.85%
Chile 1.3 Bullish -6.10%
Singapore 1.3 Bearish -1.95%
Italy 1.31 Bullish 7.06%
Malaysia 1.43 Bullish 2.01%
United Arab Emirates 1.45 Bullish -1.70%
South Africa 1.5 Bullish -11.02%
Germany 1.51 Bullish 5.08%
Ireland 1.53 Bullish 12.11%
Qatar 1.53 Bullish -4.10%
Brazil 1.56 Bearish -5.66%
Japan 1.57 Bullish 7.75%
Belgium 1.59 Bullish 0.77%
Czechia 1.59 Bullish -7.22%
Norway 1.66 Bullish -5.92%
Thailand 1.66 Bullish -7.32%
Finland 1.69 Bullish -3.04%
Vietnam 1.69 Bullish 3.57%
United Kingdom 1.79 Bearish -0.97%
Portugal 1.81 Bearish -12.54%
Philippines 1.88 Bullish 6.51%
Turkey 1.89 Bearish 18.45%
Israel 1.92 Bullish 9.28%
Canada 1.95 Bullish -0.13%
Peru 2.02 Bullish 6.21%
France 2.05 Bullish 4.92%
Mexico 2.14 Bullish -4.64%
Sweden 2.31 Bullish 3.43%
Indonesia 2.32 Bullish 1.47%
Australia 2.36 Bullish -2.13%
Taiwan  2.54 Bullish 4.21%
New Zealand 2.79 Bullish 0.93%
Egypt 2.91 Bullish 1.05%
Netherlands 3.23 Bullish 13.65%
Switzerland 3.51 Bearish 1.84%
India 4.03 Bullish 5.10%
United States 4.73 Bullish 7.46%
Denmark 6.48 Bullish 11.04%

 

 

Country Valuation by PE/Total Return February 2024
Country PE/Total Return 4% Model Market Indicator Index YTD %  Feb 29 2024
Argentina -4.89 Bullish 3.44%
Pakistan 0.377 Bullish 0.73%
Colombia 0.483 Bullish 3.65%
Czechia 0.527 Bullish -7.22%
Austria 0.808 Bearish -4.47%
Brazil 0.886 Bearish -5.66%
Hungary 0.926 Bullish 8.55%
Chile 1.017 Bullish -6.10%
United Arab Emirates 1.074 Bullish -1.70%
Turkey 1.205 Bearish 18.45%
Poland 1.521 Bullish 2.85%
Spain 1.527 Bullish -1.73%
China 1.544 Bearish -3.11%
Italy 1.613 Bullish 7.06%
Norway 1.649 Bullish -5.92%
Indonesia 1.711 Bullish 1.47%
Greece 1.711 Bullish 10.08%
Egypt 1.761 Bullish 1.05%
Singapore 1.793 Bearish -1.95%
Qatar 1.821 Bullish -4.10%
Philippines 1.852 Bullish 6.51%
Finland 2.156 Bullish -3.04%
South Africa 2.198 Bullish -11.02%
Mexico 2.269 Bullish -4.64%
Peru 2.316 Bullish 6.21%
Ireland 2.373 Bullish 12.11%
Malaysia 2.448 Bullish 2.01%
Hong Kong SAR 2.505 Bearish -5.33%
Israel 2.582 Bullish 9.28%
Thailand 2.628 Bullish -7.32%
United Kingdom 2.639 Bearish -0.97%
Vietnam 2.893 Bullish 3.57%
Australia 3.222 Bullish -2.13%
Portugal 3.417 Bearish -12.54%
India 3.446 Bullish 5.10%
Taiwan  3.465 Bullish 4.21%
Switzerland 3.674 Bearish 1.84%
Canada 3.845 Bullish -0.13%
Sweden 4.169 Bullish 3.43%
Germany 4.175 Bullish 5.08%
France 4.429 Bullish 4.92%
Korea, South 5.387 Bullish -3.37%
Japan 5.657 Bullish 7.75%
Belgium 6.220 Bullish 0.77%
United States 7.474 Bullish 7.46%
Netherlands 8.918 Bullish 13.65%
New Zealand 10.894 Bullish 0.93%
Denmark 11.504 Bullish 11.04%

 

Country Valuation by PEGY and Altered for Country Risk Factors Feb 2024
Country PE/Total Return Country Risk Modifier Modifier Amount Adjusted PE/Total Return for Country Risk Factors 4% Model Market Indicator Date 4% Trend Started Index YTD %  Feb 29 2024
Argentina -4.89 70.00% -3.42 -8.31 Bullish Feb 18 2024 3.44%
Pakistan 0.377 60.00% 0.23 0.604 Bullish Feb 18, 2024 0.73%
Czechia 0.527 30.00% 0.16 0.686 Bullish July 23, 2023 -7.22%
Colombia 0.483 50.00% 0.24 0.725 Bullish Oct 29,  2023 3.65%
Austria 0.808 30.00% 0.24 1.051 Bearish Feb 4 2024 -4.47%
United Arab Emirates 1.074 0.00% 0.00 1.074 Bullish Oct 29, 2023 -1.70%
Hungary 0.926 30.00% 0.28 1.204 Bullish Nov 26, 2023 8.55%
Chile 1.017 30.00% 0.31 1.322 Bullish Feb 25, 2024 -6.10%
Brazil 0.886 60.00% 0.53 1.418 Bearish Jan 14, 2024 -5.66%
Norway 1.649 0.00% 0.00 1.649 Bullish Oct 8, 2023 -5.92%
Singapore 1.793 0.00% 0.00 1.793 Bearish Aug 13, 2022 -1.95%
Qatar 1.821 0.00% 0.00 1.821 Bullish Dec 17, 2023 -4.10%
Poland 1.521 30.00% 0.46 1.977 Bullish Oct 8, 2023 2.85%
Turkey 1.205 70.00% 0.84 2.049 Bearish Jan 7, 2024 18.45%
Finland 2.156 0.00% 0.00 2.156 Bullish Oct 29, 2022 -3.04%
Spain 1.527 50.00% 0.76 2.291 Bullish Mar 26, 2023 -1.73%
China 1.544 50.00% 0.77 2.315 Bearish Jan 14, 2024 -3.11%
Indonesia 1.711 40.00% 0.68 2.396 Bullish Jan 28, 2024 1.47%
Philippines 1.852 30.00% 0.56 2.408 Bullish Jan 8, 2023 6.51%
Italy 1.613 50.00% 0.81 2.419 Bullish Mar 26, 2023 7.06%
Hong Kong SAR 2.505 0.00% 0.00 2.505 Bearish Jan 14, 2024 -5.33%
Greece 1.711 50.00% 0.86 2.567 Bullish Nov 12, 2023 10.08%
Egypt 1.761 60.00% 1.06 2.817 Bullish Aug 27, 2023 1.05%
Ireland 2.373 20.00% 0.47 2.847 Bullish Jan 14, 2024 12.11%
Malaysia 2.448 20.00% 0.49 2.937 Bullish Nov 6, 2022 2.01%
Peru 2.316 30.00% 0.69 3.011 Bullish Nov 12, 2023 6.21%
Israel 2.582 20.00% 0.52 3.098 Bullish Oct 29, 2023 9.28%
Switzerland 3.674 -15.00% -0.55 3.123 Bearish Oct 15, 2023 1.84%
United Kingdom 2.639 20.00% 0.53 3.167 Bearish Mar 12, 2023 -0.97%
Mexico 2.269 40.00% 0.91 3.176 Bullish Oct 29, 2023 -4.64%
Vietnam 2.893 10.00% 0.29 3.182 Bullish Nov 5, 2023 3.57%
Australia 3.222 0.00% 0.00 3.222 Bullish Jul 9, 2023 -2.13%
South Africa 2.198 50.00% 1.10 3.297 Bullish Jan 21, 2024 -11.02%
Thailand 2.628 30.00% 0.79 3.416 Bullish Nov 12, 2023 -7.32%
Taiwan  3.465 10.00% 0.35 3.812 Bullish Nov 12, 2023 4.21%
Canada 3.845 10.00% 0.38 4.229 Bullish Mar 26, 2023 -0.13%
Sweden 4.169 10.00% 0.42 4.585 Bullish Nov 12, 2023 3.43%
Portugal 3.417 40.00% 1.37 4.784 Bearish Jan 14, 2024 -12.54%
India 3.446 50.00% 1.72 5.170 Bullish July 23, 2023 5.10%
Germany 4.175 30.00% 1.25 5.428 Bullish Mar 26, 2023 5.08%
France 4.429 40.00% 1.77 6.201 Bullish Jan 1, 2023 4.92%
Korea, South 5.387 30.00% 1.62 7.003 Bullish Jan 21, 2024 -3.37%
Belgium 6.220 30.00% 1.87 8.086 Bullish Mar 13, 2022 0.77%
Japan 5.657 50.00% 2.83 8.486 Bullish Nov 6, 2022 7.75%
United States 7.474 30.00% 2.24 9.716 Bullish Oct 29, 2023 7.46%
Netherlands 8.918 10.00% 0.89 9.810 Bullish Jan 1, 2023 13.65%
New Zealand 10.894 0.00% 0.00 10.894 Bullish Oct 29, 2023 0.93%
Denmark 11.504 0.00% 0.00 11.504 Bullish Jan 28, 2024 11.04%

 

Country Value and Growth Factors November 30, 2023


Country Value and Growth Factors November 30, 2023
Country 2023 Real GDP Projected Annual Growth Rate % Yield P/E Total Return PE/Total Return Price/ Book Value 4% Model Market Indicator Date 4% Trend Started Index Index YTD % Nov 30 2023
Argentina -4.9 0.91 7.61 -3.99 -1.907 0.84 Bullish Nov 12 2023 MSCI Argentina  62.41%
Australia 2.1 4.47 15.29 6.57 2.327 2.12 Bullish Jul 9, 2023 MSCI Australia USD 3.82%
Austria -1.8 6.12 6.32 4.32 1.463 0.92 Bullish Jul 25 2023 MSCI Austria  7.40%
Belgium 1.4 2.46 19.34 3.86 5.010 1.52 Bullish Mar 13, 2022 MSCI Belgium -2.14%
Brazil 2.0 7.14 7.67 9.14 0.839 1.56 Bullish Oct 8, 2023 MSCI Brazil Net USD 27.48%
Canada 0.5 3.26 15.29 3.73 4.099 1.83 Bullish Mar 26, 2023 MSCI Canada Net USD 8.41%
Chile 0.6 9.66 7.88 10.26 0.768 1.13 Bullish Nov 12, 2023 MSCI Chile Net USD 1.15%
China 4.9 2.17 15.47 7.07 2.188 1.54 Bearish Aug 13, 2022 MSCI China Net USD -10.85%
Colombia -0.3 10.31 5.02 10.01 0.501 0.8 Bullish Oct 29,  2023 MSCI Colombia -6.16%
Czech Republic -0.7 12.72 8.78 12.02 0.730 1.74 Bullish July 23, 2023 MSCI Czech Republic Net USD 19.85%
Denmark 0.3 1.66 27.58 1.96 14.071 5.65 Bearish Oct 15, 2023 MSCI Denmark  21.20%
Egypt 3.9 2.19 10.25 6.09 1.683 3.09 Bullish Aug 27, 2023 MSCI Egypt 75.19%
Finland -1.2 4.22 8.06 3.02 2.669 1.9 Bullish Oct 29, 2022 MSCI Finland -15.50%
France 0.6 2.83 16.76 3.43 4.886 1.87 Bullish Jan 1, 2023 MSCI France  9.16%
Germany -0.4 3.36 14.47 2.96 4.889 1.4 Bullish Mar 26, 2023 MSCI Germany  10.91%
Greece 2.1 2.83 7.33 4.93 1.487 1.04 Bullish Nov 12, 2023 MSCI Greece  39.17%
Hong Kong SAR 4.1 4.17 17.92 8.27 2.167 0.89 Bearish Aug 13, 2022 MSCI Hong Kong  -23.02%
Hungary -0.4 3.28 4.82 2.88 1.674 0.86 Bullish Apr 2, 2023 MSCI Hungary 28.02%
India 7.6 1.19 23.34 8.79 2.655 3.58 Bullish July 23, 2023 MSCI India Net USD 11.27%
Indonesia 4.9 4.80 15.18 9.74 1.559 2.16 Bearish Oct 15, 2023 MSCI Indonesia USD 3.30%
Ireland -5.8 1.28 16.06 -4.52 -3.553 1.64 Bullish Oct 29, 2023 MSCI Ireland 9.60%
Israel 2.8 2.17 12.22 4.97 2.459 1.72 Bullish Oct 29, 2023 MSCI Israel  2.06%
Italy 0.1 4.92 8.09 5.06 1.599 1.24 Bullish Mar 26, 2023 MSCI Italy 22.53%
Japan 1.6 2.22 16.00 3.82 4.188 1.39 Bullish Nov 6, 2022 MSCI Japan USD 16.69%
Korea, South 1.4 2.07 17.78 3.47 5.124 1.05 Bullish Oct 29, 2023 MSCI Korea USD 15.65%
Malaysia 3.3 3.95 18.00 7.25 2.483 1.35 Bullish Nov 6, 2022 MSCI Malaysia USD -3.64%
Mexico 3.3 3.47 14.82 6.77 2.189 1.96 Bullish Oct 29, 2023 MSCI Mexico USD 27.21%
Netherlands -0.6 2.06 20.32 1.46 13.918 2.78 Bullish Jan 1, 2023 MSCI Netherlands 10.93%
New Zealand 1.8 2.68 37.38 4.48 8.344 2.72 Bullish Oct 29, 2023 MSCI New Zealand  -0.99%
Norway -1.9 5.56 9.98 3.66 2.727 1.79 Bullish Oct 8, 2023 MSCI Norway 3.76%
Pakistan 6.0 10.60 3.82 16.56 0.231 0.87 Bullish Oct 1, 2023 MSCI Pakistan Net USD 23.43%
Peru -1.0 4.85 10.80 3.85 2.805 1.57 Bullish Nov 12, 2023 MSCI Peru 2.57%
Philippines 4.3 2.47 13.62 6.77 2.012 1.67 Bullish Jan 8, 2023 MSCI Philippines USD -8.76%
Poland 0.5 3.09 8.79 3.59 2.448 1.16 Bullish Oct 8, 2023 MSCI Poland USD 37.57%
Portugal 1.9 3.41 19.80 5.31 3.729 2.02 Bullish Oct 29, 2023 MSCI Portugal  -3.06%
Qatar 1.0 4.60 11.91 5.60 2.127 1.5 Bullish Nov 23, 2022 MSCI Qatar -9.24%
Singapore 1.1 4.79 12.26 5.89 2.081 1.27 Bearish Aug 13, 2022 MSCI Singapore  -6.74%
South Africa -0.7 3.97 12.49 3.27 3.820 1.54 Bullish Nov 12, 2023 MSCI South Africa USD -4.68%
Spain 1.8 4.10 9.66 5.90 1.637 1.28 Bullish Mar 26, 2023 MSCI Spain 21.36%
Sweden -1.4 3.27 12.54 1.87 6.706 2 Bullish Nov 12, 2023 MSCI Sweden 6.74%
Switzerland 0.3 3.15 17.02 3.45 4.933 3.39 Bearish Oct 15, 2023 MSCI Switzerland -1.43%
Taiwan  2.3 3.39 18.32 5.71 3.208 2.32 Bullish Nov 12, 2023 MSCI Taiwan USD 23.62%
Thailand 1.5 2.82 20.08 4.32 4.648 1.64 Bullish Nov 12, 2023 MSCI Thailand USD -16.48%
Turkey 5.9 2.83 6.10 8.73 0.699 1.83 Bearish Oct 15, 2023 MSCI Turkey  46.82%
United Arab Emirates 3.8 3.67 9.03 7.47 1.209 1.5 Bullish Oct 29, 2023 MSCI UAE  Gross USD -4.52%
United Kingdom 0.6 3.78 11.25 4.38 2.568 1.69 Bearish Mar 12, 2023 MSCI UK  -1.72%
United States 3 1.50 23.91 4.50 5.313 4.32 Bullish Oct 29, 2023 MSCI USA USD 20.10%
Vietnam 5.3 1.85 22.37 7.18 3.116 1.69 Bullish Nov 12, 2023 MSCI Vietnam -2.11%

 

 

Country Risk Factors - Economic November 2023
  Economic Risk Socioeconomic Risk
Country Interest Rate Interest Rate Score Inflation Inflation Score Unemployment Unemployment Score Population Growth Score Income Distribution GINI Index over 40 Corruption Transparency Perception Rank Score Corporate Tax Rate Corporate Tax Rate Score
Argentina 133 -5 143 -5 6.2 -1 1 -1 -2 25 0
Australia 4.35 -1 5.4 -2 3.7 -1 -1     30 -1
Austria 4.5 -1 5.4 -2 6.5 -1 0     24 0
Belgium 4.5 -1 0.76 0 5.6 -1 0     25 0
Brazil 12.25 -3 4.82 -2 7.6 -1 0 -1 -2 34 -2
Canada 5 -1 3.1 -1 5.8 -1 0     26.5 -1
Chile 9 -2 4.8 -2 8.89 -2 1 -1   27 -1
China 3.45 -1 -0.5 -2 5 -1 -1   -1 25 0
Colombia 13.25 -3 10.15 -3 9.23 -2 1 -1 -2 35 -2
Czech Republic 7 -2 8.5 -3 3.5 -1 -2 -1 -1 19 0
Denmark 3.6 -1 0.1 0 2.5 0 0   2 22 0
Egypt 19.25 -3 35.8 -5 7.1 -1 2   -3 22.5 0
Finland 4.5 -1 4.9 -2 6.8 -1 -1   2 20 0
France 4.5 -1 3.4 -1 7.4 -1 -1     25 0
Germany 4.5 -1 3.2 -1 5.9 -1 -1   1 30 -1
Greece 4.5 -1 3 -1 9.6 -2 -2   -1 22 0
Hong Kong 5.75 -1 2.7 -1 2.9 0 -2   1 16.5 0
Hungary 13 -3 7.9 -2 4.3 -1 -2   -2 9 2
India 6.5 -2 4.87 -2 7.1 -1 1   -2 34.94 -2
Indonesia 6 -1 2.56 -1 5.32 -1 0   -3 22 0
Ireland 4.5 -1 5.1 -2 4.8 -1 1   1 12.5 1
Israel 4.75 -1 3.7 -1 3.1 -1 2     23 0
Italy 4.5 -1 0.76 0 7.8 -1 -2   -1 24 0
Japan -0.1 -1 3.3 -1 2.5 0 -2     30.62 -2
Korea, South 3.5 -1 3.3 -1 2.5 0 -2     27.5 -1
Malaysia 3 -1 1.8 0 3.4 -1 1 -1 -1 24 0
Mexico 11.25 -2 4.32 -2 2.7 0 0 -1 -3 30 -1
Netherlands 4.5 -1 1.6 0 3.6 -1 0   1 25.8 -1
New Zealand 5.5 -1 5.6 -2 3.9 -1 0   2 28 -1
Norway 4.25 -1 4 -1 3.6 -1 0   1 22 0
Pakistan 22 -3 29.2 -4 6.3 -1 2   -3 29 -1
Peru 7 -2 3.64 -1 6.6 -1 1 -1 -3 29.5 -1
Philippines 6.25 -2 5.3 -2 4.8 -1 2 -1 -3 25 0
Poland 5.75 -1 6.5 -2 5 -1 -2   -1 19 0
Portugal 4.5 -1 1.6 0 6.1 -1 -1     21 0
Qatar 6.25 -2 2.52 -1 0.1 -1 -2     10 1
Singapore 3.74 -1 4.7 -2 2 0 -2   1 17 0
South Africa 8.25 -2 5.9 -2 31.9 -5 1 -1 -2 27 -1
Spain 4.5 -1 3.2 -1 11.84 -2 -1     25 0
Sweden 4 -1 6.5 -2 7.4 -1 0   1 20.6 0
Switzerland 1.75 0 1.4 0 2.1 0 1   1 14.6 1
Taiwan  1.88 0 2.9 -1 3.41 -1 -1     20 0
Thailand 2.5 0 -0.44 -2 0.99 1 -1   -3 20 0
Turkey 40 -4 61.98 -5 9.1 -2 1 -1 -3 25 0
United Arab Emirates 5.4 -1 3.81 -1 2.75 0 2     9 2
United Kingdom 5.25 -1 4.6 -2 4.2 -1 0     25 0
United States 5.5 -1 3.2 -1 3.24 -1 0     21 0
Vietnam 4.5 -1 3.45 -1 2.3 0 1   -2 20 0


Country Risk Factors - Sovereign, Political, Conflict and Extraordinary  November 2023
  Sovereign Risk Political Risk Conflict Risk Extraordinary  Event Risks    
Country Average Credit Ratings  Average Credit Ratings Score Government Debt as % of GDP Debt  Score Political Stability Government Friendly to Business Trade Dispute Cases on WTO/Trade Wars Equity Restrictions FDI Regulatory Restrictiveness Index Above 0.12 Territorial Disputes/ Wars Internal Conflict/ Terrorism Natural Disasters, Banking Crisis, Political Crisis, etc Total Score % Modifier
Argentina 12 -4 85 -2 2   -1   -1 -1   -20 70.00%
Australia 100 2 22.3 1 2   -1 -1 0 0   -3 10.00%
Austria 96 1 78.4 -1 1   -3   0 0   -6 20.00%
Belgium 87 0 104 -2 1   -3   0 -1   -7 30.00%
Brazil 43 -2 72.87 -1 2   -1   -1 0   -14 50.00%
Canada 100 2 107 -2 1 1 -1 -1 0 0   -4 10.00%
Chile 73 -1 38 0 1   -1   -1 0   -9 30.00%
China 78 -1 77.1 -1 2 -1 -2 -1 -1 0   -11 40.00%
Colombia 55 -1 63.6 -1 1       -1 -1   -15 50.00%
Czech Republic 85 0 44.2 0 1   -3   0 0   -12 40.00%
Denmark 100 2 29.8 0 1   -2   0 -1   1 -5.00%
Egypt 25 -3 87.2 -2 2       -1 -1   -15 50.00%
Finland 96 1 73.3 -1 1   -3   0 0   -5 20.00%
France 92 0 112 -3 1   -3   0 -1   -10 40.00%
Germany 100 2 66.1 -1 1   -3   0 -1   -6 20.00%
Greece 50 -2 173 -5 2 1 -3   -1 -1   -16 60.00%
Hong Kong 88 0   0 2 -1     0 -1   -3 10.00%
Hungary 60 -1 73.9 -1 2   -2   0 0   -10 40.00%
India 56 -1 89.26 -2 2   -2   -1 -1   -13 50.00%
Indonesia 60 -1 39.9 0 2   -1 -1 -1 -1   -9 30.00%
Ireland 83 0 44.4 0 1   -3 -1 0 -1   -5 20.00%
Israel 81 0 60.9 -1 1       -3 -2   -6 20.00%
Italy 62 -1 142 -4 1   -3   0 -1   -13 50.00%
Japan 77 -1 264 -5 2   -1   -1 -1   -13 50.00%
Korea, South 86 0 49.6 0 2   -1 -1 -1 0   -6 20.00%
Malaysia 68 -1 60.4 -1 1       -1 -1   -6 20.00%
Mexico 60 -1 49.6 0 2   -1 -1 0 0   -10 40.00%
Netherlands 98 1 50.1 -1 1   -3   0 0   -4 10.00%
New Zealand 95 1 35.9 0 2     -1 0 0   -1 0.00%
Norway 100 2 37.4 0 1       0 0   1 -5.00%
Pakistan 18 -4 89 -2 2       -1 -1   -16 60.00%
Peru 61 -1 33.8 0 2 -1     0 -1   -9 30.00%
Philippines 61 -1 60.9 -1 2       -1 -1   -9 30.00%
Poland 71 -1 49.3 0 2   -3   0 0   -9 30.00%
Portugal 67 -1 112 -3 2   -3   0 0   -8 30.00%
Qatar 86 0 46.9 0 2       0 0   -3 10.00%
Singapore 100 2 168 -4 2 1     -1 -1   -5 20.00%
South Africa 41 -2 67.4 -1 2       0 0   -13 50.00%
Spain 71 -1 112 -3 1   -3   -1 -1   -13 50.00%
Sweden 100 2 32.9 0 1   -3   0 0   -3 10.00%
Switzerland 100 2 41.4 0 2       0 0   7 -20.00%
Taiwan  90 0 24 1 2       -1 0   -1 0.00%
Thailand 65 -1 60.96 -1 1       -1 -1   -8 30.00%
Turkey 28 -3 31.7 0 2   -1   -2 -1   -19 70.00%
United Arab Emirates 90 0 38.3 0 2       -2 -1   1 -5.00%
United Kingdom 87 0 97.1 -2 1   -2   -1 -1   -9 30.00%
United States 97 1 129 -3 1   -2   0 -1   -7 30.00%
Vietnam 46 -2 37.1 0 2       -1 0   -4 10.00%

 

 
Notes

No Natural disasters having a major affect this month

.

Country Valuation by Price to Book Value November 2023
Country Price/ Book Value 4% Model Market Indicator Index YTD %  Nov 30 2023
Colombia 0.8 Bullish -6.16%
Argentina 0.84 Bullish 62.41%
Hungary 0.86 Bullish 28.02%
Pakistan 0.87 Bullish 23.43%
Hong Kong SAR 0.89 Bearish -23.02%
Austria 0.92 Bullish 7.40%
Greece 1.04 Bullish 39.17%
Korea, South 1.05 Bullish 15.65%
Chile 1.13 Bullish 1.15%
Poland 1.16 Bullish 37.57%
Italy 1.24 Bullish 22.53%
Singapore 1.27 Bearish -6.74%
Spain 1.28 Bullish 21.36%
Malaysia 1.35 Bullish -3.64%
Japan 1.39 Bullish 16.69%
Germany 1.4 Bullish 10.91%
Qatar 1.5 Bullish -9.24%
United Arab Emirates 1.5 Bullish -4.52%
Belgium 1.52 Bullish -2.14%
China 1.54 Bearish -10.85%
South Africa 1.54 Bullish -4.68%
Brazil 1.56 Bullish 27.48%
Peru 1.57 Bullish 2.57%
Ireland 1.64 Bullish 9.60%
Thailand 1.64 Bullish -16.48%
Philippines 1.67 Bullish -8.76%
United Kingdom 1.69 Bearish -1.72%
Vietnam 1.69 Bullish -2.11%
Israel 1.72 Bullish 2.06%
Czech Republic 1.74 Bullish 19.85%
Norway 1.79 Bullish 3.76%
Canada 1.83 Bullish 8.41%
Turkey 1.83 Bearish 46.82%
France 1.87 Bullish 9.16%
Finland 1.9 Bullish -15.50%
Mexico 1.96 Bullish 27.21%
Sweden 2 Bullish 6.74%
Portugal 2.02 Bullish -3.06%
Australia 2.12 Bullish 3.82%
Indonesia 2.16 Bearish 3.30%
Taiwan  2.32 Bullish 23.62%
New Zealand 2.72 Bullish -0.99%
Netherlands 2.78 Bullish 10.93%
Egypt 3.09 Bullish 75.19%
Switzerland 3.39 Bearish -1.43%
India 3.58 Bullish 11.27%
United States 4.32 Bullish 20.10%
Denmark 5.65 Bearish 21.20%

 

 

Country Valuation by PE/Total Return Nov 2023
Country PE/Total Return 4% Model Market Indicator Index YTD %  Nov 30 2023
Ireland -3.553 Bullish 9.60%
Argentina -1.907 Bullish 62.41%
Pakistan 0.231 Bullish 23.43%
Colombia 0.501 Bullish -6.16%
Turkey 0.699 Bearish 46.82%
Czech Republic 0.730 Bullish 19.85%
Chile 0.768 Bullish 1.15%
Brazil 0.839 Bullish 27.48%
United Arab Emirates 1.209 Bullish -4.52%
Austria 1.463 Bullish 7.40%
Greece 1.487 Bullish 39.17%
Indonesia 1.559 Bearish 3.30%
Italy 1.599 Bullish 22.53%
Spain 1.637 Bullish 21.36%
Hungary 1.674 Bullish 28.02%
Egypt 1.683 Bullish 75.19%
Philippines 2.012 Bullish -8.76%
Singapore 2.081 Bearish -6.74%
Qatar 2.127 Bullish -9.24%
Hong Kong SAR 2.167 Bearish -23.02%
China 2.188 Bearish -10.85%
Mexico 2.189 Bullish 27.21%
Australia 2.327 Bullish 3.82%
Poland 2.448 Bullish 37.57%
Israel 2.459 Bullish 2.06%
Malaysia 2.483 Bullish -3.64%
United Kingdom 2.568 Bearish -1.72%
India 2.655 Bullish 11.27%
Finland 2.669 Bullish -15.50%
Norway 2.727 Bullish 3.76%
Peru 2.805 Bullish 2.57%
Vietnam 3.116 Bullish -2.11%
Taiwan  3.208 Bullish 23.62%
Portugal 3.729 Bullish -3.06%
South Africa 3.820 Bullish -4.68%
Canada 4.099 Bullish 8.41%
Japan 4.188 Bullish 16.69%
Thailand 4.648 Bullish -16.48%
France 4.886 Bullish 9.16%
Germany 4.889 Bullish 10.91%
Switzerland 4.933 Bearish -1.43%
Belgium 5.010 Bullish -2.14%
Korea, South 5.124 Bullish 15.65%
United States 5.313 Bullish 20.10%
Sweden 6.706 Bullish 6.74%
New Zealand 8.344 Bullish -0.99%
Netherlands 13.918 Bullish 10.93%
Denmark 14.071 Bearish 21.20%

 

Country Valuation by PEGY and Altered for Country Risk Factors Nov 2023
Country PE/Total Return Country Risk Modifier Modifier Amount Adjusted PE/Total Return for Country Risk Factors 4% Model Market Indicator Date 4% Trend Started Index YTD %  Nov 30 2023
Ireland -3.553 20.00% -0.71 -0.14 Bullish Oct 29, 2023 9.60%
Argentina -1.907 70.00% -1.34 -0.93 Bullish Nov 12 2023 62.41%
Pakistan 0.231 60.00% 0.14 0.369 Bullish Oct 1, 2023 23.43%
Colombia 0.501 50.00% 0.25 0.752 Bullish Oct 29,  2023 -6.16%
Chile 0.768 30.00% 0.23 0.998 Bullish Nov 12, 2023 1.15%
Czech Republic 0.730 40.00% 0.29 1.023 Bullish July 23, 2023 19.85%
United Arab Emirates 1.209 -5.00% -0.06 1.148 Bullish Oct 29, 2023 -4.52%
Turkey 0.699 70.00% 0.49 1.188 Bearish Oct 15, 2023 46.82%
Brazil 0.839 50.00% 0.42 1.259 Bullish Oct 8, 2023 27.48%
Austria 1.463 20.00% 0.29 1.756 Bullish Jul 25 2023 7.40%
Indonesia 1.559 30.00% 0.47 2.026 Bearish Oct 15, 2023 3.30%
Qatar 2.127 10.00% 0.21 2.339 Bullish Nov 23, 2022 -9.24%
Hungary 1.674 40.00% 0.67 2.343 Bullish Apr 2, 2023 28.02%
Greece 1.487 60.00% 0.89 2.379 Bullish Nov 12, 2023 39.17%
Hong Kong SAR 2.167 10.00% 0.22 2.384 Bearish Aug 13, 2022 -23.02%
Italy 1.599 50.00% 0.80 2.398 Bullish Mar 26, 2023 22.53%
Spain 1.637 50.00% 0.82 2.456 Bullish Mar 26, 2023 21.36%
Singapore 2.081 20.00% 0.42 2.498 Bearish Aug 13, 2022 -6.74%
Egypt 1.683 50.00% 0.84 2.525 Bullish Aug 27, 2023 75.19%
Australia 2.327 10.00% 0.23 2.560 Bullish Jul 9, 2023 3.82%
Norway 2.727 -5.00% -0.14 2.590 Bullish Oct 8, 2023 3.76%
Philippines 2.012 30.00% 0.60 2.615 Bullish Jan 8, 2023 -8.76%
Israel 2.459 20.00% 0.49 2.951 Bullish Oct 29, 2023 2.06%
Malaysia 2.483 20.00% 0.50 2.979 Bullish Nov 6, 2022 -3.64%
China 2.188 40.00% 0.88 3.063 Bearish Aug 13, 2022 -10.85%
Mexico 2.189 40.00% 0.88 3.065 Bullish Oct 29, 2023 27.21%
Poland 2.448 30.00% 0.73 3.183 Bullish Oct 8, 2023 37.57%
Finland 2.669 20.00% 0.53 3.203 Bullish Oct 29, 2022 -15.50%
Taiwan  3.208 0.00% 0.00 3.208 Bullish Nov 12, 2023 23.62%
United Kingdom 2.568 30.00% 0.77 3.339 Bearish Mar 12, 2023 -1.72%
Vietnam 3.116 10.00% 0.31 3.427 Bullish Nov 12, 2023 -2.11%
Peru 2.805 30.00% 0.84 3.647 Bullish Nov 12, 2023 2.57%
Switzerland 4.933 -20.00% -0.99 3.947 Bearish Oct 15, 2023 -1.43%
India 2.655 50.00% 1.33 3.983 Bullish July 23, 2023 11.27%
Canada 4.099 10.00% 0.41 4.509 Bullish Mar 26, 2023 8.41%
Portugal 3.729 30.00% 1.12 4.847 Bullish Oct 29, 2023 -3.06%
South Africa 3.820 50.00% 1.91 5.729 Bullish Nov 12, 2023 -4.68%
Germany 4.889 20.00% 0.98 5.866 Bullish Mar 26, 2023 10.91%
Thailand 4.648 30.00% 1.39 6.043 Bullish Nov 12, 2023 -16.48%
Korea, South 5.124 20.00% 1.02 6.149 Bullish Oct 29, 2023 15.65%
Japan 4.188 50.00% 2.09 6.283 Bullish Nov 6, 2022 16.69%
Belgium 5.010 30.00% 1.50 6.513 Bullish Mar 13, 2022 -2.14%
France 4.886 40.00% 1.95 6.841 Bullish Jan 1, 2023 9.16%
United States 5.313 30.00% 1.59 6.907 Bullish Oct 29, 2023 20.10%
Sweden 6.706 10.00% 0.67 7.376 Bullish Nov 12, 2023 6.74%
New Zealand 8.344 0.00% 0.00 8.344 Bullish Oct 29, 2023 -0.99%
Denmark 14.071 -5.00% -0.70 13.368 Bearish Oct 15, 2023 21.20%
Netherlands 13.918 10.00% 1.39 15.310 Bullish Jan 1, 2023 10.93%

 

Country Value and Growth Factors August 31, 2023


Country Value and Growth Factors August 31, 2023
Country 2023 Real GDP Projected Annual Growth Rate % Yield P/E Total Return PE/Total Return Price/ Book Value 4% Model Market Indicator Date 4% Trend Started Index Index YTD % Aug 31 2023
Argentina 1.3 1.08 8.39 2.38 3.525 0.82 Bearish Sep 3 2023 MSCI Argentina  49.68%
Australia 2.1 4.29 15.78 6.39 2.469 2.17 Bullish Jul 9, 2023 MSCI Australia USD 2.55%
Austria -1.1 5.43 6.48 4.33 1.497 0.89 Bullish Jul 25 2023 MSCI Austria  1.28%
Belgium 0.9 2.46 21.35 3.36 6.354 1.52 Bullish Mar 13, 2022 MSCI Belgium -0.47%
Brazil 3.4 8.60 6.74 12.00 0.562 1.5 Bullish Dec 18, 2022 MSCI Brazil Net USD 15.68%
Canada 1.1 3.26 15.26 4.38 3.484 1.85 Bullish Mar 26, 2023 MSCI Canada Net USD 7.27%
Chile -1.1 9.84 6.47 8.74 0.740 1.3 Bullish May 7, 2023 MSCI Chile Net USD 6.75%
China 4.8 2.17 15.47 6.97 2.220 1.54 Bearish Aug 13, 2022 MSCI China Net USD -6.60%
Colombia 0.3 10.31 4.70 10.61 0.443 0.78 Bearish Aug 13,  2023 MSCI Colombia -10.55%
Czech Republic -0.4 13.71 7.70 13.31 0.579 1.74 Bearish May 14, 2023 MSCI Czech Republic Net USD 15.77%
Denmark 1.5 1.73 23.09 3.23 7.149 5.54 Bullish Oct 23, 2022 MSCI Denmark  15.98%
Egypt 3.9 1.67 8.06 5.57 1.447 2.36 Bullish Aug 27, 2023 MSCI Egypt 31.84%
Finland -0.4 4.14 7.65 3.74 2.045 1.95 Bearish Sep 18, 2022 MSCI Finland -14.24%
France 1.0 2.81 16.93 3.81 4.444 1.93 Bullish Jan 1, 2023 MSCI France  10.08%
Germany -0.2 3.40 13.98 3.20 4.369 1.41 Bullish Mar 26, 2023 MSCI Germany  9.44%
Greece 2.7 3.03 8.05 5.73 1.405 1.18 Bullish May 21, 2023 MSCI Greece  40.83%
Hong Kong SAR 1.5 3.88 22.62 5.38 4.204 0.98 Bearish Aug 13, 2022 MSCI Hong Kong  -16.07%
Hungary -2.4 3.32 4.79 0.92 5.207 0.93 Bullish Apr 2, 2023 MSCI Hungary 26.18%
India 7.8 1.27 25.65 9.07 2.828 3.59 Bullish July 23, 2023 MSCI India Net USD 5.73%
Indonesia 5.2 4.59 16.36 9.76 1.676 2.34 Bullish Jan 15, 2023 MSCI Indonesia USD 9.22%
Ireland -0.7 1.49 17.97 0.79 22.747 1.9 Bullish Mar 26, 2023 MSCI Ireland 23.51%
Israel 3.0 2.29 12.50 5.33 2.345 1.73 Bearish Aug 13, 2023 MSCI Israel  0.74%
Italy 0.4 4.76 7.83 5.16 1.517 1.26 Bullish Mar 26, 2023 MSCI Italy 18.34%
Japan 1.6 2.24 15.77 3.84 4.107 1.4 Bullish Nov 6, 2022 MSCI Japan USD 14.98%
Korea, South 0.9 2.06 16.34 2.96 5.520 0.99 Bearish Aug 13, 2023 MSCI Korea USD 12.74%
Malaysia 2.9 3.83 17.51 6.73 2.602 1.39 Bullish Nov 6, 2022 MSCI Malaysia USD -4.70%
Mexico 3.6 3.51 13.36 7.11 1.879 1.99 Bearish Jul 30, 2023 MSCI Mexico USD 25.43%
Netherlands -0.3 2.07 22.30 1.77 12.599 2.86 Bullish Jan 1, 2023 MSCI Netherlands 8.41%
New Zealand 2.2 2.65 25.76 4.85 5.311 2.71 Bearish May 21, 2023 MSCI New Zealand  -2.00%
Norway 0.7 5.63 7.79 6.33 1.231 1.72 Bearish Jun 18, 2023 MSCI Norway -0.21%
Pakistan 6.0 16.49 3.77 22.46 0.168 0.59 Bearish Aug 27, 2023 MSCI Pakistan Net USD -14.40%
Peru -0.4 4.22 11.90 3.82 3.115 1.77 Bearish Aug 13,  2023 MSCI Peru 12.43%
Philippines 4.3 2.43 14.16 6.73 2.104 1.66 Bullish Jan 8, 2023 MSCI Philippines USD -10.96%
Poland -0.6 3.92 9.18 3.32 2.765 1.1 Bullish Mar 26, 2023 MSCI Poland USD 21.39%
Portugal 2.3 3.52 21.93 5.82 3.768 2.12 Bullish Mar 26, 2023 MSCI Portugal  -5.36%
Qatar 2.7 4.55 12.19 7.25 1.681 1.58 Bullish April 30, 2023 MSCI Qatar -8.17%
Singapore 0.5 4.53 14.47 5.03 2.877 1.34 Bearish Aug 13, 2022 MSCI Singapore  -2.23%
South Africa 1.6 4.17 10.87 5.77 1.884 1.58 Bearish July 30, 2023 MSCI South Africa USD -6.62%
Spain 1.8 4.04 9.37 5.84 1.604 1.27 Bullish Mar 26, 2023 MSCI Spain 14.82%
Sweden -1.0 3.35 12.36 2.35 5.260 1.88 Bearish Jul 18, 2023 MSCI Sweden 3.64%
Switzerland 0.5 3.04 18.55 3.54 5.240 3.54 Bullish Mar 26, 2023 MSCI Switzerland 1.57%
Taiwan  1.4 3.51 16.91 4.87 3.472 2.27 Bullish Nov 6, 2022 MSCI Taiwan USD 15.45%
Thailand 1.8 2.60 23.45 4.40 5.330 1.9 Bullish Sep 7, 2023 MSCI Thailand USD -6.33%
Turkey 3.8 2.15 5.95 5.95 1.000 1.91 Bearish Aug 13, 2023 MSCI Turkey  40.78%
United Arab Emirates 8.5 3.70 8.77 12.20 0.719 1.56 Bearish Dec 4, 2022 MSCI UAE  Gross USD -2.83%
United Kingdom 0.4 3.81 11.47 4.21 2.724 1.65 Bearish Mar 12, 2023 MSCI UK  -2.49%
United States 2.6 1.49 24.18 4.09 5.912 4.3 Bearish Mar 5,  2023 MSCI USA USD 18.33%
Vietnam 4.14 1.58 23.94 5.72 4.185 2.74 Bearish Jan 29, 2023 MSCI Vietnam 12.34%

 

 

Country Risk Factors - Economic August 2023
  Economic Risk Socioeconomic Risk
Country Interest Rate Interest Rate Score Inflation Inflation Score Unemployment Unemployment Score Population Growth Score Income Distribution GINI Index over 40 Corruption Transparency Perception Rank Score Corporate Tax Rate Corporate Tax Rate Score
Argentina 118 -5 113 -5 6.9 -1 1 -1 -2 25 0
Australia 4.1 -1 6 -2 3.7 -1 -1     30 -1
Austria 4.25 -1 7.5 -2 6.1 -1 0     24 0
Belgium 4.25 -1 4.09 -2 5.5 -1 0     25 0
Brazil 13.25 -3 3.99 -1 7.9 -1 0 -1 -2 34 -2
Canada 5 -1 3.3 -1 5.5 -1 0     26.5 -1
Chile 9.5 -2 5.3 -2 8.77 -2 1 -1   27 -1
China 3.45 -1 0.1 0 5.3 -1 -1   -1 25 0
Colombia 13.25 -3 11.43 -3 9.57 -2 1 -1 -2 35 -2
Czech Republic 7 -2 8.8 -3 3.6 -1 -2 -1 -1 19 0
Denmark 3.35 -1 3.1 -1 2.5 0 0   2 22 0
Egypt 19.25 -3 37.4 -5 7 -1 2   -3 22.5 0
Finland 4.25 -1 6.5 -2 6.9 -1 -1   2 20 0
France 4.25 -1 4.8 -2 7.2 -1 -1     25 0
Germany 4.25 -1 6.1 -2 5.7 -1 -1   1 30 -1
Greece 4.25 -1 2.7 -1 10.8 -2 -2   -1 22 0
Hong Kong 5.75 -1 1.8 0 2.8 0 -2   1 16.5 0
Hungary 14 -3 16.4 -4 4 -1 -2   -2 9 2
India 6.5 -2 7.44 -2 8 -2 1   -2 34.94 -2
Indonesia 5.75 -1 3.27 -1 5.45 -1 0   -3 22 0
Ireland 4.25 -1 6.3 -2 4.1 -1 1   1 12.5 1
Israel 4.75 -1 3.3 -1 3.4 -1 2     23 0
Italy 4.25 -1 5.53 -2 7.6 -1 -2   -1 24 0
Japan -0.1 -1 3.3 -1 2.7 0 -2     30.62 -2
Korea, South 3.5 -1 3.4 -1 2.8 0 -2     27.5 -1
Malaysia 3 -1 2 0 3.4 -1 1 -1 -1 24 0
Mexico 11.25 -2 4.64 -2 3.1 -1 0 -1 -3 30 -1
Netherlands 4.25 -1 3 -1 3.6 -1 0   1 25.8 -1
New Zealand 5.5 -1 6 -2 3.6 -1 0   2 28 -1
Norway 4 -1 5.4 -2 3.5 -1 0   1 22 0
Pakistan 22 -3 27.4 -4 6.3 -1 2   -3 29 -1
Peru 7.75 -2 7.9 -2 7.1 -1 1 -1 -3 29.5 -1
Philippines 6.25 -2 5.3 -2 4.8 -1 2 -1 -3 25 0
Poland 6 -1 10.1 -3 5 -1 -2   -1 19 0
Portugal 4.25 -1 3.7 -1 6.1 -1 -1     21 0
Qatar 6.25 -2 3.1 -1 0.1 -1 -2     10 1
Singapore 3.68 -1 4.1 -2 1.9 0 -2   1 17 0
South Africa 8.25 -2 4.7 -2 32.6 -5 1 -1 -2 27 -1
Spain 4.25 -1 2.6 -1 11.6 -2 -1     25 0
Sweden 3.75 -1 9.3 -3 6.2 -1 0   1 20.6 0
Switzerland 1.75 0 1.6 0 2 0 1   1 14.93 1
Taiwan  1.88 0 2.52 -1 3.43 -1 -1     20 0
Thailand 2.25 0 0.88 0 1.06 0 -1   -3 20 0
Turkey 25 -3 58.94 -5 9.4 -2 1 -1 -3 23 0
United Arab Emirates 5.4 -1 2.05 -1 2.75 0 1     0 -1
United Kingdom 5.25 -1 6.8 -2 4.3 -1 0     19 0
United States 5.5 -1 3.2 -1 3.8 -1 0     21 0
Vietnam 4.5 -1 2.96 -1 2.3 0 1   -2 20 0


Country Risk Factors - Sovereign, Political, Conflict and Extraordinary  August 2023
  Sovereign Risk Political Risk Conflict Risk Extraordinary  Event Risks    
Country Average Credit Ratings  Average Credit Ratings Score Government Debt as % of GDP Debt  Score Political Stability Government Friendly to Business Trade Dispute Cases on WTO/Trade Wars Equity Restrictions FDI Regulatory Restrictiveness Index Above 0.12 Territorial Disputes/ Wars Internal Conflict/ Terrorism Natural Disasters, Banking Crisis, Political Crisis, etc Total Score % Modifier
Argentina 12 -4 85 -2 2   -1   -1 -1   -20 70.00%
Australia 100 2 22.3 1 2   -1 -1 0 0   -3 10.00%
Austria 96 1 78.4 -1 1   -3   0 0   -6 20.00%
Belgium 87 0 105 -2 1   -3   0 -1   -9 30.00%
Brazil 43 -2 72.87 -1 2   -1   -1 0   -13 50.00%
Canada 100 2 113 -3 1 1 -1 -1 0 0   -5 20.00%
Chile 75 -1 38 0 1   -1   -1 0   -9 30.00%
China 80 -1 76.9 -1 2 -1 -2 -1 -1 0   -9 30.00%
Colombia 55 -1 61.1 -1 1       -1 -1   -15 50.00%
Czech Republic 85 0 44.1 0 1   -3   0 0   -12 40.00%
Denmark 100 2 30.1 0 1   -2   0 -2   -1 0.00%
Egypt 28 -3 87.2 -2 2       -1 -1   -15 50.00%
Finland 96 1 73 -1 1   -3   0 0   -5 20.00%
France 92 0 112 -3 1   -3   0 -1   -11 40.00%
Germany 100 2 66.3 -1 1   -3   0 -1   -7 30.00%
Greece 46 -2 171 -5 2 1 -3   -1 -1   -16 60.00%
Hong Kong 90 0   0 2 -1     0 -1   -2 0.00%
Hungary 60 -1 73.3 -1 2   -2   0 0   -12 40.00%
India 56 -1 89.26 -2 2   -2   -1 -1   -14 50.00%
Indonesia 60 -1 40.9 0 2   -1 -1 -1 -1   -9 30.00%
Ireland 83 0 44.7 0 1   -3 -1 0 -1   -5 20.00%
Israel 81 0 60.9 -1 1       -1 -1   -3 10.00%
Italy 62 -1 145 -4 1   -3   0 -1   -15 50.00%
Japan 77 -1 264 -5 2   -1   -1 -2   -14 50.00%
Korea, South 86 0 49.6 0 2   -1 -1 -1 0   -6 20.00%
Malaysia 68 -1 60.4 -1 1       -1 -1   -6 20.00%
Mexico 60 -1 49.6 0 2   -1 -1 0 0   -11 40.00%
Netherlands 98 1 51 -1 1   -3   0 0   -5 20.00%
New Zealand 95 1 35.9 0 2     -1 0 0   -1 0.00%
Norway 100 2 37.4 0 1       0 0   0 0.00%
Pakistan 18 -4 89 -2 2       -1 -1   -16 60.00%
Peru 61 -1 36 0 1 -1     0 -1   -11 40.00%
Philippines 61 -1 60.9 -1 2       -1 -1   -9 30.00%
Poland 71 -1 49.1 0 2   -3   0 0   -10 40.00%
Portugal 62 -1 114 -3 2   -3   0 0   -9 30.00%
Qatar 86 0 46.9 0 2       0 0   -3 10.00%
Singapore 100 2 168 -4 2 1     -1 -1   -5 20.00%
South Africa 41 -2 67.4 -1 2       0 0   -13 50.00%
Spain 71 -1 113 -3 1   -3   -1 -1   -13 50.00%
Sweden 100 2 33 0 1   -3   0 0   -4 10.00%
Switzerland 100 2 41.4 0 2       0 0   7 -20.00%
Taiwan  90 0 24 1 2       -1 0   -1 0.00%
Thailand 65 -1 60.96 -1 1       -1 -1   -7 30.00%
Turkey 28 -3 31.7 0 2   -1   -2 -1   -18 60.00%
United Arab Emirates 90 0 38.3 0 2       -2 -1   -3 10.00%
United Kingdom 87 0 101 -2 2   -2   -1 -1   -8 30.00%
United States 98 1 129 -3 1   -2   0 -1   -7 30.00%
Vietnam 45 -2 37.1 0 2       -1 0   -4 10.00%

 

 
Notes

No Natural disasters having a major affect this month

.

Country Valuation by Price to Book Value August 2023
Country Price/ Book Value 4% Model Market Indicator Index YTD %  Aug 31 2023
Pakistan 0.59 Bearish -14.40%
Colombia 0.78 Bearish -10.55%
Argentina 0.82 Bearish 49.68%
Austria 0.89 Bullish 1.28%
Hungary 0.93 Bullish 26.18%
Hong Kong 0.98 Bearish -16.07%
Korea, South 0.99 Bearish 12.74%
Poland 1.1 Bullish 21.39%
Greece 1.18 Bullish 40.83%
Italy 1.26 Bullish 18.34%
Spain 1.27 Bullish 14.82%
Chile 1.3 Bullish 6.75%
Singapore 1.34 Bearish -2.23%
Malaysia 1.39 Bullish -4.70%
Japan 1.4 Bullish 14.98%
Germany 1.41 Bullish 9.44%
Brazil 1.5 Bullish 15.68%
Belgium 1.52 Bullish -0.47%
China 1.54 Bearish -6.60%
United Arab Emirates 1.56 Bearish -2.83%
Qatar 1.58 Bullish -8.17%
South Africa 1.58 Bearish -6.62%
United Kingdom 1.65 Bearish -2.49%
Philippines 1.66 Bullish -10.96%
Norway 1.72 Bearish -0.21%
Israel 1.73 Bearish 0.74%
Czech Republic 1.74 Bearish 15.77%
Peru 1.77 Bearish 12.43%
Canada 1.85 Bullish 7.27%
Sweden 1.88 Bearish 3.64%
Ireland 1.9 Bullish 23.51%
Thailand 1.9 Bullish -6.33%
Turkey 1.91 Bearish 40.78%
France 1.93 Bullish 10.08%
Finland 1.95 Bearish -14.24%
Mexico 1.99 Bearish 25.43%
Portugal 2.12 Bullish -5.36%
Australia 2.17 Bullish 2.55%
Taiwan  2.27 Bullish 15.45%
Indonesia 2.34 Bullish 9.22%
Egypt 2.36 Bullish 31.84%
New Zealand 2.71 Bearish -2.00%
Vietnam 2.74 Bearish 12.34%
Netherlands 2.86 Bullish 8.41%
Switzerland 3.54 Bullish 1.57%
India 3.59 Bullish 5.73%
United States 4.3 Bearish 18.33%
Denmark 5.54 Bullish 15.98%

 

 

Country Valuation by Aug 2023
Country PE/Total Return 4% Model Market Indicator Index YTD %  Aug 31 2023
Pakistan 0.168 Bearish -14.40%
Colombia 0.443 Bearish -10.55%
Brazil 0.562 Bullish 15.68%
Czech Republic 0.579 Bearish 15.77%
United Arab Emirates 0.719 Bearish -2.83%
Chile 0.740 Bullish 6.75%
Turkey 1.000 Bearish 40.78%
Norway 1.231 Bearish -0.21%
Greece 1.405 Bullish 40.83%
Egypt 1.447 Bullish 31.84%
Austria 1.497 Bullish 1.28%
Italy 1.517 Bullish 18.34%
Spain 1.604 Bullish 14.82%
Indonesia 1.676 Bullish 9.22%
Qatar 1.681 Bullish -8.17%
Mexico 1.879 Bearish 25.43%
South Africa 1.884 Bearish -6.62%
Finland 2.045 Bearish -14.24%
Philippines 2.104 Bullish -10.96%
China 2.220 Bearish -6.60%
Israel 2.345 Bearish 0.74%
Australia 2.469 Bullish 2.55%
Malaysia 2.602 Bullish -4.70%
United Kingdom 2.724 Bearish -2.49%
Poland 2.765 Bullish 21.39%
India 2.828 Bullish 5.73%
Singapore 2.877 Bearish -2.23%
Peru 3.115 Bearish 12.43%
Taiwan  3.472 Bullish 15.45%
Canada 3.484 Bullish 7.27%
Argentina 3.525 Bearish 49.68%
Portugal 3.768 Bullish -5.36%
Japan 4.107 Bullish 14.98%
Vietnam 4.185 Bearish 12.34%
Hong Kong 4.204 Bearish -16.07%
Germany 4.369 Bullish 9.44%
France 4.444 Bullish 10.08%
Hungary 5.207 Bullish 26.18%
Switzerland 5.240 Bullish 1.57%
Sweden 5.260 Bearish 3.64%
New Zealand 5.311 Bearish -2.00%
Thailand 5.330 Bullish -6.33%
Korea, South 5.520 Bearish 12.74%
United States 5.912 Bearish 18.33%
Belgium 6.354 Bullish -0.47%
Denmark 7.149 Bullish 15.98%
Netherlands 12.599 Bullish 8.41%
Ireland 22.747 Bullish 23.51%

 

Country Valuation by PEGY and Altered for Country Risk Factors Aug 2023
Country PE/Total Return Country Risk Modifier Modifier Amount Adjusted PE/Total Return for Country Risk Factors 4% Model Market Indicator Date 4% Trend Started Index YTD %  May 31 2023
Ireland 0.79 20.00% 0.16 0.948 Bullish Mar 26, 2023 23.51%
Hungary 0.92 40.00% 0.37 1.288 Bullish Apr 2, 2023 26.18%
Netherlands 1.77 20.00% 0.35 2.124 Bullish Jan 1, 2023 8.41%
Sweden 2.35 10.00% 0.24 2.585 Bearish Jul 18, 2023 3.64%
Switzerland 3.54 -20.00% -0.71 2.832 Bullish Mar 26, 2023 1.57%
Denmark 3.23 0.00% 0.00 3.230 Bullish Oct 23, 2022 15.98%
Korea, South 2.96 20.00% 0.59 3.552 Bearish Aug 13, 2023 12.74%
Argentina 2.38 70.00% 1.67 4.046 Bearish Sep 3 2023 49.68%
Germany 3.20 30.00% 0.96 4.160 Bullish Mar 26, 2023 9.44%
Belgium 3.36 30.00% 1.01 4.368 Bullish Mar 13, 2022 -0.47%
Finland 3.74 20.00% 0.75 4.488 Bearish Sep 18, 2022 -14.24%
Poland 3.32 40.00% 1.33 4.648 Bullish Mar 26, 2023 21.39%
New Zealand 4.85 0.00% 0.00 4.850 Bearish May 21, 2023 -2.00%
Taiwan  4.87 0.00% 0.00 4.870 Bullish Nov 6, 2022 15.45%
Austria 4.33 20.00% 0.87 5.196 Bullish Jul 25 2023 1.28%
Canada 4.38 20.00% 0.88 5.256 Bullish Mar 26, 2023 7.27%
United States 4.09 30.00% 1.23 5.317 Bearish Mar 5,  2023 18.33%
France 3.81 40.00% 1.52 5.334 Bullish Jan 1, 2023 10.08%
Peru 3.82 40.00% 1.53 5.348 Bearish Aug 13,  2023 12.43%
Hong Kong 5.38 0.00% 0.00 5.380 Bearish Aug 13, 2022 -16.07%
United Kingdom 4.21 30.00% 1.26 5.473 Bearish Mar 12, 2023 -2.49%
Thailand 4.40 30.00% 1.32 5.720 Bullish Sep 7, 2023 -6.33%
Japan 3.84 50.00% 1.92 5.760 Bullish Nov 6, 2022 14.98%
Israel 5.33 10.00% 0.53 5.863 Bearish Aug 13, 2023 0.74%
Singapore 5.03 20.00% 1.01 6.036 Bearish Aug 13, 2022 -2.23%
Vietnam 5.72 10.00% 0.57 6.292 Bearish Jan 29, 2023 12.34%
Norway 6.33 0.00% 0.00 6.330 Bearish Jun 18, 2023 -0.21%
Australia 6.39 10.00% 0.64 7.029 Bullish Jul 9, 2023 2.55%
Portugal 5.82 30.00% 1.75 7.566 Bullish Mar 26, 2023 -5.36%
Italy 5.16 50.00% 2.58 7.740 Bullish Mar 26, 2023 18.34%
Qatar 7.25 10.00% 0.73 7.975 Bullish April 30, 2023 -8.17%
Malaysia 6.73 20.00% 1.35 8.076 Bullish Nov 6, 2022 -4.70%
Egypt 5.57 50.00% 2.79 8.355 Bullish Aug 27, 2023 31.84%
South Africa 5.77 50.00% 2.89 8.655 Bearish July 30, 2023 -6.62%
Philippines 6.73 30.00% 2.02 8.749 Bullish Jan 8, 2023 -10.96%
Spain 5.84 50.00% 2.92 8.760 Bullish Mar 26, 2023 14.82%
China 6.97 30.00% 2.09 9.061 Bearish Aug 13, 2022 -6.60%
Greece 5.73 60.00% 3.44 9.168 Bullish May 21, 2023 40.83%
Turkey 5.95 60.00% 3.57 9.520 Bearish Aug 13, 2023 40.78%
Mexico 7.11 40.00% 2.84 9.954 Bearish Jul 30, 2023 25.43%
Chile 8.74 30.00% 2.62 11.362 Bullish May 7, 2023 6.75%
Indonesia 9.76 30.00% 2.93 12.688 Bullish Jan 15, 2023 9.22%
United Arab Emirates 12.20 10.00% 1.22 13.420 Bearish Dec 4, 2022 -2.83%
India 9.07 50.00% 4.54 13.605 Bullish July 23, 2023 5.73%
Colombia 10.61 50.00% 5.31 15.915 Bearish Aug 13,  2023 -10.55%
Brazil 12.00 50.00% 6.00 18.000 Bullish Dec 18, 2022 15.68%
Czech Republic 13.31 40.00% 5.32 18.634 Bearish May 14, 2023 15.77%
Pakistan 22.46 60.00% 13.48 35.936 Bearish Aug 27, 2023 -14.40%

 

 

Country Value and Growth Factors May 31, 2023


Country Value and Growth Factors May 31, 2023
Country 2023 Real GDP Projected Annual Growth Rate % Yield P/E Total Return PE/Total Return Price/ Book Value 4% Model Market Indicator Date 4% Trend Started Index Index YTD % May 31 2023
Argentina 1.9 1.38 5.65 3.28 1.723 0.68 Bullish May 7 2023 MSCI Argentina  16.77%
Australia 2.3 4.94 14.01 7.24 1.935 2.1 Bullish Nov 6, 2022 MSCI Australia USD -1.91%
Austria 1.9 5.55 5.73 7.45 0.769 0.84 Bearish Mar 13 2023 MSCI Austria  -4.68%
Belgium 1.4 2.61 21.25 4.01 5.299 1.44 Bullish Mar 13, 2022 MSCI Belgium -6.37%
Brazil 4.0 11.95 5.72 15.95 0.359 1.4 Bullish Dec 18, 2022 MSCI Brazil Net USD 3.75%
Canada 3.1 3.34 13.91 6.44 2.160 1.8 Bullish Mar 26, 2023 MSCI Canada Net USD 1.81%
Chile -0.6 11.49 4.90 10.89 0.450 1.2 Bullish May 7, 2023 MSCI Chile Net USD 2.95%
China 4.5 2.17 15.47 6.67 2.319 1.54 Bearish Jan 30, 2022 MSCI China Net USD -10.91%
Colombia 3.0 9.93 4.54 12.93 0.351 0.75 Bearish May 28,  2023 MSCI Colombia -16.30%
Czech Republic -0.4 6.31 8.18 5.91 1.384 1.51 Bearish May 14, 2023 MSCI Czech Republic Net USD 18.22%
Denmark 2.4 1.58 19.82 3.98 4.980 5.42 Bullish Oct 23, 2022 MSCI Denmark  10.24%
Egypt 3.9 1.81 10.05 5.71 1.760 2.25 Bearish May 14, 2023 MSCI Egypt 21.67%
Finland -0.4 4.01 9.36 3.61 2.593 1.89 Bearish Sep 18, 2022 MSCI Finland -11.08%
France 0.9 2.96 16.03 3.86 4.153 1.84 Bullish Jan 1, 2023 MSCI France  7.35%
Germany -0.5 3.43 16.24 2.93 5.543 1.36 Bullish Mar 26, 2023 MSCI Germany  8.03%
Greece 2.1 2.33 7.81 4.43 1.763 1.14 Bullish May 21, 2023 MSCI Greece  28.89%
Hong Kong SAR 2.7 3.79 25.15 6.49 3.875 1.02 Bearish Mar 5, 2022 MSCI Hong Kong  -12.87%
Hungary -0.9 3.39 4.82 2.49 1.936 0.81 Bullish Apr 2, 2023 MSCI Hungary 7.33%
India 6.1 1.32 25.60 7.42 3.450 3.44 Bullish July 17, 2022 MSCI India Net USD -0.04%
Indonesia 5.0 4.74 13.21 9.77 1.352 2.42 Bullish Jan 15, 2023 MSCI Indonesia USD 9.57%
Ireland -0.2 1.62 18.43 1.42 12.979 1.81 Bullish Mar 26, 2023 MSCI Ireland 15.19%
Israel 4.0 2.46 10.52 6.44 1.634 1.62 Bearish Nov 13, 2022 MSCI Israel  -5.37%
Italy 1.9 5.27 7.58 7.17 1.057 1.13 Bullish Mar 26, 2023 MSCI Italy 6.78%
Japan 1.3 2.41 16.69 3.71 4.499 1.34 Bullish Nov 6, 2022 MSCI Japan USD 9.88%
Korea, South 0.9 2.09 13.13 2.99 4.391 1.02 Bullish Oct 2, 2022 MSCI Korea USD 13.90%
Malaysia 5.6 4.15 15.63 9.75 1.603 1.33 Bullish Nov 6, 2022 MSCI Malaysia USD -8.64%
Mexico 3.7 3.76 14.22 7.46 1.906 1.94 Bullish Mar 19, 2023 MSCI Mexico USD 18.82%
Netherlands 1.9 1.98 26.08 3.88 6.722 3 Bullish Jan 1, 2023 MSCI Netherlands 12.97%
New Zealand 2.2 2.39 26.22 4.59 5.712 2.91 Bearish May 21, 2023 MSCI New Zealand  3.17%
Norway 3.0 5.98 8.39 8.98 0.934 1.51 Bullish Mar 26, 2022 MSCI Norway -6.07%
Pakistan 6.0 18.47 3.62 24.44 0.148 0.59 Bearish Feb 26, 2023 MSCI Pakistan Net USD -16.12%
Peru -0.4 4.74 10.86 4.34 2.502 1.49 Bullish May 28,  2023 MSCI Peru -2.12%
Philippines 6.4 2.16 17.27 8.56 2.018 1.81 Bullish Jan 8, 2023 MSCI Philippines USD -7.18%
Poland -0.3 4.20 7.89 3.90 2.023 1 Bullish Mar 26, 2023 MSCI Poland USD 8.11%
Portugal 2.5 3.53 15.13 6.03 2.509 2.1 Bullish Mar 26, 2023 MSCI Portugal  -5.90%
Qatar 8.0 4.57 11.73 12.57 0.933 1.6 Bullish April 30, 2023 MSCI Qatar -8.17%
Singapore 0.4 4.18 16.61 4.58 3.627 1.36 Bullish Oct 23, 2022 MSCI Singapore  -1.92%
South Africa 0.2 4.42 9.86 4.62 2.134 1.6 Bearish May 7, 2023 MSCI South Africa USD -13.71%
Spain 3.8 4.02 9.71 7.82 1.242 1.16 Bullish Mar 26, 2023 MSCI Spain 9.12%
Sweden 0.8 3.35 16.68 4.15 4.019 1.94 Bullish Mar 26, 2023 MSCI Sweden 5.09%
Switzerland 0.6 3.02 17.86 3.62 4.934 3.14 Bearish June 12, 2022 MSCI Switzerland 2.55%
Taiwan  -2.9 4.01 14.76 1.14 12.947 2.27 Bullish Nov 6, 2022 MSCI Taiwan USD 17.94%
Thailand 2.7 2.85 20.13 5.55 3.627 1.82 Bearish May 14, 2023 MSCI Thailand USD -9.02%
Turkey 4.0 3.34 3.77 7.34 0.514 1.36 Bullish May 28, 2023 MSCI Turkey  -10.89%
United Arab Emirates 8.5 3.83 9.30 12.33 0.754 1.47 Bearish Dec 4, 2022 MSCI UAE  Gross USD -7.74%
United Kingdom 0.2 3.97 11.77 4.17 2.823 1.63 Bearish Mar 12, 2023 MSCI UK  -1.99%
United States 1.6 1.60 22.03 3.20 6.884 4.06 Bearish Mar 5,  2023 MSCI USA USD 9.51%
Vietnam 3.32 1.97 27.80 5.29 5.255 1.82 Bearish Jan 29, 2023 MSCI Vietnam -0.89%

 

 

Country Risk Factors - Economic May 2023
  Economic Risk Socioeconomic Risk
Country Interest Rate Interest Rate Score Inflation Inflation Score Unemployment Unemployment Score Population Growth Score Income Distribution GINI Index over 40 Corruption Transparency Perception Rank Score Corporate Tax Rate Corporate Tax Rate Score
Argentina 97 -5 109 -5 6.3 -1 1 -1 -2 25 0
Australia 4.1 -1 7 -2 3.5 -1 -1     30 -1
Austria 3.75 -1 8.8 -3 5.9 -1 0     24 0
Belgium 3.75 -1 5.2 -2 5.6 -1 0     25 0
Brazil 13.75 -3 3.94 -1 8.5 -2 0 -1 -2 34 -2
Canada 4.75 -1 4.4 -2 5.2 -1 0     26.5 -1
Chile 11.25 -2 8.7 -3 8.7 -2 1 -1   27 -1
China 3.65 -1 0.2 0 5.2 -1 -1   -1 25 0
Colombia 13.25 -3 12.36 -3 10.7 -2 1 -1 -2 35 -2
Czech Republic 7 -2 12.7 -3 3.5 -1 -2 -1 -1 19 0
Denmark 2.85 0 5.3 -2 2.4 0 0   2 22 0
Egypt 18.25 -3 32.7 -5 7.1 -1 2   -3 22.5 0
Finland 3.75 -1 7.9 -2 7.9 -1 -1   2 20 0
France 3.75 -1 5.1 -2 7.1 -1 -1     25 0
Germany 3.75 -1 6.1 -2 5.6 -1 -1   1 30 -1
Greece 3.75 -1 2.8 -1 11.2 -2 -2   -1 22 0
Hong Kong 5.5 -1 2.1 -1 3 -1 -2   1 16.5 0
Hungary 13 -3 21.5 -4 4 -1 -2   -2 9 2
India 6.5 -2 4.7 -2 7.8 -1 1   -2 34.94 -2
Indonesia 5.75 -1 4 -1 5.45 -1 0   -3 22 0
Ireland 3.75 -1 6.6 -2 3.8 -1 1   1 12.5 1
Israel 4.75 -1 5 -2 3.6 -1 2     23 0
Italy 3.75 -1 7.6 -2 7.8 -1 -2   -1 24 0
Japan -0.1 -1 3.5 -1 2.6 0 -2     30.62 -2
Korea, South 3.5 -1 3.3 -1 2.6 0 -2     27.5 -1
Malaysia 3 -1 3.3 -1 3.5 -1 1 -1 -1 24 0
Mexico 11.25 -2 5.84 -2 2.8 0 0 -1 -3 30 -1
Netherlands 3.75 -1 6.1 -2 3.4 -1 0   1 25.8 -1
New Zealand 5.5 -1 6.7 -2 3.4 -1 0   2 28 -1
Norway 3.25 -1 6.7 -2 3.5 -1 0   1 37.4 -2
Pakistan 21 -3 38 -5 6.5 -1 2   -3 29 -1
Peru 7.75 -2 7.9 -2 7.1 -1 1 -1 -3 29.5 -1
Philippines 6.25 -2 6.1 -2 4.5 -1 2 -1 -3 25 0
Poland 6.75 -2 13 -3 5.2 -1 -2   -1 19 0
Portugal 3.75 -1 4 -1 7.2 -1 -1     21 0
Qatar 6 -1 3.68 -1 0.1 -1 -2     10 1
Singapore 3.9 -1 5.7 -2 1.8 0 -2   1 17 0
South Africa 8.25 -2 6.8 -2 32.9 -5 1 -1 -2 27 -1
Spain 3.75 -1 3.2 -1 13.26 -2 -1     25 0
Sweden 3.5 -1 10.5 -3 7.5 -1 0   1 20.6 0
Switzerland 1.5 0 2.2 -1 1.9 0 1   1 14.93 1
Taiwan  1.88 0 2.02 -1 3.56 -1 -1     20 0
Thailand 2 0 2 0 1.05 0 -1   -3 20 0
Turkey 8.5 -2 39.59 -5 10.2 -2 1 -1 -3 23 0
United Arab Emirates 5.15 -1 3.27 -1 2.75 0 1     0 -1
United Kingdom 4.5 -1 8.7 -3 3.9 -1 0     19 0
United States 5.25 -1 4.9 -2 3.7 -1 0     21 0
Vietnam 5 -1 2.43 -1 2.25 0 1   -2 20 0


Country Risk Factors - Sovereign, Political, Conflict and Extraordinary  May 2023
  Sovereign Risk Political Risk Conflict Risk Extraordinary  Event Risks    
Country Average Credit Ratings  Average Credit Ratings Score Government Debt as % of GDP Debt  Score Political Stability Government Friendly to Business Trade Dispute Cases on WTO/Trade Wars Equity Restrictions FDI Regulatory Restrictiveness Index Above 0.12 Territorial Disputes/ Wars Internal Conflict/ Terrorism Natural Disasters, Banking Crisis, Political Crisis, etc Total Score % Modifier
Argentina 15 -4 85 -2 2   -1   -1 -1   -20 70.00%
Australia 100 2 22.3 1 2   -1 -1 0 0   -3 10.00%
Austria 96 1 78.4 -1 1   -3   0 0   -7 30.00%
Belgium 87 0 105 -2 1   -3   0 -1   -9 30.00%
Brazil 42 -2 72.87 -1 2   -1   -1 0   -14 50.00%
Canada 100 2 113 -3 1 1 -1 -1 0 0   -6 20.00%
Chile 75 -1 38 0 1   -1   -1 0   -10 40.00%
China 80 -1 76.9 -1 2 -1 -2 -1 -1 0   -9 30.00%
Colombia 55 -1 61.1 -1 1       -1 -1   -15 50.00%
Czech Republic 85 0 44.1 0 1   -3   0 0   -12 40.00%
Denmark 100 2 30.1 0 1   -2   0 -2   -1 0.00%
Egypt 28 -3 87.2 -2 2       -1 -1   -15 50.00%
Finland 96 1 73 -1 1   -3   0 0   -5 20.00%
France 92 0 112 -3 1   -3   0 -1   -11 40.00%
Germany 100 2 66.3 -1 1   -3   0 -1   -7 30.00%
Greece 46 -2 171 -5 2 1 -3   -1 -1   -16 60.00%
Hong Kong 90 0   0 2 -1     0 -1   -4 10.00%
Hungary 60 -1 73.3 -1 2   -2   0 0   -12 40.00%
India 56 -1 89.26 -2 2   -2   -1 -1   -13 50.00%
Indonesia 60 -1 40.9 0 2   -1 -1 -1 -1   -9 30.00%
Ireland 82 0 44.7 0 1   -3 -1 0 -1   -5 20.00%
Israel 81 0 60.9 -1 1       -1 -1   -4 10.00%
Italy 62 -1 145 -4 1   -3   0 -1   -15 50.00%
Japan 77 -1 262 -5 2   -1   -1 -2   -14 50.00%
Korea, South 86 0 49.6 0 2   -1 -1 -1 0   -6 20.00%
Malaysia 68 -1 60.4 -1 1       -1 -1   -7 30.00%
Mexico 60 -1 49.6 0 2   -1 -1 0 0   -10 40.00%
Netherlands 98 1 51 -1 1   -3   0 0   -6 20.00%
New Zealand 95 1 35.9 0 2     -1 0 0   -1 0.00%
Norway 100 2 37.4 0 1       0 0   -2 0.00%
Pakistan 21 -4 84 -2 2       -1 -1   -17 60.00%
Peru 61 -1 36 0 1 -1     0 -1   -11 40.00%
Philippines 61 -1 60.9 -1 2       -1 -1   -9 30.00%
Poland 71 -1 49.1 0 1   -3   0 0   -12 40.00%
Portugal 72 -1 114 -3 2   -3   0 0   -9 30.00%
Qatar 86 0 46.9 0 2       0 0   -2 0.00%
Singapore 100 2 160 -4 2 1     -1 -1   -5 20.00%
South Africa 41 -2 67.4 -1 2       0 0   -13 50.00%
Spain 71 -1 113 -3 1   -3   -1 -1   -13 50.00%
Sweden 100 2 33 0 1   -3   0 0   -4 10.00%
Switzerland 100 2 41.4 0 2       0 0   6 -15.00%
Taiwan  90 0 24.9 1 2       -1 0   -1 0.00%
Thailand 65 -1 60.96 -1 2       -1 -1   -6 20.00%
Turkey 28 -3 31.7 0 2   -1   -2 -1   -17 60.00%
United Arab Emirates 90 0 38.3 0 2       -2 -1   -3 10.00%
United Kingdom 87 0 101 -2 2   -2   -1 -1   -9 30.00%
United States 98 1 129 -3 1   -2   0 -1   -8 30.00%
Vietnam 45 -2 39.6 0 2       -1 0   -4 10.00%

 

 
Notes

No Natural disasters this month

.

Country Valuation by Price to Book Value May 2023
Country Price/ Book Value 4% Model Market Indicator Index YTD %  May 31 2023
Pakistan 0.59 Bearish -16.12%
Argentina 0.68 Bullish 16.77%
Colombia 0.75 Bearish -16.30%
Hungary 0.81 Bullish 7.33%
Austria 0.84 Bearish -4.68%
Poland 1 Bullish 8.11%
Hong Kong SAR 1.02 Bearish -12.87%
Korea, South 1.02 Bullish 13.90%
Italy 1.13 Bullish 6.78%
Greece 1.14 Bullish 28.89%
Spain 1.16 Bullish 9.12%
Chile 1.2 Bullish 2.95%
Malaysia 1.33 Bullish -8.64%
Japan 1.34 Bullish 9.88%
Germany 1.36 Bullish 8.03%
Singapore 1.36 Bullish -1.92%
Turkey 1.36 Bullish -10.89%
Brazil 1.4 Bullish 3.75%
Belgium 1.44 Bullish -6.37%
United Arab Emirates 1.47 Bearish -7.74%
Peru 1.49 Bullish -2.12%
Czech Republic 1.51 Bearish 18.22%
Norway 1.51 Bullish -6.07%
China 1.54 Bearish -10.91%
Qatar 1.6 Bullish -8.17%
South Africa 1.6 Bearish -13.71%
Israel 1.62 Bearish -5.37%
United Kingdom 1.63 Bearish -1.99%
Canada 1.8 Bullish 1.81%
Ireland 1.81 Bullish 15.19%
Philippines 1.81 Bullish -7.18%
Thailand 1.82 Bearish -9.02%
Vietnam 1.82 Bearish -0.89%
France 1.84 Bullish 7.35%
Finland 1.89 Bearish -11.08%
Mexico 1.94 Bullish 18.82%
Sweden 1.94 Bullish 5.09%
Australia 2.1 Bullish -1.91%
Portugal 2.1 Bullish -5.90%
Egypt 2.25 Bearish 21.67%
Taiwan  2.27 Bullish 17.94%
Indonesia 2.42 Bullish 9.57%
New Zealand 2.91 Bearish 3.17%
Netherlands 3 Bullish 12.97%
Switzerland 3.14 Bearish 2.55%
India 3.44 Bullish -0.04%
United States 4.06 Bearish 9.51%
Denmark 5.42 Bullish 10.24%

 

 

Country Valuation by May 2023
Country PE/Total Return 4% Model Market Indicator Index YTD %  May 31 2023
Pakistan 0.148 Bearish -16.12%
Colombia 0.351 Bearish -16.30%
Brazil 0.359 Bullish 3.75%
Chile 0.450 Bullish 2.95%
Turkey 0.514 Bullish -10.89%
United Arab Emirates 0.754 Bearish -7.74%
Austria 0.769 Bearish -4.68%
Qatar 0.933 Bullish -8.17%
Norway 0.934 Bullish -6.07%
Italy 1.057 Bullish 6.78%
Spain 1.242 Bullish 9.12%
Indonesia 1.352 Bullish 9.57%
Czech Republic 1.384 Bearish 18.22%
Malaysia 1.603 Bullish -8.64%
Israel 1.634 Bearish -5.37%
Argentina 1.723 Bullish 16.77%
Egypt 1.760 Bearish 21.67%
Greece 1.763 Bullish 28.89%
Mexico 1.906 Bullish 18.82%
Australia 1.935 Bullish -1.91%
Hungary 1.936 Bullish 7.33%
Philippines 2.018 Bullish -7.18%
Poland 2.023 Bullish 8.11%
South Africa 2.134 Bearish -13.71%
Canada 2.160 Bullish 1.81%
China 2.319 Bearish -10.91%
Peru 2.502 Bullish -2.12%
Portugal 2.509 Bullish -5.90%
Finland 2.593 Bearish -11.08%
United Kingdom 2.823 Bearish -1.99%
India 3.450 Bullish -0.04%
Singapore 3.627 Bullish -1.92%
Thailand 3.627 Bearish -9.02%
Hong Kong SAR 3.875 Bearish -12.87%
Sweden 4.019 Bullish 5.09%
France 4.153 Bullish 7.35%
Korea, South 4.391 Bullish 13.90%
Japan 4.499 Bullish 9.88%
Switzerland 4.934 Bearish 2.55%
Denmark 4.980 Bullish 10.24%
Vietnam 5.255 Bearish -0.89%
Belgium 5.299 Bullish -6.37%
Germany 5.543 Bullish 8.03%
New Zealand 5.712 Bearish 3.17%
Netherlands 6.722 Bullish 12.97%
United States 6.884 Bearish 9.51%
Taiwan  12.947 Bullish 17.94%
Ireland 12.979 Bullish 15.19%

 

Country Valuation by PEGY and Altered for Country Risk Factors May 2023
Country PE/Total Return Country Risk Modifier Modifier Amount Adjusted PE/Total Return for Country Risk Factors 4% Model Market Indicator Date 4% Trend Started Index YTD %  May 31 2023
Pakistan 0.148 60.00% 0.09 0.237 Bearish Feb 26, 2023 -16.12%
Colombia 0.351 50.00% 0.18 0.527 Bearish May 28,  2023 -16.30%
Brazil 0.359 50.00% 0.18 0.538 Bullish Dec 18, 2022 3.75%
Chile 0.450 40.00% 0.18 0.630 Bullish May 7, 2023 2.95%
Turkey 0.514 60.00% 0.31 0.822 Bullish May 28, 2023 -10.89%
United Arab Emirates 0.754 10.00% 0.08 0.830 Bearish Dec 4, 2022 -7.74%
Qatar 0.933 0.00% 0.00 0.933 Bullish April 30, 2023 -8.17%
Norway 0.934 0.00% 0.00 0.934 Bullish Mar 26, 2022 -6.07%
Austria 0.769 30.00% 0.23 1.000 Bearish Mar 13 2023 -4.68%
Italy 1.057 50.00% 0.53 1.586 Bullish Mar 26, 2023 6.78%
Indonesia 1.352 30.00% 0.41 1.758 Bullish Jan 15, 2023 9.57%
Israel 1.634 10.00% 0.16 1.797 Bearish Nov 13, 2022 -5.37%
Spain 1.242 50.00% 0.62 1.863 Bullish Mar 26, 2023 9.12%
Czech Republic 1.384 40.00% 0.55 1.938 Bearish May 14, 2023 18.22%
Malaysia 1.603 30.00% 0.48 2.084 Bullish Nov 6, 2022 -8.64%
Australia 1.935 10.00% 0.19 2.129 Bullish Nov 6, 2022 -1.91%
Canada 2.160 20.00% 0.43 2.592 Bullish Mar 26, 2023 1.81%
Philippines 2.018 30.00% 0.61 2.623 Bullish Jan 8, 2023 -7.18%
Egypt 1.760 50.00% 0.88 2.640 Bearish May 14, 2023 21.67%
Mexico 1.906 40.00% 0.76 2.669 Bullish Mar 19, 2023 18.82%
Hungary 1.936 40.00% 0.77 2.710 Bullish Apr 2, 2023 7.33%
Greece 1.763 60.00% 1.06 2.821 Bullish May 21, 2023 28.89%
Poland 2.023 40.00% 0.81 2.832 Bullish Mar 26, 2023 8.11%
Argentina 1.723 70.00% 1.21 2.928 Bullish May 7 2023 16.77%
China 2.319 30.00% 0.70 3.015 Bearish Jan 30, 2022 -10.91%
Finland 2.593 20.00% 0.52 3.111 Bearish Sep 18, 2022 -11.08%
South Africa 2.134 50.00% 1.07 3.201 Bearish May 7, 2023 -13.71%
Portugal 2.509 30.00% 0.75 3.262 Bullish Mar 26, 2023 -5.90%
Peru 2.502 40.00% 1.00 3.503 Bullish May 28,  2023 -2.12%
United Kingdom 2.823 30.00% 0.85 3.669 Bearish Mar 12, 2023 -1.99%
Switzerland 4.934 -15.00% -0.74 4.194 Bearish June 12, 2022 2.55%
Hong Kong SAR 3.875 10.00% 0.39 4.263 Bearish Mar 5, 2022 -12.87%
Singapore 3.627 20.00% 0.73 4.352 Bullish Oct 23, 2022 -1.92%
Thailand 3.627 20.00% 0.73 4.352 Bearish May 14, 2023 -9.02%
Sweden 4.019 10.00% 0.40 4.421 Bullish Mar 26, 2023 5.09%
Denmark 4.980 0.00% 0.00 4.980 Bullish Oct 23, 2022 10.24%
India 3.450 50.00% 1.73 5.175 Bullish July 17, 2022 -0.04%
Korea, South 4.391 20.00% 0.88 5.270 Bullish Oct 2, 2022 13.90%
New Zealand 5.712 0.00% 0.00 5.712 Bearish May 21, 2023 3.17%
Vietnam 5.255 10.00% 0.53 5.781 Bearish Jan 29, 2023 -0.89%
France 4.153 40.00% 1.66 5.814 Bullish Jan 1, 2023 7.35%
Japan 4.499 50.00% 2.25 6.748 Bullish Nov 6, 2022 9.88%
Belgium 5.299 30.00% 1.59 6.889 Bullish Mar 13, 2022 -6.37%
Germany 5.543 30.00% 1.66 7.205 Bullish Mar 26, 2023 8.03%
Netherlands 6.722 20.00% 1.34 8.066 Bullish Jan 1, 2023 12.97%
United States 6.884 30.00% 2.07 8.950 Bearish Mar 5,  2023 9.51%
Taiwan  12.947 0.00% 0.00 12.947 Bullish Nov 6, 2022 17.94%
Ireland 12.979 20.00% 2.60 15.575 Bullish Mar 26, 2023 15.19%

 

 


Country Value and Growth Factors February 28, 2023
Country 2023 Real GDP Projected Annual Growth Rate % Yield P/E Total Return PE/Total Return Price/ Book Value 4% Model Market Indicator Date 4% Trend Started Index Index YTD % Feb 28 2023
Argentina 2.0 1.86 4.54 3.86 1.176 0.68 Bullish Feb 27 2023 MSCI Argentina  17.94%
Australia 1.6 4.67 15.08 6.27 2.405 2.21 Bullish Nov 6, 2022 MSCI Australia USD 3.42%
Austria 1.0 4.37 7.72 5.37 1.438 1.08 Bullish Oct 23, 2022 MSCI Austria  12.74%
Belgium 0.4 2.15 22.84 2.55 8.957 1.6 Bullish Mar 13, 2022 MSCI Belgium 3.05%
Brazil 1.2 13.04 5.33 14.24 0.374 1.46 Bullish Dec 18, 2022 MSCI Brazil Net USD -0.04%
Canada 1.5 3.21 13.49 4.71 2.864 1.88 Bullish Oct 23, 2022 MSCI Canada Net USD 4.53%
Chile -1.0 7.83 5.69 6.83 0.833 1.29 Bullish Jan 22, 2023 MSCI Chile Net USD 9.48%
China 5.2 2.17 15.47 7.37 2.099 1.54 Bullish Oct 30, 2022 MSCI China Net USD -1.85%
Colombia 2.2 8.50 5.54 10.70 0.518 0.92 Bearish Feb 5,  2023 MSCI Colombia -11.83%
Czech Republic 2.2 6.98 9.11 9.18 0.992 2.66 Bullish Jan 22, 2023 MSCI Czech Republic Net USD 25.56%
Denmark 0.6 1.72 18.13 2.32 7.815 4.92 Bullish Oct 23, 2022 MSCI Denmark  3.89%
Egypt 4.0 2.31 10.98 6.31 1.740 2.41 Bearish Feb 12, 2023 MSCI Egypt 23.70%
Finland 0.5 3.56 10.74 4.06 2.645 2.08 Bearish Sep 18, 2022 MSCI Finland -1.79%
France 0.7 2.62 15.91 3.32 4.792 1.95 Bullish Jan 1, 2023 MSCI France  9.76%
Germany 0.1 3.43 13.12 3.53 3.717 1.42 Bullish Nov 6, 2022 MSCI Germany  9.30%
Greece 1.8 1.81 11.24 3.61 3.114 1.18 Bullish Feb 5, 2023 MSCI Greece  22.50%
Hong Kong SAR 3.9 3.41 19.14 7.31 2.618 1.11 Bullish Oct 30, 2022 MSCI Hong Kong  -4.46%
Hungary 1.8 1.59 4.27 3.39 1.260 0.76 Bullish Oct 2, 2022 MSCI Hungary 2.96%
India 6.1 1.37 23.38 7.47 3.130 3.3 Bullish July 17, 2022 MSCI India Net USD -7.82%
Indonesia 4.8 3.03 13.78 7.83 1.760 2.41 Bullish Jan 15, 2023 MSCI Indonesia USD 2.57%
Ireland 4.0 1.43 18.10 5.43 3.333 1.78 Bullish Oct 23, 2022 MSCI Ireland 12.65%
Israel 3.0 4.07 8.31 7.07 1.175 1.66 Bearish Nov 13, 2022 MSCI Israel  0.05%
Italy 0.6 4.64 7.55 5.24 1.441 1.19 Bullish Oct 23, 2022 MSCI Italy 11.85%
Japan 1.8 2.53 15.56 4.33 3.594 1.28 Bullish Nov 6, 2022 MSCI Japan USD 3.38%
Korea, South 1.7 2.32 8.89 4.02 2.211 0.93 Bullish Oct 2, 2022 MSCI Korea USD 4.64%
Malaysia 4.4 3.84 15.93 8.24 1.933 1.44 Bullish Nov 6, 2022 MSCI Malaysia USD -3.22%
Mexico 1.7 3.82 13.05 5.52 2.364 1.97 Bullish Jan 1, 2023 MSCI Mexico USD 15.40%
Netherlands 0.6 1.98 25.88 2.58 10.031 2.92 Bullish Jan 1, 2023 MSCI Netherlands 9.55%
New Zealand 1.9 2.28 40.83 4.18 9.768 3.1 Bullish July 3, 2022 MSCI New Zealand  5.69%
Norway 2.6 4.93 6.70 7.53 0.890 1.75 Bearish Sep 18, 2022 MSCI Norway 0.93%
Pakistan 2.0 4.51 3.00 6.51 0.461 0.5 Bullish Feb 26, 2023 MSCI Pakistan Net USD -11.11%
Peru 2.6 4.05 10.76 6.65 1.618 1.64 Bullish Feb 26,  2023 MSCI Peru 1.51%
Philippines 5.0 1.90 18.53 6.90 2.686 1.89 Bearish Jan 8, 2023 MSCI Philippines USD -5.45%
Poland 0.3 3.63 6.11 3.93 1.555 0.98 Bearish Feb 5, 2023 MSCI Poland USD 2.04%
Portugal 0.7 3.42 25.64 4.12 6.223 2.75 Bearish Aug 28, 2022 MSCI Portugal  -3.77%
Qatar 2.4 4.33 12.85 6.73 1.909 1.64 Bullish Jan 1, 2023 MSCI Qatar -3.34%
Singapore 2.3 3.88 20.79 6.18 3.364 1.43 Bullish Oct 23, 2022 MSCI Singapore  2.09%
South Africa 1.2 4.07 10.89 5.27 2.066 1.73 Bearish Feb 5, 2023 MSCI South Africa USD -3.75%
Spain 1.1 3.49 10.27 4.59 2.237 1.21 Bullish Oct 23, 2022 MSCI Spain 12.88%
Sweden -0.1 3.05 26.44 2.95 8.963 2.01 Bearish Feb 5, 2023 MSCI Sweden 8.06%
Switzerland 0.8 3.02 18.52 3.82 4.848 3.17 Bearish June 12, 2022 MSCI Switzerland 1.56%
Taiwan  2.1 4.27 11.20 6.39 1.753 2.17 Bullish Nov 6, 2022 MSCI Taiwan USD 11.40%
Thailand 3.7 2.53 22.17 6.23 3.559 1.99 Bullish June 31, 2022 MSCI Thailand USD -6.95%
Turkey 3.0 3.10 4.69 6.10 0.769 1.55 Bullish Feb 12, 2023 MSCI Turkey  -4.28%
United Arab Emirates 4.2 3.60 10.15 7.80 1.301 1.66 Bearish Dec 4, 2022 MSCI UAE  Gross USD -3.17%
United Kingdom -0.6 3.69 11.29 3.09 3.654 1.74 Bullish Oct 30,  2022 MSCI UK  4.09%
United States 1.4 1.67 20.83 3.07 6.785 3.9 Bullish Oct 16,  2022 MSCI USA USD 4.21%
Vietnam 6.2 2.07 17.41 8.27 2.105 1.78 Bearish Jan 29, 2023 MSCI Vietnam -4.11%

 

 

Country Risk Factors - Economic February 2023
  Economic Risk Socioeconomic Risk
Country Interest Rate Interest Rate Score Inflation Inflation Score Unemployment Unemployment Score Current Account Balance as a % of GDP Balanced Economy Score Population Growth Score Income Distribution GINI Index over 40 Corruption Transparency Perception Rank Score Corporate Tax Rate Corporate Tax Rate Score
Argentina 75 -5 98.8 -5 7.1 -1 1 0 1 -1 -2 25 0
Australia 3.6 -1 7.8 -2 3.7 -1 2.3 -1 2     30 -1
Austria 3 -1 11 -3 7 -1 -0.5 0 0     25 0
Belgium 3 -1 6.62 -2 5.8 -1 -0.4 0 0     25 0
Brazil 13.75 -3 5.6 -2 7.9 -1 -1.8 -1 0 -1   34 -2
Canada 4.5 -1 5.9 -2 5 -1 0.1 0 1     26.5 -1
Chile 11.25 -2 11.9 -3 8 -2 -6.6 -2 1 -1 -1 27 -1
China 3.65 -1 1 0 5.5 -1 2.3 -1 -1   -1 25 0
Colombia 12.75 -3 13.28 -3 13.7 -2 -5.7 -2 1 -1 -2 35 -2
Czech Republic 7 -2 16.7 -4 3.9 -1 -0.8 0 -1 -1 -1 19 0
Denmark 2.1 0 7.6 -2 2.3 0 8.8 -2 -1   2 22 0
Egypt 16.25 -3 31.9 -4 7.2 -1 -4.6 -1 2   -3 22.5 0
Finland 3 -1 8.4 -3 7.6 -1 0.9 0 -1   1 20 0
France 3 -1 6.2 -2 7.2 -1 0.4 0 -1     26.5 -1
Germany 3 -1 8.7 -3 5.5 -1 7.4 -2 -1   1 30 -1
Greece 3 -1 7 -2 10.8 -2 -5.9 -2 -2   -1 22 0
Hong Kong 5 -1 2.4 -1 3.4 -1 11.2 -3 -2   1 16.5 0
Hungary 13 -3 25.4 -4 4 -1 -2.9 -1 -2   -2 9 2
India 6.5 -2 6.52 -2 7.1 -1 -1.2 0 1   -2 34.94 -2
Indonesia 5.75 -1 5.47 -2 5.86 -1 1 0 1   -3 22 0
Ireland 3 -1 7.8 -2 4.3 -1 13.9 -3 1   1 12.5 1
Israel 4.25 -1 5.4 -2 4.3 -1 4.7 -1 2     23 0
Italy 3 -1 9.2 -3 7.9 -1 2.5 -1 -2   -1 24 0
Japan -0.1 -1 3.7 -1 2.6 0 4 -1 -2     30.62 -2
Korea, South 3.5 -1 4.8 -2 2.9 0 4.9 -1 -1     27.5 -1
Malaysia 2.75 0 3.7 -1 3.6 -1 2.6 -1 2 -1 -1 24 0
Mexico 11 -2 7.62 -2 3 -1 -0.9 0 1 -1 -3 30 -1
Netherlands 3 -1 8 -2 3.6 -1 9 -2 0   1 25.8 -1
New Zealand 4.75 -1 7.2 -2 3.4 -1 -6.5 -2 2   2 28 -1
Norway 2.75 0 6.3 -2 3.1 -1 15 -3 0   1 22 0
Pakistan 20 -3 31.5 -4 6.5 -1 -4.6 -1 2   -4 29 -1
Peru 7.75 -2 8.65 -3 8 -2 -2.9 -1 2 -1 -3 29.5 -1
Philippines 6 -1 8.6 -3 4.8 -1 -1.8 -1 2 -1 -3 25 0
Poland 6.75 -2 17.2 -4 5.5 -1 -0.7 0 -1   -1 19 0
Portugal 3 -1 8.2 -3 6.5 -1 -1.1 0 -1      21 0
Qatar 5.5 -1 4.2 -2 0.1 -1 14.7 -3 2     10 1
Singapore 3.6 -1 6.6 -2 2 0 19.3 -3 -2   1 17 0
South Africa 7.25 -2 6.9 -2 32.7 -5 -0.5 0 2 -1 -2 28 -1
Spain 3 -1 6.1 -2 12.87 -2 0.9 0 0     25 0
Sweden 3 -1 11.7 -3 7.6 -1 4.3 -1 0   1 20.6 0
Switzerland 1 1 3.4 -1 2.1 0 9.3 -2 0   1 14.93 1
Taiwan  1.5 0 2.43 -1 3.6 -1 14.8 -3 -1     20 0
Thailand 1.5 0 3.79 -1 1.15 0 -2.2 -1 -1   -3 20 0
Turkey 8.5 -2 55.18 -5 9.7 -2 -1.7 -1 1 -1 -3 23 0
United Arab Emirates 4.65 -1 4.58 -2 3.9 -1 11.7 -3 1     0 -1
United Kingdom 4 -1 10.1 -3 3.7 -1 -2 -1 0     19 0
United States 4.75 -1 6.4 -2 3.6 -1 -3.6 -1 0 -1   21 0
Vietnam 6 -1 4.31 -2 2.32 0 -0.5 0 1   -2 20 0


Country Risk Factors - Sovereign, Political, Conflict and Extraordinary  February 2023
  Sovereign Risk Political Risk Conflict Risk Extraordinary  Event Risks    
Country Average Credit Ratings  Average Credit Ratings Score Government Debt as % of GDP Debt  Score Political Stability Government Friendly to Business Trade Dispute Cases on WTO/Trade Wars Equity Restrictions FDI Regulatory Restrictiveness Index Above 0.12 Territorial Disputes/ Wars Internal Conflict/ Terrorism Natural Disasters, Banking Crisis, Political Crisis, etc Total Score % Modifier
Argentina 15 -4 80.5 -2 2   -1   -1 -1   -20 70.00%
Australia 100 2 36.1 0 2   -1 -1 0 0   -2 0.00%
Austria 96 1 82.8 -2 1   -3   0 0   -8 30.00%
Belgium 86 0 108 -2 1   -3   0 -1   -9 30.00%
Brazil 42 -2 80.27 -2 2   -1   -1 0   -14 50.00%
Canada 100 2 113 -3 1 1 -1 -1 0 0   -5 20.00%
Chile 75 -1 36.3 0 1   -1   -1 0   -13 50.00%
China 80 -1 76.9 -1 2 -1 -2 -1 -1 0   -10 40.00%
Colombia 55 -1 61.1 -1 2       -1 -1   -16 60.00%
Czech Republic 85 0 41.9 0 1   -3   0 0   -12 40.00%
Denmark 100 2 36.7 0 1   -2   0 -2   -4 10.00%
Egypt 31 -3 87.2 -2 2       -1 -1   -15 50.00%
Finland 96 1 72.4 -1 1   -3   0 0   -7 30.00%
France 92 0 113 -3 1   -3   0 -1   -12 40.00%
Germany 100 2 69.3 -1 1   -3   0 -1   -10 40.00%
Greece 45 -2 193 -5 2 1 -3   -1 -1   -19 70.00%
Hong Kong 90 0   0 2 -1     0 -1   -7 30.00%
Hungary 60 -1 73.5 -1 2   -2   0 0   -13 50.00%
India 56 -1 89.26 -2 2   -2   -1 -1   -13 50.00%
Indonesia 60 -1 40.9 0 2   -1 -1 -1 -1   -9 30.00%
Ireland 81 0 56 -1 1   -3 -1 0 -1   -9 30.00%
Israel 81 0 60.9 -1 1       -1 -1   -5 20.00%
Italy 62 -1 145 -4 1   -3   0 -1   -17 60.00%
Japan 77 -1 262 -5 1   -1   -1 -2 -1 -17 60.00%
Korea, South 86 0 46.9 0 2   -1 -1 -1 0   -7 30.00%
Malaysia 68 -1 63.3 -1 1       -1 -1   -6 20.00%
Mexico 60 -1 49.6 0 2   -1 -1 0 0   -10 40.00%
Netherlands 100 2 52.4 -1 1 1 -3   0 0   -6 20.00%
New Zealand 95 1 30.1 0 2     -1 0 0   -1 0.00%
Norway 99 1 43.2 0 1       0 0   -3 10.00%
Pakistan 21 -4 84 -2 2       -1 -1   -18 60.00%
Peru 61 -1 36 0 1 -1     0 -1   -13 50.00%
Philippines 61 -1 60.9 -1 2       -1 -1   -10 40.00%
Poland 71 -1 53.8 -1 1   -3   0 0   -13 50.00%
Portugal 72 -1 127 -3 2   -3   0 0   -11 40.00%
Qatar 85 0 46.9 0 2       0 0   -2 0.00%
Singapore 98 1 160 -4 2 1     -1 -1   -9 30.00%
South Africa 41 -2 67.4 -1 2       0 0   -12 40.00%
Spain 71 -1 118 -3 1   -3   -1 -1   -13 50.00%
Sweden 99 1 36.7 0 1   -3   0 0   -6 20.00%
Switzerland 100 2 41.4 0 2       0 0 -1 3 -10.00%
Taiwan  90 0 24.07 1 2       -1 0   -4 10.00%
Thailand 65 -1 59.61 -1 2       -1 -1   -8 30.00%
Turkey 30 -3 42 0 2 -1 -1   -2 -1   -19 70.00%
United Arab Emirates 90 0 38.3 0 2       -2 -1   -8 30.00%
United Kingdom 90 0 97.4 -2 2   -2   -1 -1   -10 40.00%
United States 98 1 129 -3 1   -2   0 -1 -2 -12 40.00%
Vietnam 45 -2 39.6 0 2       -1 0   -5 20.00%

 

 
Notes

(a) Natural disasters are COVID-19 by combined infection rate and death rate in USA and Japan

(b) An emerging banking crisis in the USA and Switzerland.

Country Valuation by Price to Book Value February 2023
Country Price/ Book Value 4% Model Market Indicator Index YTD %  Feb 28 2023
Pakistan 0.5 Bullish -11.11%
Argentina 0.68 Bullish 17.94%
Hungary 0.76 Bullish 2.96%
Colombia 0.92 Bearish -11.83%
Korea, South 0.93 Bullish 4.64%
Poland 0.98 Bearish 2.04%
Austria 1.08 Bullish 12.74%
Hong Kong SAR 1.11 Bullish -4.46%
Greece 1.18 Bullish 22.50%
Italy 1.19 Bullish 11.85%
Spain 1.21 Bullish 12.88%
Japan 1.28 Bullish 3.38%
Chile 1.29 Bullish 9.48%
Germany 1.42 Bullish 9.30%
Singapore 1.43 Bullish 2.09%
Malaysia 1.44 Bullish -3.22%
Brazil 1.46 Bullish -0.04%
China 1.54 Bullish -1.85%
Turkey 1.55 Bullish -4.28%
Belgium 1.6 Bullish 3.05%
Peru 1.64 Bullish 1.51%
Qatar 1.64 Bullish -3.34%
Israel 1.66 Bearish 0.05%
United Arab Emirates 1.66 Bearish -3.17%
South Africa 1.73 Bearish -3.75%
United Kingdom 1.74 Bullish 4.09%
Norway 1.75 Bearish 0.93%
Ireland 1.78 Bullish 12.65%
Vietnam 1.78 Bearish -4.11%
Canada 1.88 Bullish 4.53%
Philippines 1.89 Bearish -5.45%
France 1.95 Bullish 9.76%
Mexico 1.97 Bullish 15.40%
Thailand 1.99 Bullish -6.95%
Sweden 2.01 Bearish 8.06%
Finland 2.08 Bearish -1.79%
Taiwan  2.17 Bullish 11.40%
Australia 2.21 Bullish 3.42%
Egypt 2.41 Bearish 23.70%
Indonesia 2.41 Bullish 2.57%
Czech Republic 2.66 Bullish 25.56%
Portugal 2.75 Bearish -3.77%
Netherlands 2.92 Bullish 9.55%
New Zealand 3.1 Bullish 5.69%
Switzerland 3.17 Bearish 1.56%
India 3.3 Bullish -7.82%
United States 3.9 Bullish 4.21%
Denmark 4.92 Bullish 3.89%

 

 

Country Valuation by February 2023
Country PE/Total Return 4% Model Market Indicator Index YTD %  Feb 28 2023
Brazil 0.374 Bullish -0.04%
Pakistan 0.461 Bullish -11.11%
Colombia 0.518 Bearish -11.83%
Turkey 0.769 Bullish -4.28%
Chile 0.833 Bullish 9.48%
Norway 0.890 Bearish 0.93%
Czech Republic 0.992 Bullish 25.56%
Israel 1.175 Bearish 0.05%
Argentina 1.176 Bullish 17.94%
Hungary 1.260 Bullish 2.96%
United Arab Emirates 1.301 Bearish -3.17%
Austria 1.438 Bullish 12.74%
Italy 1.441 Bullish 11.85%
Poland 1.555 Bearish 2.04%
Peru 1.618 Bullish 1.51%
Egypt 1.740 Bearish 23.70%
Taiwan  1.753 Bullish 11.40%
Indonesia 1.760 Bullish 2.57%
Qatar 1.909 Bullish -3.34%
Malaysia 1.933 Bullish -3.22%
South Africa 2.066 Bearish -3.75%
China 2.099 Bullish -1.85%
Vietnam 2.105 Bearish -4.11%
Korea, South 2.211 Bullish 4.64%
Spain 2.237 Bullish 12.88%
Mexico 2.364 Bullish 15.40%
Australia 2.405 Bullish 3.42%
Hong Kong SAR 2.618 Bullish -4.46%
Finland 2.645 Bearish -1.79%
Philippines 2.686 Bearish -5.45%
Canada 2.864 Bullish 4.53%
Greece 3.114 Bullish 22.50%
India 3.130 Bullish -7.82%
Ireland 3.333 Bullish 12.65%
Singapore 3.364 Bullish 2.09%
Thailand 3.559 Bullish -6.95%
Japan 3.594 Bullish 3.38%
United Kingdom 3.654 Bullish 4.09%
Germany 3.717 Bullish 9.30%
France 4.792 Bullish 9.76%
Switzerland 4.848 Bearish 1.56%
Portugal 6.223 Bearish -3.77%
United States 6.785 Bullish 4.21%
Denmark 7.815 Bullish 3.89%
Belgium 8.957 Bullish 3.05%
Sweden 8.963 Bearish 8.06%
New Zealand 9.768 Bullish 5.69%
Netherlands 10.031 Bullish 9.55%

 

Country Valuation by PEGY and Altered for Country Risk Factors February 2023
Country PE/Total Return Country Risk Modifier Modifier Amount Adjusted PE/Total Return for Country Risk Factors 4% Model Market Indicator Date 4% Trend Started Index YTD %  Feb 28 2023
Brazil 0.374 50.00% 0.19 0.561 Bullish Dec 18, 2022 -0.04%
Pakistan 0.461 60.00% 0.28 0.737 Bullish Feb 26, 2023 -11.11%
Colombia 0.518 60.00% 0.31 0.828 Bearish Feb 5,  2023 -11.83%
Norway 0.890 10.00% 0.09 0.979 Bearish Sep 18, 2022 0.93%
Chile 0.833 50.00% 0.42 1.250 Bullish Jan 22, 2023 9.48%
Turkey 0.769 70.00% 0.54 1.307 Bullish Feb 12, 2023 -4.28%
Czech Republic 0.992 40.00% 0.40 1.389 Bullish Jan 22, 2023 25.56%
Israel 1.175 20.00% 0.24 1.410 Bearish Nov 13, 2022 0.05%
United Arab Emirates 1.301 30.00% 0.39 1.692 Bearish Dec 4, 2022 -3.17%
Austria 1.438 30.00% 0.43 1.869 Bullish Oct 23, 2022 12.74%
Hungary 1.260 50.00% 0.63 1.889 Bullish Oct 2, 2022 2.96%
Qatar 1.909 0.00% 0.00 1.909 Bullish Jan 1, 2023 -3.34%
Taiwan  1.753 10.00% 0.18 1.928 Bullish Nov 6, 2022 11.40%
Argentina 1.176 70.00% 0.82 1.999 Bullish Feb 27 2023 17.94%
Indonesia 1.760 30.00% 0.53 2.288 Bullish Jan 15, 2023 2.57%
Italy 1.441 60.00% 0.86 2.305 Bullish Oct 23, 2022 11.85%
Malaysia 1.933 20.00% 0.39 2.320 Bullish Nov 6, 2022 -3.22%
Poland 1.555 50.00% 0.78 2.332 Bearish Feb 5, 2023 2.04%
Australia 2.405 0.00% 0.00 2.405 Bullish Nov 6, 2022 3.42%
Peru 1.618 50.00% 0.81 2.427 Bullish Feb 26,  2023 1.51%
Vietnam 2.105 20.00% 0.42 2.526 Bearish Jan 29, 2023 -4.11%
Egypt 1.740 50.00% 0.87 2.610 Bearish Feb 12, 2023 23.70%
Korea, South 2.211 30.00% 0.66 2.875 Bullish Oct 2, 2022 4.64%
South Africa 2.066 40.00% 0.83 2.893 Bearish Feb 5, 2023 -3.75%
China 2.099 40.00% 0.84 2.939 Bullish Oct 30, 2022 -1.85%
Mexico 2.364 40.00% 0.95 3.310 Bullish Jan 1, 2023 15.40%
Spain 2.237 50.00% 1.12 3.356 Bullish Oct 23, 2022 12.88%
Hong Kong SAR 2.618 30.00% 0.79 3.404 Bullish Oct 30, 2022 -4.46%
Canada 2.864 20.00% 0.57 3.437 Bullish Oct 23, 2022 4.53%
Finland 2.645 30.00% 0.79 3.439 Bearish Sep 18, 2022 -1.79%
Philippines 2.686 40.00% 1.07 3.760 Bearish Jan 8, 2023 -5.45%
Ireland 3.333 30.00% 1.00 4.333 Bullish Oct 23, 2022 12.65%
Switzerland 4.848 -10.00% -0.48 4.363 Bearish June 12, 2022 1.56%
Singapore 3.364 30.00% 1.01 4.373 Bullish Oct 23, 2022 2.09%
Thailand 3.559 30.00% 1.07 4.626 Bullish June 31, 2022 -6.95%
India 3.130 50.00% 1.56 4.695 Bullish July 17, 2022 -7.82%
United Kingdom 3.654 40.00% 1.46 5.115 Bullish Oct 30,  2022 4.09%
Germany 3.717 40.00% 1.49 5.203 Bullish Nov 6, 2022 9.30%
Greece 3.114 70.00% 2.18 5.293 Bullish Feb 5, 2023 22.50%
Japan 3.594 60.00% 2.16 5.750 Bullish Nov 6, 2022 3.38%
France 4.792 40.00% 1.92 6.709 Bullish Jan 1, 2023 9.76%
Denmark 7.815 10.00% 0.78 8.596 Bullish Oct 23, 2022 3.89%
Portugal 6.223 40.00% 2.49 8.713 Bearish Aug 28, 2022 -3.77%
United States 6.785 40.00% 2.71 9.499 Bullish Oct 16,  2022 4.21%
New Zealand 9.768 0.00% 0.00 9.768 Bullish July 3, 2022 5.69%
Sweden 8.963 20.00% 1.79 10.755 Bearish Feb 5, 2023 8.06%
Belgium 8.957 30.00% 2.69 11.644 Bullish Mar 13, 2022 3.05%
Netherlands 10.031 20.00% 2.01 12.037 Bullish Jan 1, 2023 9.55%

 

Country Value and Growth Factors November 30, 2022


Country Value and Growth Factors November 30, 2022
Country 2022 Real GDP Projected Annual Growth Rate % Yield P/E Total Return PE/Total Return Price/ Book Value 4% Model Market Indicator Date 4% Trend Started Index Index YTD % Nov 30 2022
Argentina 6.9 2.22 3.43 9.12 0.376 0.56 Bullish Nov 27, 2022 MSCI Argentina  13.93%
Australia 3.6 4.89 14.91 8.49 1.756 2.2 Bullish Nov 6, 2022 MSCI Australia USD -2.18%
Austria 6.0 4.16 7.16 10.16 0.705 0.96 Bullish Oct 23, 2022 MSCI Austria  -21.39%
Belgium 1.9 2.34 21.45 4.24 5.059 1.53 Bullish Mar 13, 2022 MSCI Belgium -9.38%
Brazil 3.6 14.07 5.67 17.67 0.321 1.57 Bullish Nov 27, 2022 MSCI Brazil Net USD 20.22%
Canada 3.9 3.08 13.75 6.98 1.970 1.93 Bullish Oct 23, 2022 MSCI Canada Net USD -7.34%
Chile 0.3 6.06 6.28 6.36 0.987 1.36 Bullish Nov 27, 2022 MSCI Chile Net USD 22.72%
China 3.9 2.17 15.47 6.07 2.549 1.54 Bullish Oct 30,  2022 MSCI China Net USD -25.31%
Colombia 7.0 7.24 5.20 14.24 0.365 1.08 Bullish Oct 2,  2022 MSCI Colombia -16.84%
Czech Republic 1.7 8.55 7.66 10.25 0.747 2.15 Bearish Nov 27, 2022 MSCI Czech Republic Net USD -11.36%
Denmark 3.4 1.90 16.84 5.30 3.177 4.64 Bullish Oct 23, 2022 MSCI Denmark  -2.31%
Egypt 5.4 3.09 8.36 8.49 0.985 1.78 Bullish Oct 16, 2022 MSCI Egypt 17.09%
Finland 1.0 3.29 20.92 4.29 4.876 2.23 Bearish Sep 18, 2022 MSCI Finland -8.75%
France 1.0 2.81 15.51 3.81 4.071 1.8 Bearish Sep 18, 2022 MSCI France  -6.86%
Germany 1.3 3.53 14.27 4.83 2.954 1.33 Bullish Nov 6, 2022 MSCI Germany  -17.20%
Greece 1.2 2.28 8.99 3.48 2.583 0.9 Bearish Sep 18, 2022 MSCI Greece  -7.32%
Hong Kong SAR -4.5 3.54 18.28 -0.96 -19.042 1.06 Bullish Oct 30,  2022 MSCI Hong Kong  -15.12%
Hungary 6.5 1.54 4.76 8.04 0.592 0.83 Bullish Oct 2,  2022 MSCI Hungary -20.88%
India 6.3 1.23 25.88 7.53 3.437 3.73 Bullish July 17, 2022 MSCI India Net USD 7.15%
Indonesia 5.4 2.84 15.39 8.28 1.859 2.63 Bullish July 17, 2022 MSCI Indonesia USD 7.18%
Ireland 10.9 1.74 19.28 12.64 1.525 1.9 Bullish Oct 23, 2022 MSCI Ireland -21.51%
Israel 5.8 4.18 8.52 10.01 0.851 1.67 Bearish Nov 13, 2022 MSCI Israel  -24.01%
Italy 2.6 4.78 7.71 7.38 1.045 1.13 Bullish Oct 23, 2022 MSCI Italy -10.13%
Japan 1.5 2.50 14.15 4.00 3.538 1.27 Bullish Nov 6, 2022 MSCI Japan USD -16.76%
Korea, South 3.1 2.30 9.71 5.40 1.798 0.95 Bullish Oct 2, 2022 MSCI Korea USD -25.54%
Malaysia 14.2 3.97 16.93 18.17 0.932 1.49 Bullish Nov 6, 2022 MSCI Malaysia USD -6.32%
Mexico 4.3 3.49 13.81 7.79 1.773 1.97 Bullish Aug 07, 2022 MSCI Mexico USD 6.45%
Netherlands 3.1 2.08 22.41 5.18 4.326 2.73 Bullish Oct 16, 2022 MSCI Netherlands -19.92%
New Zealand 0.4 2.44 34.35 2.84 12.095 2.86 Bullish Jun 3, 2022 MSCI New Zealand  -9.92%
Norway 2.5 4.49 7.20 6.99 1.030 1.91 Bearish Sep 18, 2022 MSCI Norway 1.74%
Pakistan 3.9 8.31 3.56 12.25 0.291 0.6 Bullish Sep 25, 2022 MSCI Pakistan Net USD -18.93%
Peru 1.7 3.82 11.73 5.52 2.125 1.85 Bullish Oct 2,  2022 MSCI Peru 8.96%
Philippines 7.6 1.61 19.26 9.21 2.091 1.84 Bearish Sep 18, 2022 MSCI Philippines USD -2.64%
Poland 3.6 3.99 5.45 7.59 0.718 0.9 Bullish Oct 23, 2022 MSCI Poland USD -32.48%
Portugal 4.9 3.35 26.23 8.25 3.179 2.82 Bearish Aug 28, 2022 MSCI Portugal  5.98%
Qatar 6.3 3.53 14.58 9.83 1.483 1.89 Bullish Nov 21, 2022 MSCI Qatar 0.73%
Singapore 4.1 3.55 20.91 7.65 2.733 1.44 Bullish Oct 23, 2022 MSCI Singapore  -12.10%
South Africa 4.1 3.91 10.96 8.01 1.368 1.76 Bullish Oct 30,  2022 MSCI South Africa USD -0.85%
Spain 3.8 3.89 10.21 7.69 1.328 1.11 Bullish Oct 23, 2022 MSCI Spain -2.45%
Sweden 2.5 3.18 22.44 5.68 3.951 1.94 Bullish Oct 23, 2022 MSCI Sweden -17.91%
Switzerland 0.5 2.92 16.75 3.42 4.898 3.1 Bearish June 12, 2022 MSCI Switzerland -16.00%
Taiwan  4.0 4.45 10.98 8.46 1.298 2.13 Bullish Nov 6, 2022 MSCI Taiwan USD -26.31%
Thailand 4.5 2.52 21.90 7.02 3.120 2.02 Bullish June 31, 2022 MSCI Thailand USD 1.16%
Turkey 3.9 2.15 5.20 6.05 0.860 1.57 Bullish Oct 2, 2022 MSCI Turkey  128.92%
United Arab Emirates 3.9 3.23 12.88 7.13 1.806 1.84 Bullish Sep 11, 2022 MSCI UAE  Gross USD -2.95%
United Kingdom 2.4 3.70 11.56 6.10 1.895 1.7 Bullish Oct 30,  2022 MSCI UK  2.81%
United States 1.9 1.59 20.40 3.49 5.845 4.12 Bullish Oct 16,  2022 MSCI USA USD -16.17%
Vietnam 13.67 2.30 14.56 15.97 0.912 1.98 Bullish Nov 27, 2022 MSCI Vietnam -41.96%

 

 

Country Risk Factors - Economic November 2022
  Economic Risk Socioeconomic Risk
Country Interest Rate Interest Rate Score Inflation Inflation Score Unemployment Unemployment Score Current Account Balance as a % of GDP Balanced Economy Score Global Competitiveness Index Competitiveness Score Population Growth Income Distribution GINI Index over 40 Corruption Transparency Perception Rank Score
Argentina 75 -5 88 -5 6.9 -1 1 0 57.2 0 1 -1 -2
Australia 3.1 -1 7.3 -2 3.4 -1 3.2 -1 78.75 3 2   0
Austria 0.5 1 9.1 -3 5.9 -1 -0.5 0 76.61 3 0   0
Belgium 2 0 10.63 -3 5.4 -1 -0.4 0 76.38 3 0   0
Brazil 13.75 -3 6.47 -2 8.3 -2 -1.8 -1 60.93 0 0 -1 -2
Canada 3.75 -1 6.9 -2 5.1 -1 0.1 0 79.59 3 1   0
Chile 11.25 -2 12.8 -3 8 -2 -6.6 -2 70.54 2 1 -1 0
China 3.65 -1 2.1 -1 5.5 -1 1.8 -1 73.9 2 -1   -1
Colombia 11 -2 12.53 -3 9.9 -2 -5.7 -2 62.73 0 1 -1 -2
Czech Republic 7 -2 15.1 -3 3.5 -1 -0.8 0 70.85 2 -1   -1
Denmark 1.25 0 10.1 -3 2.2 0 8.8 -2 81.17 4 -1   2
Egypt 13.25 -3 16.2 -4 7.4 -1 -4.6 -1 54.54 0 2   -3
Finland 2 0 8.3 -3 5.8 -1 0.9 0 80.25 4 -1   2
France 2 0 6.2 -2 7.3 -1 0.4 0 78.81 3 -1   0
Germany 2 0 10 -3 5.6 -1 7.4 -2 81.8 4 -1   1
Greece 2 0 9.1 -3 11.6 -2 -5.9 -2 62.58 0 -2   -2
Hong Kong 4.25 -1 1.8 0 3.8 -1 11.2 -3 83.14 4 -2   1
Hungary 11.75 -2 15.6 -3 3.3 -1 -2.9 -1 65.08 1 -2   -2
India 5.9 -1 6.77 -2 8 -2 -1.7 -1 61.36 0 1   -2
Indonesia 3.75 -1 4.69 -2 5.83 -1 0.3 0 64.63 0 1   -2
Ireland 2 0 9.2 -3 4.4 -1 13.9 -3 75.12 3 1   0
Israel 3.25 -1 5.1 -2 4.1 -1 4.7 -1 76.74 3 2   0
Italy 2 0 11.8 -3 7.8 -1 2.5 -1 71.53 2 -2   -1
Japan -0.1 -1 3.7 -1 2.6 0 4 -1 82.27 4 -2   0
Korea, South 3.25 -1 5 -2 2.8 0 4.9 -1 79.62 3 -1   0
Malaysia 2.75 0 4 -1 3.6 -1 3.5 -1 74.6 2 2 -1 -1
Mexico 10 -2 7.8 -2 3.3 -1 -0.4 0 64.95 0 1 -1 -3
Netherlands 2 0 9.9 -3 3.7 -1 9 -2 82.39 4 0   1
New Zealand 4.25 -1 7.2 -2 3.3 -1 -6.5 -2 76.75 3 2   2
Norway 2.5 0 7.5 -2 3.2 -1 15 -3 78.05 3 0   1
Pakistan 16 -3 23.8 -4 6.5 -1 -4.6 -1 51.36 0 2   -4
Peru 7.5 -2 8.45 -3 7.2 -1 -2.9 -1 61.66 0 2 -1 -3
Philippines 5 -1 8 -2 4.5 -1 -1.8 -1 61.87 0 2 -1 -3
Poland 6.75 -2 17.4 -4 5.1 -1 -0.7 0 68.89 1 -1   -1
Portugal 2 0 9.9 -3 5.8 -1 -1.1 0 70.45 2 -1   0
Qatar 5 -1 6.03 -2 0.1 -1 -14.7 -3 66.74 1 2   0
Singapore 2.65 0 6.7 -2 2 0 18.1 -3 84.78 4 -2   1
South Africa 7 -2 7.6 -2 32.9 -5 3.7 -1 62.44 0 2 -1 -1
Spain 2 0 6.8 -2 12.67 -2 0.9 0 75.28 3 0   0
Sweden 2.5 0 10.9 -3 7.1 -1 5.3 -2 81.25 4 0   1
Switzerland 0.5 1 3 -1 2 0 9.3 -2 82.33 4 0   1
Taiwan  1.63 0 2.35 -1 3.68 -1 14.8 -3 80.24 4 -1   0
Thailand 1.25 0 5.55 -2 1.23 0 -2.2 -1 68.11 1 -1   -3
Turkey 9 -2 84.39 -5 10.1 -2 -1.7 -1 61 0 1 -1 -2
United Arab Emirates 3.9 -1 6.77 -2 3.9 -1 11.7 -3 75.01 3 1   0
United Kingdom 3 -1 11.1 -3 3.6 -1 -2 -1 81.2 4 0   1
United States 4 -1 7.7 -2 3.7 -1 -3.6 -1 83.67 4 0 -1 0
Vietnam 6 -1 4.37 -2 2.28 0 -2 -1 61.54 0 1   -2


Country Risk Factors - Sovereign, Political, Conflict and Extraordinary  November 2022
  Socioeconomic Risk Sovereign Risk Political Risk Conflict Risk Extraordinary  Event Risks    
Country Corporate Tax Rate Corporate Tax Rate Score Average Credit Ratings  Average Credit Ratings Score Government Debt as % of GDP Debt  Score Political Stability Government Friendly to Business Trade Dispute Cases on WTO/Trade Wars Equity Restrictions FDI Regulatory Restrictiveness Index Above 0.12 Territorial Disputes/ Wars Internal Conflict/ Terrorism Natural Disasters, Banking Crisis, Political Crisis, etc Total Score % Modifier
Argentina 25 0 15 -4 80.5 -2 2   -1   -1 -1 -1 -21 70.00%
Australia 30 -1 100 2 36.1 0 2   -1 -1 0 0 -2 -1 0.00%
Austria 25 0 96 1 82.8 -2 1   -3   0 0 -2 -5 20.00%
Belgium 25 0 86 0 108 -2 1   -3   0 -1 -1 -7 30.00%
Brazil 34 -2 42 -2 80.27 -2 2   -1   -1 0 -1 -18 60.00%
Canada 26.5 -1 100 2 113 -3 1 1 -1 -1 0 0 -1 -3 10.00%
Chile 27 -1 75 -1 36.3 0 2   -1   -1 0 -1 -10 40.00%
China 25 0 80 -1 71.5 -1 2 -1 -2 -1 -1 0 -3 -12 40.00%
Colombia 35 -2 55 -1 64.5 -1 2       -1 -1   -15 50.00%
Czech Republic 19 0 85 0 46.4 0 1   -3   0 0 -1 -9 30.00%
Denmark 22 0 100 2 36.7 0 1   -2   0 -2 -1 -2 0.00%
Egypt 22.5 0 31 -3 87.2 -2 2       -1 -1   -15 50.00%
Finland 20 0 96 1 65.8 -1 1   -3   0 0 -3 -4 10.00%
France 26.5 -1 92 0 113 -3 1   -3   0 -1 -2 -10 40.00%
Germany 30 -1 100 2 69.3 -1 1   -3   0 -1 -1 -6 20.00%
Greece 22 0 43 -2 193 -5 2 1 -3   -1 -1 -2 -22 70.00%
Hong Kong 16.5 0 90 0 38.4 0 2 -1     0 -1 -3 -5 20.00%
Hungary 9 2 60 -1 76.8 -1 2   -2   0 0 -1 -11 40.00%
India 34.94 -2 56 -1 89.26 -2 2   -2   -1 -1   -14 50.00%
Indonesia 22 0 60 -1 38.5 0 2   -1 -1 -1 -1   -8 30.00%
Ireland 12.5 1 81 0 56 -1 1   -3 -1 0 -1 -1 -8 30.00%
Israel 23 0 81 0 68.8 -1 1       -1 -1 -1 -3 10.00%
Italy 24 0 62 -1 151 -4 1   -3   0 -1 -2 -16 60.00%
Japan 30.62 -2 77 -1 262 -5 2   -1   -1 -2 -2 -13 50.00%
Korea, South 27.5 -1 86 0 46.9 0 2   -1 -1 -1 0 -1 -5 20.00%
Malaysia 24 0 68 -1 63.3 -1 1       -1 -1 -1 -5 20.00%
Mexico 30 -1 60 -1 49.6 0 2   -1 -1 0 0 -1 -11 40.00%
Netherlands 25.8 -1 98 1 52.4 -1 1 1 -3   0 0 -1 -4 10.00%
New Zealand 28 -1 95 1 30.1 0 2     -1 0 0 -1 100.00% -5.00%
Norway 22 0 100 2 43.2 0 1       0 0 -2 -1 0.00%
Pakistan 29 -1 23 -4 84 -2 2       -1 -1   -18 60.00%
Peru 29.5 -1 61 -1 36 0 1 -1     0 -1 -1 -13 50.00%
Philippines 25 0 61 -1 60.4 -1 2       -1 -1 -1 -10 40.00%
Poland 19 0 71 -1 53.8 -1 1   -3   0 0 -1 -13 50.00%
Portugal 21 0 72 -1 127 -3 2   -3   0 0 -2 -10 40.00%
Qatar 10 1 85 0 58.5 -1 2       0 0   -2 0.00%
Singapore 17 0 100 2 160 -4 2 1     -1 -1   -3 10.00%
South Africa 28 -1 41 -2 69.9 -1 2       0 0   -12 40.00%
Spain 25 0 71 -1 118 -3 1   -3   -1 -1 -1 -10 40.00%
Sweden 20.6 0 100 2 36.7 0 1   -3   0 0 -2 -3 10.00%
Switzerland 14.93 1 100 2 41.4 0 2       0 0 -1 700.00% -20.00%
Taiwan  20 0 90 0 28.2 0 2       -1 0 -2 -3 10.00%
Thailand 20 0 65 -1 59.61 -1 2       -1 -1 -1 -9 30.00%
Turkey 23 0 30 -3 42 0 2 -1 -1   -2 -1   -18 60.00%
United Arab Emirates 0 -1 90 0 38.3 0 2       -2 -1   -5 20.00%
United Kingdom 19 0 90 0 97.4 -2 2   -2   -1 -1   -5 20.00%
United States 21 0 98 1 137 -4 1   -2   0 -1 -1 -8 30.00%
Vietnam 20 0 45 -2 39.6 0 2       -1 0   -6 20.00%

 

 
Notes

(a) Natural disasters are COVID-19 by combined infection rate and death rate. Pakistan also has severe nationwide flooding

(b) Trade disputes includes Russia's natural gas embargo affecting European countries.

Country Valuation by Price to Book Value November 2022
Country Price/ Book Value 4% Model Market Indicator Index YTD %  Nov 30 2022
Argentina 0.56 Bullish 13.93%
Pakistan 0.6 Bullish -18.93%
Hungary 0.83 Bullish -20.88%
Greece 0.9 Bearish -7.32%
Poland 0.9 Bullish -32.48%
Korea, South 0.95 Bullish -25.54%
Austria 0.96 Bullish -21.39%
Hong Kong SAR 1.06 Bullish -15.12%
Colombia 1.08 Bullish -16.84%
Spain 1.11 Bullish -2.45%
Italy 1.13 Bullish -10.13%
Japan 1.27 Bullish -16.76%
Germany 1.33 Bullish -17.20%
Chile 1.36 Bullish 22.72%
Singapore 1.44 Bullish -12.10%
Malaysia 1.49 Bullish -6.32%
Belgium 1.53 Bullish -9.38%
China 1.54 Bullish -25.31%
Brazil 1.57 Bullish 20.22%
Turkey 1.57 Bullish 128.92%
Israel 1.67 Bearish -24.01%
United Kingdom 1.7 Bullish 2.81%
South Africa 1.76 Bullish -0.85%
Egypt 1.78 Bullish 17.09%
France 1.8 Bearish -6.86%
Philippines 1.84 Bearish -2.64%
United Arab Emirates 1.84 Bullish -2.95%
Peru 1.85 Bullish 8.96%
Qatar 1.89 Bullish 0.73%
Ireland 1.9 Bullish -21.51%
Norway 1.91 Bearish 1.74%
Canada 1.93 Bullish -7.34%
Sweden 1.94 Bullish -17.91%
Mexico 1.97 Bullish 6.45%
Vietnam 1.98 Bullish -41.96%
Thailand 2.02 Bullish 1.16%
Taiwan  2.13 Bullish -26.31%
Czech Republic 2.15 Bearish -11.36%
Australia 2.2 Bullish -2.18%
Finland 2.23 Bearish -8.75%
Indonesia 2.63 Bullish 7.18%
Netherlands 2.73 Bullish -19.92%
Portugal 2.82 Bearish 5.98%
New Zealand 2.86 Bullish -9.92%
Switzerland 3.1 Bearish -16.00%
India 3.73 Bullish 7.15%
United States 4.12 Bullish -16.17%
Denmark 4.64 Bullish -2.31%

 

 

Country Valuation by November 2022
Country PE/Total Return 4% Model Market Indicator Index YTD %  Nov 30 2022
Hong Kong SAR -19.042 Bullish -15.12%
Pakistan 0.291 Bullish -18.93%
Brazil 0.321 Bullish 20.22%
Colombia 0.365 Bullish -16.84%
Argentina 0.376 Bullish 13.93%
Hungary 0.592 Bullish -20.88%
Austria 0.705 Bullish -21.39%
Poland 0.718 Bullish -32.48%
Czech Republic 0.747 Bearish -11.36%
Israel 0.851 Bearish -24.01%
Turkey 0.860 Bullish 128.92%
Vietnam 0.912 Bullish -41.96%
Malaysia 0.932 Bullish -6.32%
Egypt 0.985 Bullish 17.09%
Chile 0.987 Bullish 22.72%
Norway 1.030 Bearish 1.74%
Italy 1.045 Bullish -10.13%
Taiwan  1.298 Bullish -26.31%
Spain 1.328 Bullish -2.45%
South Africa 1.368 Bullish -0.85%
Qatar 1.483 Bullish 0.73%
Ireland 1.525 Bullish -21.51%
Australia 1.756 Bullish -2.18%
Mexico 1.773 Bullish 6.45%
Korea, South 1.798 Bullish -25.54%
United Arab Emirates 1.806 Bullish -2.95%
Indonesia 1.859 Bullish 7.18%
United Kingdom 1.895 Bullish 2.81%
Canada 1.970 Bullish -7.34%
Philippines 2.091 Bearish -2.64%
Peru 2.125 Bullish 8.96%
China 2.549 Bullish -25.31%
Greece 2.583 Bearish -7.32%
Singapore 2.733 Bullish -12.10%
Germany 2.954 Bullish -17.20%
Thailand 3.120 Bullish 1.16%
Denmark 3.177 Bullish -2.31%
Portugal 3.179 Bearish 5.98%
India 3.437 Bullish 7.15%
Japan 3.538 Bullish -16.76%
Sweden 3.951 Bullish -17.91%
France 4.071 Bearish -6.86%
Netherlands 4.326 Bullish -19.92%
Finland 4.876 Bearish -8.75%
Switzerland 4.898 Bearish -16.00%
Belgium 5.059 Bullish -9.38%
United States 5.845 Bullish -16.17%
New Zealand 12.095 Bullish -9.92%

 

Country Valuation by PEGY and Altered for Country Risk Factors November 2022
Country PE/Total Return Country Risk Modifier Modifier Amount Adjusted PE/Total Return for Country Risk Factors 4% Model Market Indicator Date 4% Trend Started Index YTD %  Nov 30 2022
Hong Kong -19.042 20.00% -3.81 -22.850 Bullish Oct 30,  2022 -15.12%
Pakistan 0.291 60.00% 0.17 0.465 Bullish Sep 25, 2022 -18.93%
Brazil 0.321 60.00% 0.19 0.513 Bullish Nov 27, 2022 20.22%
Colombia 0.365 50.00% 0.18 0.548 Bullish Oct 2,  2022 -16.84%
Argentina 0.376 70.00% 0.26 0.639 Bullish Nov 27, 2022 13.93%
Hungary 0.592 40.00% 0.24 0.829 Bullish Oct 2,  2022 -20.88%
Austria 0.705 20.00% 0.14 0.846 Bullish Oct 23, 2022 -21.39%
Israel 0.851 10.00% 0.09 0.936 Bearish Nov 13, 2022 -24.01%
Czech Republic 0.747 30.00% 0.22 0.972 Bearish Nov 27, 2022 -11.36%
Norway 1.030 0.00% 0.00 1.030 Bearish Sep 18, 2022 1.74%
Poland 0.718 50.00% 0.36 1.077 Bullish Oct 23, 2022 -32.48%
Vietnam 0.912 20.00% 0.18 1.094 Bullish Nov 27, 2022 -41.96%
Malaysia 0.932 20.00% 0.19 1.118 Bullish Nov 6, 2022 -6.32%
Turkey 0.860 60.00% 0.52 1.375 Bullish Oct 2, 2022 128.92%
Chile 0.987 40.00% 0.39 1.382 Bullish Nov 27, 2022 22.72%
Taiwan  1.298 10.00% 0.13 1.428 Bullish Nov 6, 2022 -26.31%
Egypt 0.985 50.00% 0.49 1.477 Bullish Oct 16, 2022 17.09%
Qatar 1.483 0.00% 0.00 1.483 Bullish Nov 21, 2022 0.73%
Italy 1.045 60.00% 0.63 1.672 Bullish Oct 23, 2022 -10.13%
Australia 1.756 0.00% 0.00 1.756 Bullish Nov 6, 2022 -2.18%
Spain 1.328 40.00% 0.53 1.859 Bullish Oct 23, 2022 -2.45%
South Africa 1.368 40.00% 0.55 1.916 Bullish Oct 30,  2022 -0.85%
Ireland 1.525 30.00% 0.46 1.983 Bullish Oct 23, 2022 -21.51%
Korea, South 1.798 20.00% 0.36 2.158 Bullish Oct 2, 2022 -25.54%
Canada 1.970 10.00% 0.20 2.167 Bullish Oct 23, 2022 -7.34%
United Arab Emirates 1.806 20.00% 0.36 2.168 Bullish Sep 11, 2022 -2.95%
United Kingdom 1.895 20.00% 0.38 2.274 Bullish Oct 30,  2022 2.81%
Indonesia 1.859 30.00% 0.56 2.416 Bullish July 17, 2022 7.18%
Mexico 1.773 40.00% 0.71 2.482 Bullish Aug 07, 2022 6.45%
Philippines 2.091 40.00% 0.84 2.928 Bearish Sep 18, 2022 -2.64%
Singapore 2.733 10.00% 0.27 3.007 Bullish Oct 23, 2022 -12.10%
Denmark 3.177 0.00% 0.00 3.177 Bullish Oct 23, 2022 -2.31%
Peru 2.125 50.00% 1.06 3.188 Bullish Oct 2,  2022 8.96%
Germany 2.954 20.00% 0.59 3.545 Bullish Nov 6, 2022 -17.20%
China 2.549 40.00% 1.02 3.568 Bullish Oct 30,  2022 -25.31%
Switzerland 4.898 -20.00% -0.98 3.918 Bearish June 12, 2022 -16.00%
Thailand 3.120 30.00% 0.94 4.056 Bullish June 31, 2022 1.16%
Sweden 3.951 10.00% 0.40 4.346 Bullish Oct 23, 2022 -17.91%
Greece 2.583 70.00% 1.81 4.392 Bearish Sep 18, 2022 -7.32%
Portugal 3.179 40.00% 1.27 4.451 Bearish Aug 28, 2022 5.98%
Netherlands 4.326 10.00% 0.43 4.759 Bullish Oct 16, 2022 -19.92%
India 3.437 50.00% 1.72 5.155 Bullish July 17, 2022 7.15%
Japan 3.538 50.00% 1.77 5.306 Bullish Nov 6, 2022 -16.76%
Finland 4.876 10.00% 0.49 5.364 Bearish Sep 18, 2022 -8.75%
France 4.071 40.00% 1.63 5.699 Bearish Sep 18, 2022 -6.86%
Belgium 5.059 30.00% 1.52 6.577 Bullish Mar 13, 2022 -9.38%
United States 5.845 30.00% 1.75 7.599 Bullish Oct 16,  2022 -16.17%
New Zealand 12.095 -5.00% -0.60 11.490 Bullish Jun 3, 2022 -9.92%

 

Country Value and Growth Factors August 30, 2022


Country Value and Growth Factors August 30, 2022
Country 2022 Real GDP Projected Annual Growth Rate % Yield P/E Total Return PE/Total Return Price/ Book Value 4% Model Market Indicator Date 4% Trend Started Index Index YTD % Aug 30 2022
Argentina 6.0 2.39 3.83 8.39 0.456 0.51 Bullish July 24, 2022 MSCI Argentina  0.56%
Australia 3.6 5.17 13.79 8.77 1.572 2.14 Bearish August 28, 2022 MSCI Australia USD -5.92%
Austria 6.0 4.89 5.87 10.89 0.539 0.84 Bearish June 5, 2022 MSCI Austria  -33.09%
Belgium 3.3 2.58 17.07 5.88 2.903 1.4 Bullish Mar 13, 2022 MSCI Belgium -15.01%
Brazil 3.2 14.26 5.61 17.46 0.321 1.55 Bullish July 24, 2022 MSCI Brazil Net USD 21.54%
Canada 2.9 3.21 13.71 6.11 2.244 1.88 Bullish July 17, 2020 MSCI Canada Net USD -9.46%
Chile 5.4 5.25 7.64 10.65 0.717 1.5 Bullish Aug 21, 2022 MSCI Chile Net USD 30.39%
China 0.4 2.17 15.47 2.57 6.019 1.54 Bearish July 10, 2022 MSCI China Net USD -19.40%
Colombia 12.6 6.46 5.54 19.06 0.291 1.15 Bearish Aug 14, 2022 MSCI Colombia -9.29%
Czech Republic 3.7 5.86 10.20 9.56 1.067 2.26 Bearish Aug 14, 2022 MSCI Czech Republic Net USD -0.63%
Denmark 3.6 2.01 16.01 5.61 2.854 4.57 Bearish July 31, 2022 MSCI Denmark  -7.43%
Egypt 5.4 4.66 5.44 10.06 0.541 1.18 Bearish Aug 28, 2022 MSCI Egypt -19.62%
Finland 3.0 3.33 21.81 6.33 3.445 2.27 Bullish Mar 06, 2022 MSCI Finland -11.84%
France 4.2 3.00 15.26 7.20 2.119 1.7 Bearish May 01, 2022 MSCI France  -13.56%
Germany 1.7 3.90 12.37 5.60 2.209 1.22 Bearish May 01, 2022 MSCI Germany  -24.77%
Greece 7.7 2.23 7.44 9.93 0.749 0.83 Bearish Aug 28, 2022 MSCI Greece  -5.19%
Hong Kong SAR -1.3 3.41 16.29 2.11 7.720 1.09 Bullish May 15, 2022 MSCI Hong Kong  -11.46%
Hungary 6.5 1.76 5.17 8.26 0.626 0.77 Bearish Aug 28, 2022 MSCI Hungary -29.73%
India 13.5 1.22 24.68 14.72 1.677 3.7 Bullish July 17, 2022 MSCI India Net USD 6.14%
Indonesia 5.4 2.92 15.75 8.36 1.884 2.58 Bullish July 17, 2022 MSCI Indonesia USD 5.82%
Ireland 11.1 1.79 20.30 12.89 1.575 1.97 Bullish July 17, 2022 MSCI Ireland -22.73%
Israel 7.4 3.91 8.71 11.35 0.767 1.75 Bearish Aug 28, 2022 MSCI Israel  -18.12%
Italy 4.7 5.27 7.70 9.97 0.772 1.02 Bullish July 24, 2022 MSCI Italy -20.67%
Japan 1.6 2.50 16.22 4.10 3.956 1.31 Bearish Aug 28, 2022 MSCI Japan USD -17.71%
Korea, South 2.9 2.36 8.43 5.26 1.603 0.94 Bullish Mar 13, 2022 MSCI Korea USD -28.15%
Malaysia 8.9 4.00 17.06 12.90 1.322 1.53 Bullish July 17, 2022 MSCI Malaysia USD -7.34%
Mexico 2.0 3.92 12.39 5.92 2.093 1.73 Bullish Aug 07, 2022 MSCI Mexico USD -9.45%
Netherlands 5.3 2.23 19.03 7.53 2.527 2.39 Bearish Aug 28, 2022 MSCI Netherlands -25.57%
New Zealand 1.2 2.52 27.36 3.72 7.355 2.77 Bullish May 29, 2022 MSCI New Zealand  -13.24%
Norway 3.9 3.92 9.92 7.82 1.269 2.17 Bullish July 24, 2022 MSCI Norway 6.24%
Pakistan 3.9 7.23 3.90 11.17 0.349 0.66 Bullish July 31, 2022 MSCI Pakistan Net USD -20.24%
Peru 3.8 5.07 9.28 8.87 1.046 1.52 Bearish Aug 14, 2022 MSCI Peru -12.54%
Philippines 7.4 1.67 20.72 9.07 2.284 1.83 Bullish May 15, 2022 MSCI Philippines USD -3.73%
Poland 5.5 4.45 4.94 9.95 0.496 0.83 Bearish Aug 14, 2022 MSCI Poland USD -43.48%
Portugal 7.1 3.22 44.52 10.32 4.314 2.79 Bearish Aug 28, 2022 MSCI Portugal  10.77%
Qatar 2.5 3.23 16.28 5.73 2.841 2.17 Bearish Aug 28, 2022 MSCI Qatar 12.58%
Singapore 4.4 3.61 20.97 8.01 2.618 1.39 Bearish Aug 14, 2022 MSCI Singapore  -13.98%
South Africa 0.2 4.24 10.05 4.44 2.264 1.65 Bearish Aug 14, 2022 MSCI South Africa USD -10.04%
Spain 6.3 3.97 9.69 10.27 0.944 1.1 Bearish June 05, 2022 MSCI Spain -6.89%
Sweden 3.8 3.34 20.17 7.14 2.825 1.94 Bearish Aug 21, 2022 MSCI Sweden -23.20%
Switzerland 2.8 2.96 16.22 5.76 2.816 3.04 Bearish June 12, 2022 MSCI Switzerland -16.86%
Taiwan  3.1 4.39 11.26 7.44 1.513 2.2 Bearish Sep 26, 2021 MSCI Taiwan USD -25.41%
Thailand 2.5 2.47 22.30 4.97 4.487 2.1 Bearish June 31, 2022 MSCI Thailand USD -3.51%
Turkey 7.6 3.18 4.57 10.78 0.424 1.22 Bullish July 17, 2022 MSCI Turkey  56.40%
United Arab Emirates 3.8 3.18 13.49 6.98 1.933 1.88 Bearish Aug 05, 2022 MSCI UAE  Gross USD -0.10%
United Kingdom 2.9 3.85 13.03 6.75 1.930 1.72 Bearish Jun 07, 2020 MSCI UK  0.06%
United States 1.7 1.61 20.14 3.31 6.085 4 Bullish June 19, 2022 MSCI USA USD -17.83%
Vietnam 7.72 1.83 13.79 9.55 1.444 2.42 Bullish July 31, 2022 MSCI Vietnam -24.61%

 

 

Country Risk Factors - Economic August 2022
  Economic Risk Socioeconomic Risk
Country Interest Rate Interest Rate Score Inflation Inflation Score Unemployment Unemployment Score Current Account Balance as a % of GDP Balanced Economy Score Global Competitiveness Index Competitiveness Score Population Growth Income Distribution GINI Index over 40 Corruption Transparency Perception Rank Score
Argentina 69.5 -5 71 -5 7 -1 1 0 57.2 0 1 -1 -2
Australia 2.35 0 6.1 -2 3.4 -1 1.3 0 78.75 3 2   0
Austria 0.5 1 9.1 -3 5.9 -1 -0.5 0 76.61 3 0   0
Belgium 0.5 1 9.94 -3 5.9 -1 -0.4 0 76.38 3 0   0
Brazil 13.75 -2 10.07 -3 9.1 -2 -1.8 -1 60.93 0 0 -1 -2
Canada 3.25 0 7.6 -2 4.9 -1 0.1 0 79.59 3 1   0
Chile 10.75 -2 14.1 -3 7.9 -1 1.4 0 70.54 2 1 -1 0
China 3.65 -1 2.7 -1 5.4 -1 1.8 -1 73.9 2 -1   -1
Colombia 9 -2 10.84 -3 11 -2 -5.7 -2 62.73 0 1 -1 -2
Czech Republic 7 -1 17.5 -4 3.4 -1 -0.8 0 70.85 2 -1   -1
Denmark 0.65 1 8.7 -3 2.7 0 8.8 -2 81.17 4 -1   2
Egypt 11.25 -2 14.6 -3 7.2 -1 -4.6 -1 54.54 0 2   -3
Finland 0.5 1 7.8 -2 6.6 -1 0.9 0 80.25 4 -1   2
France 0.5 1 5.8 -2 7.4 -1 0.4 0 78.81 3 -1   0
Germany 0.5 1 7.9 -2 5.5 -1 7.4 -2 81.8 4 -1   1
Greece 0.5 1 11.4 -3 12.1 -2 -5.9 -2 62.58 0 -2   -2
Hong Kong 2.75 0 1.9 0 4.3 -1 6.6 -2 83.14 4 -2   1
Hungary 11.75 -2 15.6 -3 3.3 -1 -2.9 -1 65.08 1 -2   -2
India 5.4 -1 6.71 -2 8.3 -2 -1.7 -1 61.36 0 1   -2
Indonesia 3.75 -1 4.69 -2 5.83 -1 0.3 0 64.63 0 1   -2
Ireland 0.5 1 8.7 -3 4.3 -1 13.9 -3 75.12 3 1   0
Israel 2 0 5.2 -2 3.4 -1 4.9 -1 76.74 3 2   0
Italy 0.5 1 8.4 -3 7.9 -1 2.5 -1 71.53 2 -2   -1
Japan -0.1 -1 2.6 -1 2.6 0 3.2 -1 82.27 4 -2   0
Korea, South 2.5 0 5.7 -2 2.9 0 3.5 -1 79.62 3 -1   0
Malaysia 2.5 0 4.4 -2 3.7 -1 3.5 -1 74.6 2 2 -1 -1
Mexico 8.5 -2 8.7 -3 3.4 -1 2.4 -1 64.95 0 1 -1 -3
Netherlands 0.5 1 12 -3 3.6 -1 9 -2 82.39 4 0   1
New Zealand 3 0 7.3 -2 3.3 -1 -2.7 -1 76.75 3 2   2
Norway 1.75 0 6.5 -2 3.3 -1 15 -3 78.05 3 0   1
Pakistan 15 -2 27.26 -4 6.5 -1 -4.6 -1 51.36 0 2   -4
Peru 6.75 -1 8.41 -3 6.8 -1 0.7 0 61.66 0 2 -1 -3
Philippines 3.75 -1 6.3 -2 5.2 -1 -1.8 -1 61.87 0 2 -1 -3
Poland 6.75 -1 16.1 -4 4.9 -1 -0.7 0 68.89 1 -1   -1
Portugal 0.5 1 8.9 -3 5.7 -1 -1.2 0 70.45 2 -1   0
Qatar 3.75 -1 4.98 -2 0.1 -1 -14.7 -3 66.74 1 2   0
Singapore 1.56 0 7 -2 2.1 0 17.6 -3 84.78 4 -2   1
South Africa 5.5 -1 7.8 -2 33.9 -5 3.7 -1 62.44 0 2 -1 -1
Spain 0.5 1 10.5 -3 12.48 -2 0.9 0 75.28 3 0   0
Sweden 0.75 1 8.5 -3 6.4 -1 5.3 -2 81.25 4 0   1
Switzerland -0.25 -1 3.5 -1 2 0 9.3 -2 82.33 4 0   1
Taiwan  1.5 0 2.66 -1 3.68 -1 9.5 -2 80.24 4 -1   0
Thailand 0.75 1 7.86 -2 1.37 0 -2.2 -1 68.11 1 -1   -3
Turkey 13 -2 80.21 -5 10.1 -2 -1.7 -1 61 0 1 -1 -2
United Arab Emirates 3.75 -1 2.5 -1 3.9 -1 11.7 -3 75.01 3 1   0
United Kingdom 1.75 0 10.1 -3 3.6 -1 -3.5 -1 81.2 4 0   1
United States 2.5 0 8.3 -3 3.7 -1 -3.6 -1 83.67 4 0 -1 0
Vietnam 4 -1 2.89 -1 2.46 0 3.6 -1 61.54 0 1   -2


Country Risk Factors - Sovereign, Political, Conflict and Extraordinary  August 2022
  Socioeconomic Risk Sovereign Risk Political Risk Conflict Risk Extraordinary  Event Risks    
Country Corporate Tax Rate Corporate Tax Rate Score Average Credit Ratings  Average Credit Ratings Score Government Debt as % of GDP Debt  Score Political Stability Government Friendly to Business Trade Dispute Cases on WTO/Trade Wars Equity Restrictions FDI Regulatory Restrictiveness Index Above 0.12 Territorial Disputes/ Wars Internal Conflict/ Terrorism Natural Disasters, Banking Crisis, Political Crisis, etc Total Score % Modifier
Argentina 25 0 15 -4 80.5 -2 2   -1   -1 -1   -20 70.00%
Australia 30 -1 100 2 24.8 1 2   -1 -1 0 0 -1 3 -10.00%
Austria 25 0 96 1 82.8 -2 1   -4   0 0 -2 -6 20.00%
Belgium 25 0 86 0 108 -2 1   -4   0 -1 -1 -7 30.00%
Brazil 34 -2 42 -2 80.27 -2 2   -1   -1 0 -1 -18 60.00%
Canada 26.5 -1 100 2 118 -3 2 1 -1 -1 0 0 -1 -1 0.00%
Chile 27 -1 76 -1 33 0 2   -1   -1 0 -1 -7 30.00%
China 25 0 80 -1 66.8 -1 2 -1 -2 -1 -1 0   -9 30.00%
Colombia 31 -2 55 -1 64.5 -1 2       -1 -1   -15 50.00%
Czech Republic 19 0 85 0 46.4 0 1   -4   0 0   -9 30.00%
Denmark 22 0 100 2 36.7 0 1   -4   0 -2 -1 -3 10.00%
Egypt 22.5 0 31 -3 87.2 -2 2       -1 -1   -13 50.00%
Finland 20 0 96 1 65.8 -1 1   -2   0 0 -1 1 -5.00%
France 26.5 -1 92 0 113 -3 1   -4   0 -1 -1 -9 30.00%
Germany 30 -1 100 2 69.3 -1 1   -4   0 -1 -1 -5 20.00%
Greece 24 0 43 -2 193 -5 2 1 -2   -1 -1 -2 -20 70.00%
Hong Kong 16.5 0 90 0 38.4 0 2 -1     0 -1 -4 -4 10.00%
Hungary 9 2 60 -1 76.8 -1 2   -2   0 0 -1 -11 40.00%
India 25.17 -1 56 -1 73.95 -1 2   -2   -1 -1   -12 40.00%
Indonesia 22 0 60 -1 38.5 0 2   -1 -1 -1 -1   -8 30.00%
Ireland 12.5 1 80 -1 56 -1 1   -3 -1 0 -1 -1 -8 30.00%
Israel 23 0 81 0 68.8 -1 1       -1 -1 -1 -2 0.00%
Italy 24 0 62 -1 151 -4 1   -3   0 -1 -1 -14 50.00%
Japan 30.62 -2 77 -1 266 -5 2   -1   -1 -2 -2 -13 50.00%
Korea, South 25 0 86 0 42.6 0 2   -1 -1 -1 0 -3 -5 20.00%
Malaysia 24 0 68 -1 63.3 -1 1       -1 -1 -1 -6 20.00%
Mexico 30 -1 60 -1 52.1 -1 2   -1 -1 0 0 -1 -14 50.00%
Netherlands 25 0 98 1 52.1 -1 1 1 -4   0 0 -1 -3 10.00%
New Zealand 28 -1 95 1 30.1 0 2     -1 0 0 -1 3 -10.00%
Norway 22 0 100 2 43.2 0 1       0 0   1 -5.00%
Pakistan 29 -1 25 -3 84 -2 1       -1 -1 -4 -21 70.00%
Peru 29.5 -1 62 -1 36 0 1 -1     0 -1   -10 40.00%
Philippines 30 -1 61 -1 60.4 -1 2       -1 -1   -10 40.00%
Poland 19 0 71 -1 53.8 -1 1   -4   0 0 -1 -13 50.00%
Portugal 21 0 72 -1 127 -3 1   -3   0 0 -1 -9 30.00%
Qatar 10 1 85 0 71.8 -1 2       0 0 -1 -3 10.00%
Singapore 17 0 100 2 131 -3 2 1     -1 -1 -1 -3 10.00%
South Africa 28 -1 41 -2 69.9 -1 2       0 0   -11 40.00%
Spain 25 0 71 -1 118 -3 1   -3   -1 -1 -1 -10 40.00%
Sweden 20.6 0 100 2 36.7 0 1   -4   0 0   -1 0.00%
Switzerland 14.93 1 100 2 41.4 0 2       0 0 -1 5 -15.00%
Taiwan  20 0 71 -1 28.2 0 2       -1 0 -4 -5 20.00%
Thailand 20 0 65 -1 59.61 -1 2       -1 -1   -7 30.00%
Turkey 23 0 31 -3 42 0 2 -1 -1   -2 -1 -1 -19 70.00%
United Arab Emirates 0 -1 90 0 38.3 0 2       -2 -1   -4 10.00%
United Kingdom 19 0 90 0 95.9 -2 2   -3   -1 -1 -1 -6 20.00%
United States 21 0 98 1 137 -4 1   -2   0 -1 -2 -9 30.00%
Vietnam 20 0 45 -2 46.7 0 2       -1 0   -5 20.00%

 

 
Notes

(a) Natural disasters are COVID-19 by combined infection rate and death rate. Pakistan also has severe nationwide flooding

(b) Trade disputes includes Russia's natural gas embargo affecting European countries.

Country Valuation by Price to Book Value August 2022
Country Price/ Book Value 4% Model Market Indicator Index YTD %  August 30 2022
Argentina 0.51 Bullish 0.56%
Pakistan 0.66 Bullish -20.24%
Hungary 0.77 Bearish -29.73%
Greece 0.83 Bearish -5.19%
Poland 0.83 Bearish -43.48%
Austria 0.84 Bearish -33.09%
Korea, South 0.94 Bullish -28.15%
Italy 1.02 Bullish -20.67%
Hong Kong SAR 1.09 Bullish -11.46%
Spain 1.1 Bearish -6.89%
Colombia 1.15 Bearish -9.29%
Egypt 1.18 Bearish -19.62%
Germany 1.22 Bearish -24.77%
Turkey 1.22 Bullish 56.40%
Japan 1.31 Bearish -17.71%
Singapore 1.39 Bearish -13.98%
Belgium 1.4 Bullish -15.01%
Chile 1.5 Bullish 30.39%
Peru 1.52 Bearish -12.54%
Malaysia 1.53 Bullish -7.34%
China 1.54 Bearish -19.40%
Brazil 1.55 Bullish 21.54%
South Africa 1.65 Bearish -10.04%
France 1.7 Bearish -13.56%
United Kingdom 1.72 Bearish 0.06%
Mexico 1.73 Bullish -9.45%
Israel 1.75 Bearish -18.12%
Philippines 1.83 Bullish -3.73%
Canada 1.88 Bullish -9.46%
United Arab Emirates 1.88 Bearish -0.10%
Sweden 1.94 Bearish -23.20%
Ireland 1.97 Bullish -22.73%
Thailand 2.1 Bearish -3.51%
Australia 2.14 Bearish -5.92%
Norway 2.17 Bullish 6.24%
Qatar 2.17 Bearish 12.58%
Taiwan  2.2 Bearish -25.41%
Czech Republic 2.26 Bearish -0.63%
Finland 2.27 Bullish -11.84%
Netherlands 2.39 Bearish -25.57%
Vietnam 2.42 Bullish -24.61%
Indonesia 2.58 Bullish 5.82%
New Zealand 2.77 Bullish -13.24%
Portugal 2.79 Bearish 10.77%
Switzerland 3.04 Bearish -16.86%
India 3.7 Bullish 6.14%
United States 4 Bullish -17.83%
Denmark 4.57 Bearish -7.43%

 

 

Country Valuation by August 2022
Country PE/Total Return 4% Model Market Indicator Index YTD %  August 30 2022
Colombia 0.291 Bullish -11.46%
Brazil 0.321 Bearish -43.48%
Pakistan 0.349 Bearish -23.20%
Turkey 0.424 Bearish 10.77%
Argentina 0.456 Bullish 0.56%
Poland 0.496 Bearish -5.92%
Austria 0.539 Bearish -29.73%
Egypt 0.541 Bearish -19.62%
Hungary 0.626 Bullish 30.39%
Chile 0.717 Bullish -28.15%
Greece 0.749 Bearish -13.98%
Israel 0.767 Bullish 21.54%
Italy 0.772 Bearish -10.04%
Spain 0.944 Bullish -11.84%
Peru 1.046 Bullish -22.73%
Czech Republic 1.067 Bearish -6.89%
Norway 1.269 Bearish -0.10%
Malaysia 1.322 Bullish -9.45%
Vietnam 1.444 Bearish -7.43%
Taiwan  1.513 Bullish 5.82%
Australia 1.572 Bullish -20.24%
Ireland 1.575 Bearish -19.40%
Korea, South 1.603 Bearish 0.06%
India 1.677 Bearish -12.54%
Indonesia 1.884 Bullish -7.34%
United Kingdom 1.930 Bullish 6.14%
United Arab Emirates 1.933 Bearish -16.86%
Mexico 2.093 Bearish -18.12%
France 2.119 Bullish 56.40%
Germany 2.209 Bearish -17.71%
Canada 2.244 Bearish -33.09%
South Africa 2.264 Bearish -0.63%
Philippines 2.284 Bearish -3.51%
Netherlands 2.527 Bullish -3.73%
Singapore 2.618 Bearish -25.41%
Switzerland 2.816 Bullish -24.61%
Sweden 2.825 Bearish -25.57%
Qatar 2.841 Bearish 12.58%
Denmark 2.854 Bearish -9.29%
Belgium 2.903 Bearish -5.19%
Finland 3.445 Bearish -24.77%
Japan 3.956 Bearish -13.56%
Portugal 4.314 Bullish 6.24%
Thailand 4.487 Bullish -13.24%
China 6.019 Bullish -20.67%
United States 6.085 Bullish -17.83%
New Zealand 7.355 Bullish -9.46%
Hong Kong SAR 7.720 Bullish -15.01%

 

Country Valuation by PEGY and Altered for Country Risk Factors August 2022
Country PE/Total Return Country Risk Modifier Modifier Amount Adjusted PE/Total Return for Country Risk Factors 4% Model Market Indicator Date 4% Trend Started Index YTD %  Aug 30 2022
Colombia 0.291 50.00% 0.15 0.436 Bearish Aug 14, 2022 -9.29%
Brazil 0.321 60.00% 0.19 0.514 Bullish July 24, 2022 21.54%
Pakistan 0.349 70.00% 0.24 0.594 Bullish July 31, 2022 -20.24%
Austria 0.539 20.00% 0.11 0.647 Bearish June 5, 2022 -33.09%
Turkey 0.424 70.00% 0.30 0.721 Bullish July 17, 2022 56.40%
Poland 0.496 50.00% 0.25 0.745 Bearish Aug 14, 2022 -43.48%
Israel 0.767 0.00% 0.00 0.767 Bearish Aug 28, 2022 -18.12%
Argentina 0.456 70.00% 0.32 0.776 Bullish July 24, 2022 0.56%
Egypt 0.541 50.00% 0.27 0.811 Bearish Aug 28, 2022 -19.62%
Hungary 0.626 40.00% 0.25 0.876 Bearish Aug 28, 2022 -29.73%
Chile 0.717 30.00% 0.22 0.933 Bullish Aug 21, 2022 30.39%
Italy 0.772 50.00% 0.39 1.158 Bullish July 24, 2022 -20.67%
Norway 1.269 -5.00% -0.06 1.205 Bullish July 24, 2022 6.24%
Greece 0.749 70.00% 0.52 1.274 Bearish Aug 28, 2022 -5.19%
Spain 0.944 40.00% 0.38 1.321 Bearish June 05, 2022 -6.89%
Czech Republic 1.067 30.00% 0.32 1.387 Bearish Aug 14, 2022 -0.63%
Australia 1.572 -10.00% -0.16 1.415 Bearish August 28, 2022 -5.92%
Peru 1.046 40.00% 0.42 1.465 Bearish Aug 14, 2022 -12.54%
Malaysia 1.322 20.00% 0.26 1.587 Bullish July 17, 2022 -7.34%
Vietnam 1.444 20.00% 0.29 1.733 Bullish July 31, 2022 -24.61%
Taiwan  1.513 20.00% 0.30 1.816 Bearish Sep 26, 2021 -25.41%
Korea, South 1.603 20.00% 0.32 1.923 Bullish Mar 13, 2022 -28.15%
Ireland 1.575 30.00% 0.47 2.047 Bullish July 17, 2022 -22.73%
United Arab Emirates 1.933 10.00% 0.19 2.126 Bearish Aug 05, 2022 -0.10%
Canada 2.244 0.00% 0.00 2.244 Bullish July 17, 2020 -9.46%
United Kingdom 1.930 20.00% 0.39 2.316 Bearish Jun 07, 2020 0.06%
India 1.677 40.00% 0.67 2.347 Bullish July 17, 2022 6.14%
Switzerland 2.816 -15.00% -0.42 2.394 Bearish June 12, 2022 -16.86%
Indonesia 1.884 30.00% 0.57 2.449 Bullish July 17, 2022 5.82%
Germany 2.209 20.00% 0.44 2.651 Bearish May 01, 2022 -24.77%
France 2.119 30.00% 0.64 2.755 Bearish May 01, 2022 -13.56%
Netherlands 2.527 10.00% 0.25 2.780 Bearish Aug 28, 2022 -25.57%
Sweden 2.825 0.00% 0.00 2.825 Bearish Aug 21, 2022 -23.20%
Singapore 2.618 10.00% 0.26 2.880 Bearish Aug 14, 2022 -13.98%
Qatar 2.841 10.00% 0.28 3.125 Bearish Aug 28, 2022 12.58%
Denmark 2.854 10.00% 0.29 3.139 Bearish July 31, 2022 -7.43%
Mexico 2.093 50.00% 1.05 3.139 Bullish Aug 07, 2022 -9.45%
South Africa 2.264 40.00% 0.91 3.169 Bearish Aug 14, 2022 -10.04%
Philippines 2.284 40.00% 0.91 3.198 Bullish May 15, 2022 -3.73%
Finland 3.445 -5.00% -0.17 3.273 Bullish Mar 06, 2022 -11.84%
Belgium 2.903 30.00% 0.87 3.774 Bullish Mar 13, 2022 -15.01%
Portugal 4.314 30.00% 1.29 5.608 Bearish Aug 28, 2022 10.77%
Thailand 4.487 30.00% 1.35 5.833 Bearish June 31, 2022 -3.51%
Japan 3.956 50.00% 1.98 5.934 Bearish Aug 28, 2022 -17.71%
New Zealand 7.355 -10.00% -0.74 6.619 Bullish May 29, 2022 -13.24%
China 6.019 30.00% 1.81 7.825 Bearish July 10, 2022 -19.40%
United States 6.085 30.00% 1.83 7.910 Bullish June 19, 2022 -17.83%
Hong Kong SAR 7.720 10.00% 0.77 8.492 Bullish May 15, 2022 -11.46%

 

Country Value and Growth Factors May 31, 2022


Country Value and Growth Factors May 31, 2022
Country 2022 Real GDP Projected Annual Growth Rate % Yield P/E Total Return PE/Total Return Price/ Book Value 4% Model Market Indicator Date 4% Trend Started Index Index YTD % May 31 2022
Argentina 4.0 3.38 2.98 7.38 0.404 0.32 Bearish May 29, 2022 MSCI Argentina  1.75%
Australia 4.2 4.85 15.98 9.05 1.766 2.27 Bullish Mar 13, 2022 MSCI Australia USD 1.01%
Austria 2.6 4.10 7.52 6.70 1.122 0.94 Bullish May 15, 2022 MSCI Austria  -18.35%
Belgium 2.1 2.48 15.73 4.58 3.434 1.48 Bullish Mar 13, 2022 MSCI Belgium -9.59%
Brazil 1.5 10.37 6.03 11.87 0.508 1.71 Bullish May 15, 2022 MSCI Brazil Net USD 29.90%
Canada 3.9 2.92 14.88 6.82 2.182 2.07 Bullish Nov 01, 2020 MSCI Canada Net USD -0.56%
Chile 1.5 3.93 12.36 5.43 2.276 1.6 Bullish May 22, 2022 MSCI Chile Net USD 34.87%
China 4.3 2.26 13.86 6.56 2.113 1.39 Bullish May 15, 2022 MSCI China Net USD -16.19%
Colombia 5.8 3.75 8.68 9.55 0.909 1.5 Bullish May 22, 2022 MSCI Colombia 32.16%
Czech Republic 2.3 5.41 13.67 7.71 1.773 2.19 Bearish May 22, 2022 MSCI Czech Republic Net USD 12.15%
Denmark 2.3 1.98 17.87 4.28 4.175 4.82 Bearish May 01, 2022 MSCI Denmark  -7.90%
Egypt 6.1 4.64 5.95 10.74 0.554 1.41 Bearish May 08, 2022 MSCI Egypt -17.20%
Finland 1.6 3.24 22.65 4.84 4.680 2.32 Bullish Mar 06, 2022 MSCI Finland -11.40%
France 2.9 2.80 16.72 5.70 2.933 1.78 Bearish May 01, 2022 MSCI France  -10.01%
Germany 2.1 3.47 13.03 5.57 2.339 1.4 Bearish May 01, 2022 MSCI Germany  -15.53%
Greece 3.5 2.48 -8.40 5.98 -1.405 0.98 Bearish May 01, 2022 MSCI Greece  2.02%
Hong Kong SAR 0.5 3.15 17.98 3.65 4.926 1.19 Bullish May 15, 2022 MSCI Hong Kong  -5.48%
Hungary 3.7 1.80 5.30 5.50 0.964 0.82 Bullish May 29, 2022 MSCI Hungary -33.38%
India 7.5 1.27 23.69 8.77 2.701 3.46 Bearish May 01, 2022 MSCI India Net USD 4.18%
Indonesia 5.1 3.06 17.88 8.16 2.191 2.57 Bearish May 08, 2022 MSCI Indonesia USD 8.61%
Ireland 5.2 1.65 22.80 6.85 3.328 2.08 Bearish Mar 20, 2022 MSCI Ireland -20.21%
Israel 5.0 1.85 14.20 6.85 2.073 1.83 Bearish Apr 24, 2022 MSCI Israel  -19.47%
Italy 2.3 4.67 9.97 6.97 1.430 1.2 Bearish Nov 21, 2021 MSCI Italy -11.58%
Japan 2.4 2.41 13.55 4.81 2.817 1.33 Bullish Mar 13, 2022 MSCI Japan USD -13.32%
Korea, South 2.5 2.12 10.21 4.62 2.210 1.1 Bullish Mar 13, 2022 MSCI Korea USD -13.75%
Malaysia 5.6 3.95 16.60 9.55 1.738 1.59 Bullish Mar 22, 2020 MSCI Malaysia USD -1.93%
Mexico 2.0 3.18 14.00 5.18 2.703 1.99 Bullish May 15, 2022 MSCI Mexico USD 3.43%
Netherlands 3.0 2.03 19.83 5.03 3.942 2.47 Bullish May 22, 2022 MSCI Netherlands -21.85%
New Zealand 2.7 2.54 21.52 5.24 4.107 2.57 Bullish May 29, 2022 MSCI New Zealand  -16.13%
Norway 4.0 3.59 13.31 7.59 1.754 2.26 Bearish Oct 24, 2021 MSCI Norway 9.69%
Pakistan 4.0 7.21 4.94 11.21 0.441 0.75 Bearish Apr 17, 2022 MSCI Pakistan Net USD -9.41%
Peru 3.0 4.43 10.46 7.43 1.408 1.71 Bullish May 15, 2022 MSCI Peru 4.12%
Philippines 6.5 1.63 21.66 8.13 2.664 1.83 Bullish May 15, 2022 MSCI Philippines USD -1.82%
Poland 3.7 3.16 6.88 6.86 1.003 1.06 Bullish May 15, 2022 MSCI Poland USD -14.94%
Portugal 4.0 3.30 110.02 7.30 15.071 2.61 Bullish Mar 06, 2022 MSCI Portugal  6.96%
Qatar 3.4 3.32 16.34 6.72 2.432 2.2 Bearish May 15, 2022 MSCI Qatar 9.55%
Russia -8.9 - - - - -     MSCI Russia  USD  
Singapore 4.0 3.44 21.49 7.44 2.888 1.41 Bullish Mar 13, 2022 MSCI Singapore  -11.84%
South Africa 2.0 3.65 11.12 5.65 1.968 1.93 Bullish May 22, 2022 MSCI South Africa USD 5.18%
Spain 4.8 3.54 12.49 8.34 1.498 1.21 Bullish Mar 06, 2022 MSCI Spain 2.36%
Sweden 2.9 3.22 16.73 6.12 2.734 2.09 Bearish May 01, 2022 MSCI Sweden -14.64%
Switzerland 2.2 2.76 17.30 4.96 3.488 3.22 Bullish Mar 13, 2022 MSCI Switzerland -11.45%
Taiwan  3.1 2.79 13.05 5.93 2.201 2.46 Bearish Sep 26, 2021 MSCI Taiwan USD -13.41%
Thailand 2.9 2.60 22.50 5.50 4.091 2.12 Bullish May 15, 2022 MSCI Thailand USD 1.64%
Turkey 2.3 4.23 6.39 6.53 0.979 1.55 Bullish Jan 02, 2022 MSCI Turkey  28.70%
United Arab Emirates 4.2 2.93 15.11 7.13 2.119 2.01 Bullish May 08, 2022 MSCI UAE  Gross USD 7.08%
United Kingdom 3.7 3.77 14.23 7.47 1.905 1.86 Bearish Jun 07, 2020 MSCI UK  -15.01%
United States 2.5 1.52 20.73 4.02 5.157 4.17 Bullish Mar 13, 2022 MSCI USA USD -9.16%
Vietnam 6.0 1.42 14.17 7.42 1.910 2.58 Bearish Jul 04, 2021 MSCI Vietnam -20.93%

 

Russia is now considered uninvestable by MSCI and other ETF and Investment companies. Funds are being closed.

Country Risk Factors - Economic May 2022
  Economic Risk Socioeconomic Risk
Country Interest Rate Interest Rate Score Inflation Inflation Score Unemployment Unemployment Score Current Account Balance as a % of GDP Balanced Economy Score Global Competitiveness Index Competitiveness Score Population Growth Income Distribution GINI Index over 40 Corruption Transparency Perception Rank Score
Argentina 49 -4 58 -5 7 -1 1 0 57.2 0 1 -1 -2
Australia 0.85 1 5.1 -2 3.9 -1 2.3 -1 78.75 3 2   0
Austria 0 1 8 -2 5.7 -1 2.5 -1 76.61 3 0   0
Belgium 0 1 8.97 -3 5.7 -1 -0.2 0 76.38 3 0   0
Brazil 12.75 -2 12.13 -3 10.5 -2 -1.8 -1 60.93 0 0 -1 -2
Canada 1.5 0 6.8 -2 5.2 -1 0.1 0 79.59 3 1   0
Chile 9 -2 11.5 -3 7.7 -1 1.4 0 70.54 2 1 -1 0
China 3.7 -1 2.1 -1 6.1 -1 1.8 -1 73.9 2 -1   -1
Colombia 6 -1 9.07 -3 11.2 -2 -3.4 -1 62.73 0 1 -1 -2
Czech Republic 5.75 -1 14.2 -3 3.2 -1 3.6 -1 70.85 2 -1   -1
Denmark -0.6 -1 6.7 -2 2.4 0 7.8 -2 81.17 4 -1   2
Egypt 11.25 -2 13.5 -3 7.2 -1 -4.6 -1 54.54 0 2   -3
Finland 0 1 5.7 -2 6.9 -1 0.3 0 80.25 4 -1   2
France 0 1 5.2 -2 7.3 -1 -1 0 78.81 3 -1   0
Germany 0 1 7.9 -2 5 -1 7 -2 81.8 4 -1   1
Greece 0 1 11.3 -3 12.2 -2 -6.7 -2 62.58 0 -2   -2
Hong Kong 1.25 0 1.3 0 5.4 -1 6.6 -2 83.14 4 -2   1
Hungary 5.9 -1 10.7 -3 3.5 -1 0 0 65.08 1 -2   -2
India 4.9 -1 7.79 -2 7.8 -1 -1.7 -1 61.36 0 1   -2
Indonesia 3.5 0 3.55 -1 5.83 -1 0.3 0 64.63 0 1   -2
Ireland 0 1 7.8 -2 4.7 -1 4.6 -1 75.12 3 1   0
Israel 0.75 1 4 -1 3.5 -1 4.9 -1 76.74 3 2   0
Italy 0 1 6.9 -2 8.4 -2 3.6 -1 71.53 2 -2   -1
Japan -0.1 -1 2.5 -1 2.5 0 3.2 -1 82.27 4 -2   0
Korea, South 1.75 0 5.4 -2 2.7 0 3.5 -1 79.62 3 -1   0
Malaysia 2 0 2.3 -1 3.9 -1 1 0 74.6 2 2 -1 -1
Mexico 7 -1 7.65 -2 3 -1 2.4 -1 64.95 0 1 -1 -3
Netherlands 0 1 8.8 -3 3.2 -1 7.8 -2 82.39 4 0   1
New Zealand 2 0 6.9 -2 3.2 -1 -2.7 -1 76.75 3 2   2
Norway 0.75 1 5.7 -2 3.3 -1 2 -1 78.05 3 0   1
Pakistan 13.75 -2 13.8 -3 4.4 -1 -0.6 0 51.36 0 2   -4
Peru 5.5 -1 8.78 -3 8.3 -2 0.7 0 61.66 0 2 -1 -3
Philippines 2.25 0 5.4 -2 5.7 -1 3.6 -1 61.87 0 2 -1 -3
Poland 6 -1 13.9 -3 5.2 -1 3.6 -1 68.89 1 -1   -1
Portugal 0 1 8 -2 5.9 -1 -1.2 0 70.45 2 -1   0
Qatar 2.75 0 4.66 -2 0.1 -1 -2.5 -1 66.74 1 2   0
Russia 11 -2 17.1 -4 4 -1 6.8 -2 66.74 1 -2   -4
Singapore 0.64 1 5.4 -2 2.2 0 17.6 -3 84.78 4 -2   1
South Africa 4.75 -1 5.9 -2 34.5 -5 3.7 -1 62.44 0 2 -1 -1
Spain 0 1 8.7 -3 13.65 -2 0.7 0 75.28 3 0   0
Sweden 0.25 1 6.4 -2 8.2 -2 5.2 -2 81.25 4 0   1
Switzerland -0.75 -1 2.9 -1 2.1 0 3.8 -1 82.33 4 0   1
Taiwan  1.38 0 3.39 -1 3.68 -1 9.5 -2 80.24 4 -1   0
Thailand 0.5 1 7.1 -2 1.53 0 4.2 -1 68.11 1 -1   -3
Turkey 14 -2 73.5 -5 11.3 -2 -1.7 -1 61 0 1 -1 -2
United Arab Emirates 2.25 0 2.5 -1 5 -1 5.9 -2 75.01 3 1   0
United Kingdom 1 1 9 -3 3.7 -1 -3.5 -1 81.2 4 0   1
United States 0.25 1 8.6 -3 3.6 -1 -3.1 -1 83.67 4 0 -1 0
Vietnam 4 -1 2.86 -1 2.46 0 5 -1 61.54 0 1   -2


Country Risk Factors - Sovereign, Political, Conflict and Extraordinary  May 2022
  Socioeconomic Risk Sovereign Risk Political Risk Conflict Risk Extraordinary  Event Risks    
Country Corporate Tax Rate Corporate Tax Rate Score Average Credit Ratings  Average Credit Ratings Score Government Debt as % of GDP Debt  Score Political Stability Government Friendly to Business Trade Dispute Cases on WTO Equity Restrictions FDI Regulatory Restrictiveness Index Above 0.12 Territorial Disputes/ Wars Internal Conflict/ Terrorism Natural Disasters, Banking Crisis, Political Crisis, etc Total Score % Modifier
Argentina 25 0 15 -4 102 -2 2   -1   -1 0 -1 -19 70.00%
Australia 30 -1 100 2 24.8 1 1   -1 -1 0 0 -2 1 -5.00%
Austria 25 0 96 1 82.8 -1 1   -2   0 0 -1 -2 0.00%
Belgium 25 0 86 0 108 -2 1   -2   0 -1 -1 -5 20.00%
Brazil 34 -2 42 -2 88.83 -1 2   -1   -1 0 -1 -17 60.00%
Canada 26.5 -1 100 2 118 -2 1 1 -1 -1 0 0   0 0.00%
Chile 27 -1 76 -1 33 0 2   -1   -1 0 -1 -7 30.00%
China 25 0 80 -1 66.8 0 2 -1 -2 -1 -1 0 -1 -9 30.00%
Colombia 31 -2 55 -1 62.8 0 2       -1 -1   -12 40.00%
Czech Republic 19 0 85 0 41.9 0 1   -2   0 0   -7 30.00%
Denmark 22 0 100 2 36.7 0 1   -2   0 -2 -1 -2 0.00%
Egypt 22.5 0 31 -3 88 -1 2       -1 -1   -12 40.00%
Finland 20 0 96 1 65.8 0 1   -2   0 0   3 -10.00%
France 26.5 -1 92 0 113 -2 1   -2   0 -1 -1 -6 20.00%
Germany 30 -1 100 2 69.3 0 1   -2   0 -1 -1 -2 0.00%
Greece 24 0 43 -2 193 -3 2 1 -2   -1 -1 -1 -17 60.00%
Hong Kong 16.5 0 90 0 38.4 0 2 -1     0 -1   0 0.00%
Hungary 9 2 58 -1 76.8 0 2   -2   0 0   -7 30.00%
India 25.17 -1 56 -1 73.95 0 2   -2   -1 -1   -10 40.00%
Indonesia 22 0 60 -1 38.5 0 2   -1 -1 -1 -1   -6 20.00%
Ireland 12.5 1 80 -1 59.5 0 1   -2 -1 0 -1 -1 -3 10.00%
Israel 23 0 81 0 68.8 0 1       -1 -1 -1 1 -5.00%
Italy 24 0 61 -1 151 -3 1   -2   0 -1 -1 -12 40.00%
Japan 30.62 -2 77 -1 266 -4 2   -1   -1 -1   -9 30.00%
Korea, South 25 0 86 0 42.6 0 2   -1 -1 -1 0 -1 -3 10.00%
Malaysia 24 0 70 -1 60.7 0 1       -1 -1   -2 0.00%
Mexico 30 -1 60 -1 52.1 0 2   -1 -1 0 0   -10 40.00%
Netherlands 25 0 98 1 52.1 0 1 1 -2   0 0   1 -5.00%
New Zealand 28 -1 93 0 30.1 0 1     -1 0 0 -2 0 0.00%
Norway 22 0 100 2 43.2 0 1       0 0   4 -10.00%
Pakistan 29 -1 25 -3 87 -1 1       -1 -1   -14 50.00%
Peru 29.5 -1 62 -1 35.4 0 1 -1     0 -1   -11 40.00%
Philippines 30 -1 61 -1 53.5 0 2       -1 -1   -8 30.00%
Poland 19 0 71 -1 53.8 0 1   -2   0 0   -9 30.00%
Portugal 21 0 72 -1 127 -2 1   -2   0 0 -2 -7 30.00%
Qatar 10 1 85 0 71.8 0 2       0 0   2 -5.00%
Russia 20 0 14 -4 18.2 1 2 -1 -4 -1 -4 -1   -26 80.00%
Singapore 17 0 100 2 131 -2 2 1     -1 -1 -1 -1 0.00%
South Africa 28 -1 41 -2 69.9 0 2       0 0   -10 40.00%
Spain 25 0 71 -1 118 -2 1   -2   -1 -1 -1 -8 30.00%
Sweden 20.6 0 100 2 36.7 0 1   -2   0 0   1 -5.00%
Switzerland 14.93 1 100 2 41.4 0 2       0 0 -1 6 -15.00%
Taiwan  20 0 88 0 28.2 0 2       -1 0 -3 -3 10.00%
Thailand 20 0 65 -1 50.5 0 2       -1 -1   -6 20.00%
Turkey 23 0 35 -3 42 0 2 -1 -1   -2 -1   -18 60.00%
United Arab Emirates 0 -1 90 0 36.9 0 2       -2 -1   -2 0.00%
United Kingdom 19 0 90 0 94 -1 1   -1   -1 -1 -1 -3 10.00%
United States 21 0 98 1 137 -2 1   -2   0 -1 -1 -5 20.00%
Vietnam 20 0 43 -2 46.7 0 2       -1 0   -5 20.00%

 

 
Notes

(a) factors are COVID-19 by combined infection rate and death rate

Country Valuation by Price to Book Value May 2022
Country Price/ Book Value 4% Model Market Indicator Index YTD %  Aug 30 2022
Argentina 0.32 Bearish 1.75%
Pakistan 0.75 Bearish -9.41%
Hungary 0.82 Bullish -33.38%
Austria 0.94 Bullish -18.35%
Greece 0.98 Bearish 2.02%
Poland 1.06 Bullish -14.94%
Korea, South 1.1 Bullish -13.75%
Hong Kong SAR 1.19 Bullish -5.48%
Italy 1.2 Bearish -11.58%
Spain 1.21 Bullish 2.36%
Japan 1.33 Bullish -13.32%
China 1.39 Bullish -16.19%
Germany 1.4 Bearish -15.53%
Egypt 1.41 Bearish -17.20%
Singapore 1.41 Bullish -11.84%
Belgium 1.48 Bullish -9.59%
Colombia 1.5 Bullish 32.16%
Turkey 1.55 Bullish 28.70%
Malaysia 1.59 Bullish -1.93%
Chile 1.6 Bullish 34.87%
Brazil 1.71 Bullish 29.90%
Peru 1.71 Bullish 4.12%
France 1.78 Bearish -10.01%
Israel 1.83 Bearish -19.47%
Philippines 1.83 Bullish -1.82%
United Kingdom 1.86 Bearish -15.01%
South Africa 1.93 Bullish 5.18%
Mexico 1.99 Bullish 3.43%
United Arab Emirates 2.01 Bullish 7.08%
Canada 2.07 Bullish -0.56%
Ireland 2.08 Bearish -20.21%
Sweden 2.09 Bearish -14.64%
Thailand 2.12 Bullish 1.64%
Czech Republic 2.19 Bearish 12.15%
Qatar 2.2 Bearish 9.55%
Norway 2.26 Bearish 9.69%
Australia 2.27 Bullish 1.01%
Finland 2.32 Bullish -11.40%
Taiwan  2.46 Bearish -13.41%
Netherlands 2.47 Bullish -21.85%
Indonesia 2.57 Bearish 8.61%
New Zealand 2.57 Bullish -16.13%
Vietnam 2.58 Bearish -20.93%
Portugal 2.61 Bullish 6.96%
Switzerland 3.22 Bullish -11.45%
India 3.46 Bearish 4.18%
United States 4.17 Bullish -9.16%
Denmark 4.82 Bearish -7.90%
Russia - - -

 

 

Country Valuation by May 2022
Country PE/Total Return 4% Model Market Indicator Index YTD %  May 31 2022
Greece -1.405 Bearish 2.02%
Argentina 0.404 Bearish 1.75%
Pakistan 0.441 Bearish -9.41%
Brazil 0.508 Bullish 29.90%
Egypt 0.554 Bearish -17.20%
Colombia 0.909 Bullish 32.16%
Hungary 0.964 Bullish -33.38%
Turkey 0.979 Bullish 28.70%
Poland 1.003 Bullish -14.94%
Austria 1.122 Bullish -18.35%
Peru 1.408 Bullish 4.12%
Italy 1.430 Bearish -11.58%
Spain 1.498 Bullish 2.36%
Malaysia 1.738 Bullish -1.93%
Norway 1.754 Bearish 9.69%
Australia 1.766 Bullish 1.01%
Czech Republic 1.773 Bearish 12.15%
United Kingdom 1.905 Bearish -15.01%
Vietnam 1.910 Bearish -20.93%
South Africa 1.968 Bullish 5.18%
Israel 2.073 Bearish -19.47%
China 2.113 Bullish -16.19%
United Arab Emirates 2.119 Bullish 7.08%
Canada 2.182 Bullish -0.56%
Indonesia 2.191 Bearish 8.61%
Taiwan  2.201 Bearish -13.41%
Korea, South 2.210 Bullish -13.75%
Chile 2.276 Bullish 34.87%
Germany 2.339 Bearish -15.53%
Qatar 2.432 Bearish 9.55%
Philippines 2.664 Bullish -1.82%
India 2.701 Bearish 4.18%
Mexico 2.703 Bullish 3.43%
Sweden 2.734 Bearish -14.64%
Japan 2.817 Bullish -13.32%
Singapore 2.888 Bullish -11.84%
France 2.933 Bearish -10.01%
Ireland 3.328 Bearish -20.21%
Belgium 3.434 Bullish -9.59%
Switzerland 3.488 Bullish -11.45%
Netherlands 3.942 Bullish -21.85%
Thailand 4.091 Bullish 1.64%
New Zealand 4.107 Bullish -16.13%
Denmark 4.175 Bearish -7.90%
Finland 4.680 Bullish -11.40%
Hong Kong SAR 4.926 Bullish -5.48%
United States 5.157 Bullish -9.16%
Portugal 15.071 Bullish 6.96%
Russia - - -

 

Country Valuation by PEGY and Altered for Country Risk Factors May 2022
Country PE/Total Return Country Risk Modifier Modifier Amount Adjusted PE/Total Return for Country Risk Factors 4% Model Market Indicator Date 4% Trend Started Index YTD %  May 31 2022
Greece -1.405 60% -0.82 -2.247 Bearish Feb 27, 2022 39.62%
Pakistan 0.441 50% 0.22 0.661 Bearish Apr 17, 2022 -9.41%
Argentina 0.404 70% 0.28 0.686 Bearish May 29, 2022 1.75%
Egypt 0.554 40% 0.22 0.776 Bearish May 08, 2022 -17.20%
Brazil 0.508 60% 0.30 0.813 Bullish May 15, 2022 29.90%
Austria 1.122 0% 0.00 1.122 Bullish May 15, 2022 -18.35%
Hungary 0.964 30% 0.29 1.253 Bullish May 29, 2022 -33.38%
Colombia 0.909 40% 0.36 1.272 Bullish May 22, 2022 32.16%
Poland 1.003 30% 0.30 1.304 Bullish May 15, 2022 -14.94%
Turkey 0.979 60% 0.59 1.566 Bullish Jan 02, 2022 28.70%
Norway 1.754 -10% -0.18 1.578 Bearish Oct 24, 2021 9.69%
Australia 1.766 -5% -0.09 1.677 Bullish Mar 13, 2022 1.01%
Malaysia 1.738 0% 0.00 1.738 Bullish Mar 22, 2020 -1.93%
Spain 1.498 30% 0.45 1.947 Bullish Mar 06, 2022 2.36%
Israel 2.073 -5% -0.10 1.969 Bearish Apr 24, 2022 -19.47%
Peru 1.408 40% 0.56 1.971 Bullish May 15, 2022 4.12%
Italy 1.430 40% 0.57 2.003 Bearish Nov 21, 2021 -11.58%
Canada 2.182 -5% -0.11 2.073 Bullish Nov 01, 2020 -0.56%
United Kingdom 1.905 10% 0.19 2.095 Bearish Jun 07, 2020 -15.01%
United Arab Emirates 2.119 0% 0.00 2.119 Bullish May 08, 2022 7.08%
Vietnam 1.910 20% 0.38 2.292 Bearish Jul 04, 2021 -20.93%
Czech Republic 1.773 30% 0.53 2.305 Bearish May 22, 2022 12.15%
Qatar 2.432 -5% -0.12 2.310 Bearish May 15, 2022 9.55%
Germany 2.339 0% 0.00 2.339 Bearish May 01, 2022 -15.53%
Taiwan  2.201 10% 0.22 2.421 Bearish Sep 26, 2021 -13.41%
Korea, South 2.210 10% 0.22 2.431 Bullish Mar 13, 2022 -13.75%
Sweden 2.734 -5% -0.14 2.597 Bearish May 01, 2022 -14.64%
Indonesia 2.191 20% 0.44 2.629 Bearish May 08, 2022 8.61%
China 2.113 30% 0.63 2.747 Bullish May 15, 2022 -16.19%
South Africa 1.968 40% 0.79 2.755 Bullish May 22, 2022 5.18%
Singapore 2.888 0% 0.00 2.888 Bullish Mar 13, 2022 -11.84%
Chile 2.276 30% 0.68 2.959 Bullish May 22, 2022 34.87%
Switzerland 3.488 -15% -0.52 2.965 Bullish Mar 13, 2022 -11.45%
Philippines 2.664 30% 0.80 3.463 Bullish May 15, 2022 -1.82%
France 2.933 20% 0.59 3.520 Bearish May 01, 2022 -10.01%
Ireland 3.328 10% 0.33 3.661 Bearish Mar 20, 2022 -20.21%
Japan 2.817 30% 0.85 3.662 Bullish Mar 13, 2022 -13.32%
Netherlands 3.942 -5% -0.20 3.745 Bullish May 22, 2022 -21.85%
India 2.701 40% 1.08 3.782 Bearish May 01, 2022 4.18%
Mexico 2.703 40% 1.08 3.784 Bullish May 15, 2022 3.43%
New Zealand 4.107 0% 0.00 4.107 Bullish May 29, 2022 -16.13%
Belgium 3.434 20% 0.69 4.121 Bullish Mar 13, 2022 -9.59%
Denmark 4.175 0% 0.00 4.175 Bearish May 01, 2022 -7.90%
Finland 4.680 -10% -0.47 4.212 Bullish Mar 06, 2022 -11.40%
Thailand 4.091 20% 0.82 4.909 Bullish May 15, 2022 1.64%
Hong Kong SAR 4.926 0% 0.00 4.926 Bullish May 15, 2022 -5.48%
United States 5.157 20% 1.03 6.188 Bullish Mar 13, 2022 -9.16%
Portugal 15.071 30% 4.52 19.593 Bullish Mar 06, 2022 6.96%
Russia - 80% - -      

 

Country Value and Growth Factors February 28, 2022


Country Value and Growth Factors February 28, 2022
Country 2022 Real GDP Projected Annual Growth Rate % Yield P/E Total Return PE/Total Return Price/ Book Value 4% Model Market Indicator Date 4% Trend Started Index Index YTD % Feb 28 2022
Argentina 3.0 2.02 3.24 5.02 0.645 0.33 Bullish Jan 23, 2022 MSCI Argentina  -0.22%
Australia 4.1 4.83 15.99 8.93 1.791 2.25 Bearish Aug 15, 2021 MSCI Australia USD -2.31%
Austria 4.5 3.56 9.10 8.06 1.129 1 Bearish Nov 14, 2021 MSCI Austria  -15.86%
Belgium 3.1 2.19 15.22 5.29 2.877 1.59 Bearish Feb 21, 2021 MSCI Belgium -6.10%
Brazil 0.3 8.08 6.02 8.38 0.718 1.85 Bullish Jan 09, 2022 MSCI Brazil Net USD 20.93%
Canada 4.1 2.79 16.89 6.89 2.451 2.17 Bullish Nov 01, 2020 MSCI Canada Net USD 0.42%
Chile 2.5 3.72 12.85 6.22 2.066 1.4 Bullish Jan 09, 2022 MSCI Chile Net USD 16.87%
China 4.8 1.93 12.98 6.73 1.929 1.54 Bearish Feb 20, 2022 MSCI China Net USD -6.13%
Colombia 3.8 1.19 15.49 4.99 3.104 1.38 Bullish Nov 28, 2021 MSCI Colombia 16.89%
Czech Republic 4.5 4.76 16.09 9.26 1.738 1.91 Bearish Feb 27, 2022 MSCI Czech Republic Net USD 1.09%
Denmark 3.0 1.99 19.87 4.99 3.982 4.74 Bearish Jan 02, 2022 MSCI Denmark  -8.25%
Egypt 5.6 1.69 7.54 7.29 1.034 1.61 Bearish Feb 20, 2022 MSCI Egypt -4.67%
Finland 3.0 3.15 13.97 6.15 2.272 2.16 Bearish Sep 12, 2021 MSCI Finland -11.76%
France 3.5 2.25 17.13 5.75 2.979 1.95 Bearish Nov 21, 2021 MSCI France  -7.78%
Germany 3.8 2.90 13.18 6.70 1.967 1.57 Bearish Nov 21, 2021 MSCI Germany  -10.24%
Greece 4.6 2.35 -9.50 6.95 -1.367 1.01 Bearish Feb 27, 2022 MSCI Greece  4.61%
Hong Kong SAR 3.5 2.96 21.38 6.46 3.310 1.25 Bearish Sep 12, 2021 MSCI Hong Kong  -2.12%
Hungary 5.1 1.44 7.04 6.54 1.076 1.08 Bearish Nov 07, 2021 MSCI Hungary -20.05%
India 9.0 1.10 25.47 10.10 2.522 3.64 Bearish Nov 21, 2021 MSCI India Net USD -6.62%
Indonesia 5.6 2.32 19.11 7.92 2.413 2.49 Bullish Aug 29, 2021 MSCI Indonesia USD 4.86%
Ireland 3.5 1.39 25.75 4.89 5.266 2.35 Bearish Sep 26, 2021 MSCI Ireland -12.06%
Israel 4.1 1.36 15.73 5.46 2.881 2.03 Bearish May 09, 2021 MSCI Israel  -7.40%
Italy 3.8 3.52 15.25 7.32 2.083 1.28 Bearish Nov 21, 2021 MSCI Italy -7.84%
Japan 3.3 2.37 14.45 5.67 2.549 1.35 Bearish Sep 26, 2021 MSCI Japan USD -6.02%
Korea, South 3.0 2.10 12.10 5.10 2.373 1.18 Bearish Feb 21, 2021 MSCI Korea USD -9.52%
Malaysia 5.7 4.21 16.43 9.91 1.658 1.63 Bullish Mar 22, 2020 MSCI Malaysia USD 2.92%
Mexico 2.8 2.67 15.28 5.47 2.793 2.16 Bullish Feb 06, 2022 MSCI Mexico USD 0.67%
Netherlands 3.3 1.62 21.77 4.92 4.425 2.76 Bearish Nov 21, 2021 MSCI Netherlands -15.22%
New Zealand 3.3 2.34 25.69 5.64 4.555 2.8 Bullish Jan 30, 2022 MSCI New Zealand  -10.17%
Norway 4.1 3.61 14.58 7.71 1.891 2.07 Bearish Oct 24, 2021 MSCI Norway 2.81%
Pakistan 4.0 5.64 6.37 9.64 0.661 0.93 Bearish Nov 07, 2021 MSCI Pakistan Net USD -0.56%
Peru 4.6 2.16 16.12 6.76 2.385 1.97 Bullish Jan 02, 2022 MSCI Peru 20.17%
Philippines 6.3 1.23 26.06 7.53 3.461 2.04 Bullish Aug 15, 2021 MSCI Philippines 6.02%
Poland 4.6 2.75 10.36 7.35 1.410 1.19 Bearish Jan 16, 2022 MSCI Poland USD -14.94%
Portugal 5.1 2.80 58.47 7.90 7.401 2.48 Bearish Feb 06, 2022 MSCI Portugal  -3.88%
Qatar 4.0 3.07 16.92 7.07 2.393 1.91 Bullish Feb 27, 2022 MSCI Qatar 10.14%
Russia -1.5 10.63 4.11 9.13 0.450 0.68 Bearish Jan 09, 2022 MSCI Russia  USD -57.65%
Singapore 3.2 3.39 21.92 6.59 3.326 1.42 Bearish May 09, 2021 MSCI Singapore  -1.95%
South Africa 1.9 3.12 12.00 5.02 2.390 2.17 Bullish Jan 30, 2022 MSCI South Africa USD 10.78%
Spain 5.8 2.79 13.06 8.59 1.520 1.23 Bearish Nov 21, 2021 MSCI Spain -2.49%
Sweden 3.4 2.80 10.93 6.20 1.763 2.17 Bearish Nov 21, 2021 MSCI Sweden -14.64%
Switzerland 3.0 2.56 20.27 5.56 3.646 3.38 Bearish Feb 27, 2022 MSCI Switzerland -8.11%
Taiwan  4.4 2.60 15.42 7.00 2.203 2.77 Bearish Sep 26, 2021 MSCI Taiwan USD -5.24%
Thailand 4.1 2.59 23.69 6.69 3.541 2.21 Bearish Nov 21, 2021 MSCI Thailand USD 5.57%
Turkey 3.3 4.11 5.95 7.41 0.803 1.17 Bullish Oct 17, 2021 MSCI Turkey  4.50%
United Arab Emirates 3.0 2.61 18.25 5.61 3.253 2.05 Bullish May 31, 2020 MSCI UAE  Gross USD 10.44%
United Kingdom 4.7 3.72 15.91 8.42 1.890 1.88 Bearish Jun 07, 2020 MSCI UK  0.42%
United States 4.0 1.42 22.89 5.42 4.223 4.46 Bearish Jan 16, 2022 MSCI USA USD -9.16%
Vietnam 6.6 1.10 15.97 7.70 2.074 3.13 Bearish Jul 04, 2021 MSCI Vietnam -6.87%

 

Country Risk Factors - Economic February 2022
  Economic Risk Socioeconomic Risk
Country Interest Rate Interest Rate Score Inflation Inflation Score Unemployment Unemployment Score Current Account Balance as a % of GDP Balanced Economy Score Global Competitiveness Index Competitiveness Score Population Growth Income Distribution GINI Index over 40 Corruption Transparency Perception Rank Score
Argentina 40 -4 50.7 -5 8.2 -2 1 0 57.2 0 1 -1 -2
Australia 0.1 1 3.5 -1 4.2 -1 2.5 -1 78.75 3 2   0
Austria 0 1 5.9 -2 7.3 -1 2.5 -1 76.61 3 0   0
Belgium 0 1 8.04 -3 5.6 -1 -0.2 0 76.38 3 0   0
Brazil 10.75 -2 10.38 -3 11.1 -2 -0.72 0 60.93 0 0 -1 -2
Canada 0.5 1 5.1 -2 6.5 -1 -1.9 -1 79.59 3 1   0
Chile 5.5 -1 7.8 -2 7.3 -1 1.4 0 70.54 2 1 -1 0
China 3.7 -1 0.9 0 5.1 -1 1.8 -1 73.9 2 -1   -1
Colombia 4 -1 8.01 -3 14.6 -2 -3.4 -1 62.73 0 1 -1 -2
Czech Republic 4.5 -1 9.9 -3 3.5 -1 3.6 -1 70.85 2 -1   -1
Denmark -0.6 -1 4.3 -2 2.7 0 7.8 -2 81.17 4 -1   2
Egypt 8.25 -2 7.3 -2 7.4 -1 -4.6 -1 54.54 0 2   -3
Finland 0 1 4.4 -2 7.5 -1 0.3 0 80.25 4 -1   2
France 0 1 3.6 -1 7.4 -1 -1 0 78.81 3 -1   0
Germany 0 1 5.1 -2 5 -1 7 -2 81.8 4 -1   1
Greece 0 1 6.2 -2 12.8 -2 -6.7 -2 62.58 0 -2   -2
Hong Kong 0.86 1 1.2 0 3.9 -1 6.6 -2 83.14 4 -2   1
Hungary 3.4 0 8.3 -3 3.8 -1 0 0 65.08 1 -2   -2
India 4 -1 6.01 -2 8 -2 0.9 0 61.36 0 1   -2
Indonesia 3.5 0 2.06 -1 6.49 -1 0.3 0 64.63 0 1   -2
Ireland 0 1 5 -2 5.2 -1 4.6 -1 75.12 3 1   0
Israel 0.1 1 3.1 -1 3.9 -1 4.9 -1 76.74 3 2   0
Italy 0 1 5.7 -2 8.8 -2 3.6 -1 71.53 2 -2   -1
Japan -0.1 -1 0.5 0 2.8 0 3.2 -1 82.27 4 -2   0
Korea, South 1.25 0 3.7 -1 3.6 -1 3.5 -1 79.62 3 -1   0
Malaysia 1.75 0 2.3 -1 4.2 -1 1 0 74.6 2 2 -1 -1
Mexico 6 -1 7.28 -2 3.7 -1 2.4 -1 64.95 0 1 -1 -3
Netherlands 0 1 6.4 -2 3.6 -1 7.8 -2 82.39 4 0   1
New Zealand 1 1 5.9 -2 3.2 -1 -2.7 -1 76.75 3 2   2
Norway 0.5 1 3.2 -1 3.4 -1 2 -1 78.05 3 0   1
Pakistan 9.75 -2 12.2 -3 4.4 -1 -0.6 0 51.36 0 2   -4
Peru 3.5 0 6.15 -2 8.6 -2 0.7 0 61.66 0 2 -1 -3
Philippines 2 0 3 -1 6.6 -1 3.6 -1 61.87 0 2 -1 -3
Poland 3.5 0 9.2 -3 5.5 -1 3.6 -1 68.89 1 -1   -1
Portugal 0 1 4.2 -2 6.3 -1 -1.2 0 70.45 2 -1   0
Qatar 2.5 0 4.16 -2 0.1 -1 -2.5 -1 66.74 1 2   0
Russia 20 -3 8.73 -3 4.4 -1 2.4 -1 66.74 1 -2   -4
Singapore 0.33 1 4 -1 2.4 0 17.6 -3 84.78 4 -2   1
South Africa 4 -1 5.7 -2 34.9 -5 2.2 -1 62.44 0 2 -1 -1
Spain 0 1 7.4 -2 13.33 -2 0.7 0 75.28 3 0   0
Sweden 0 1 3.7 -1 8.3 -2 5.2 -2 81.25 4 0   1
Switzerland -0.75 -1 2.2 -1 2.5 0 3.8 -1 82.33 4 0   1
Taiwan  1.13 0 2.36 -1 3.7 -1 9.5 -2 80.24 4 -1   0
Thailand 0.5 1 5.28 -2 1.64 0 4.2 -1 68.11 1 -1   -3
Turkey 14 -2 54.44 -5 11.2 -2 -5.1 -2 61 0 1 -1 -2
United Arab Emirates 1.5 0 2.5 -1 5 -1 5.9 -2 75.01 3 1   0
United Kingdom 0.5 1 5.5 -2 4.1 -1 -3.5 -1 81.2 4 0   1
United States 0.25 1 7.5 -2 3.8 -1 -3.1 -1 83.67 4 0 -1 0
Vietnam 4 -1 1.42 0 3.72 -1 5 -1 61.54 0 1   -2


Country Risk Factors - Sovereign, Political, Conflict and Extraordinary  February 2022
  Socioeconomic Risk Sovereign Risk Political Risk Conflict Risk Extraordinary  Event Risks    
Country Corporate Tax Rate Corporate Tax Rate Score Average Credit Ratings  Average Credit Ratings Score Government Debt as % of GDP Debt  Score Political Stability Government Friendly to Business Trade Dispute Cases on WTO Equity Restrictions FDI Regulatory Restrictiveness Index Above 0.12 Territorial Disputes/ Wars Internal Conflict/ Terrorism Natural Disasters, Banking Crisis, Political Crisis, etc Total Score % Modifier
Argentina 25 0 15 -4 102 -2 2   -1   -1 0 -2 -21 70.00%
Australia 30 -1 100 2 24.8 1 1   -1 -1 0 0 -2 2 -5.00%
Austria 25 0 96 1 83.9 -1 1   -2   0 0 -2 -3 10.00%
Belgium 25 0 86 0 114 -2 1   -2   0 -1 -2 -6 20.00%
Brazil 34 -2 42 -2 88.83 -1 2   -1   -1 0 -2 -17 60.00%
Canada 26.5 -1 100 2 118 -2 2 1 -1 -1 0 0 -2 -1 0.00%
Chile 27 -1 76 -1 33 0 2   -1   -1 0 -2 -6 20.00%
China 25 0 80 -1 66.8 0 2 -1 -2 -1 -1 0 -4 -11 40.00%
Colombia 31 -2 55 -1 62.8 0 2       -1 -1   -12 40.00%
Czech Republic 19 0 83 0 38.1 0 1   -2   0 0 -2 -9 30.00%
Denmark 22 0 100 2 42.2 0 1   -2   0 -2 -2 -3 10.00%
Egypt 22.5 0 30 -3 88 -1 2       -1 -1   -11 40.00%
Finland 20 0 96 1 69.2 0 1   -2   0 0   3 -10.00%
France 26.5 -1 92 0 116 -2 2   -2   0 -1 -2 -5 20.00%
Germany 30 -1 100 2 69.8 0 1   -2   0 -1 -1 -2 0.00%
Greece 24 0 43 -2 206 -4 2 1 -2   -1 -1 -2 -18 60.00%
Hong Kong 16.5 0 90 0 38.4 0 1 -1     0 -1 -3 -3 10.00%
Hungary 9 2 58 -1 80.4 -1 2   -2   0 0 -2 -9 30.00%
India 25.17 -1 56 -1 73.95 0 2   -2   -1 -1   -10 40.00%
Indonesia 22 0 60 -1 38.5 0 2   -1 -1 -1 -1 -1 -7 30.00%
Ireland 12.5 1 78 -1 59.5 0 1   -2 -1 0 -1 -2 -4 10.00%
Israel 23 0 81 0 70.3 0 1       -1 -1 -2 0 0.00%
Italy 24 0 61 -1 156 -3 1   -2   0 -1 -2 -13 50.00%
Japan 30.62 -2 77 -1 266 -4 2   -1   -1 -1 -2 -10 40.00%
Korea, South 25 0 86 0 42.6 0 2   -1 -1 -1 0 -1 -3 10.00%
Malaysia 24 0 70 -1 60.7 0 1       -1 -1 -2 -4 10.00%
Mexico 30 -1 60 -1 52.1 0 2   -1 -1 0 0 -1 -11 40.00%
Netherlands 25 0 98 1 54.5 0 1 1 -2   0 0   2 -5.00%
New Zealand 28 -1 93 0 30.1 0 1     -1 0 0 -1 2 -5.00%
Norway 22 0 100 2 46 0 1       0 0 -1 4 -10.00%
Pakistan 29 -1 25 -3 87 -1 1       -1 -1   -14 50.00%
Peru 29.5 -1 62 -1 35.4 0 1 -1     0 -1 -1 -10 40.00%
Philippines 30 -1 61 -1 53.5 0 2       -1 -1   -7 30.00%
Poland 19 0 71 -1 57.5 0 1   -2   0 0 -2 -10 40.00%
Portugal 21 0 72 -1 134 -2 1   -2   0 0 -1 -6 20.00%
Qatar 10 1 85 0 71.8 0 2       0 0   2 -5.00%
Russia 20 0 45 -2 17.8 1 2 -1 -4 -1 -4 -1 -2 -25 70.00%
Singapore 17 0 100 2 131 -2 2 1     -1 -1 -1 0 0.00%
South Africa 28 -1 41 -2 69.9 0 2       0 0   -10 40.00%
Spain 25 0 71 -1 119 -2 1   -2   -1 -1 -2 -8 30.00%
Sweden 20.6 0 100 2 39.9 0 1   -2   0 0 -2 0 0.00%
Switzerland 14.93 1 100 2 42.9 0 2       0 0 -1 6 -15.00%
Taiwan  20 0 86 0 28.2 0 2       -1 0   0 0.00%
Thailand 20 0 65 -1 50.5 0 2       -1 -1 -1 -7 30.00%
Turkey 25 0 35 -3 39.5 0 2 -1 -1   -2 -1 -2 -21 70.00%
United Arab Emirates 0 -1 90 0 36.9 0 2       -2 -1   -2 0.00%
United Kingdom 19 0 90 0 94.9 -1 2   -1   -1 -1 -2 -2 0.00%
United States 21 0 98 1 128 -2 1   -2   0 -1 -2 -5 20.00%
Vietnam 20 0 43 -2 46.7 0 2       -1 0   -5 20.00%

 

 
Notes

(a) factors are COVID-19 by combined infection rate and death rate

(b) Australia also includes flooding

Country Valuation by Price to Book Value February 2022
Country Price/ Book Value 4% Model Market Indicator Index YTD %  February 28 2022
Argentina 0.33 Bullish -0.22%
Russia 0.68 Bearish -57.65%
Pakistan 0.93 Bearish -0.56%
Austria 1 Bearish -15.86%
Greece 1.01 Bearish 4.61%
Hungary 1.08 Bearish -20.05%
Turkey 1.17 Bullish 4.50%
Korea, South 1.18 Bearish -9.52%
Poland 1.19 Bearish -14.94%
Spain 1.23 Bearish -2.49%
Hong Kong SAR 1.25 Bearish -2.12%
Italy 1.28 Bearish -7.84%
Japan 1.35 Bearish -6.02%
Colombia 1.38 Bullish 16.89%
Chile 1.4 Bullish 16.87%
Singapore 1.42 Bearish -1.95%
China 1.54 Bearish -6.13%
Germany 1.57 Bearish -10.24%
Belgium 1.59 Bearish -6.10%
Egypt 1.61 Bearish -4.67%
Malaysia 1.63 Bullish 2.92%
Brazil 1.85 Bullish 20.93%
United Kingdom 1.88 Bearish 0.42%
Czech Republic 1.91 Bearish 1.09%
Qatar 1.91 Bullish 10.14%
France 1.95 Bearish -7.78%
Peru 1.97 Bullish 20.17%
Israel 2.03 Bearish -7.40%
Philippines 2.04 Bullish 6.02%
United Arab Emirates 2.05 Bullish 10.44%
Norway 2.07 Bearish 2.81%
Finland 2.16 Bearish -11.76%
Mexico 2.16 Bullish 0.67%
Canada 2.17 Bullish 0.42%
South Africa 2.17 Bullish 10.78%
Sweden 2.17 Bearish -14.64%
Thailand 2.21 Bearish 5.57%
Australia 2.25 Bearish -2.31%
Ireland 2.35 Bearish -12.06%
Portugal 2.48 Bearish -3.88%
Indonesia 2.49 Bullish 4.86%
Netherlands 2.76 Bearish -15.22%
Taiwan  2.77 Bearish -5.24%
New Zealand 2.8 Bullish -10.17%
Vietnam 3.13 Bearish -6.87%
Switzerland 3.38 Bearish -8.11%
India 3.64 Bearish -6.62%
United States 4.46 Bearish -9.16%
Denmark 4.74 Bearish -8.25%

 

 

Country Valuation by February 2022
Country PE/Total Return 4% Model Market Indicator Index YTD %  February 28 2022
Greece -1.367 Bearish 39.62%
Russia 0.450 Bearish 19.62%
Argentina 0.645 Bullish 8.09%
Pakistan 0.661 Bearish -20.85%
Brazil 0.718 Bullish -12.86%
Turkey 0.803 Bullish 18.31%
Egypt 1.034 Bearish -9.25%
Hungary 1.076 Bearish 21.82%
Austria 1.129 Bearish 38.74%
Poland 1.410 Bearish -17.33%
Spain 1.520 Bearish 3.96%
Malaysia 1.658 Bullish -23.67%
Czech Republic 1.738 Bearish 24.05%
Sweden 1.763 Bearish 2.29%
Australia 1.791 Bearish 8.03%
United Kingdom 1.890 Bearish -16.49%
Norway 1.891 Bearish 10.14%
China 1.929 Bearish 21.87%
Germany 1.967 Bearish 8.34%
Chile 2.066 Bullish 9.23%
Vietnam 2.074 Bearish 20.31%
Italy 2.083 Bearish 1.86%
Taiwan  2.203 Bearish -19.17%
Finland 2.272 Bearish 16.33%
Korea, South 2.373 Bearish 39.04%
Peru 2.385 Bullish 5.33%
South Africa 2.390 Bullish 3.29%
Qatar 2.393 Bullish 20.57%
Indonesia 2.413 Bullish 4.10%
Canada 2.451 Bullish 1.79%
India 2.522 Bearish -13.82%
Japan 2.549 Bearish 8.22%
Mexico 2.793 Bullish 19.65%
Belgium 2.877 Bearish -6.34%
Israel 2.881 Bearish 21.20%
France 2.979 Bearish 6.32%
Colombia 3.104 Bullish -3.12%
United Arab Emirates 3.253 Bullish 12.71%
Hong Kong SAR 3.310 Bearish 0.99%
Singapore 3.326 Bearish 7.87%
Philippines 3.461 Bullish 18.77%
Thailand 3.541 Bearish 22.41%
Switzerland 3.646 Bearish 32.97%
Denmark 3.982 Bearish -0.18%
United States 4.223 Bearish 12.84%
Netherlands 4.425 Bearish 19.49%
New Zealand 4.555 Bullish 1.55%
Ireland 5.266 Bearish -7.37%
Portugal 7.401 Bearish -10.01%

 

Country Valuation by PEGY and Altered for Country Risk Factors February 2022
Country PE/Total Return Country Risk Modifier Modifier Amount Adjusted PE/Total Return for Country Risk Factors 4% Model Market Indicator Date 4% Trend Started Index YTD %  February 28 2022
Greece -1.367 60.00% -0.82 -2.187 Bearish Feb 27, 2022 39.62%
Russia 0.450 70.00% 0.32 0.765 Bearish Jan 09, 2022 19.62%
Pakistan 0.661 50.00% 0.33 0.991 Bearish Nov 07, 2021 8.09%
Argentina 0.645 70.00% 0.45 1.097 Bullish Jan 23, 2022 -20.85%
Brazil 0.718 60.00% 0.43 1.149 Bullish Jan 09, 2022 -9.25%
Austria 1.129 10.00% 0.11 1.242 Bearish Nov 14, 2021 -12.86%
Turkey 0.803 70.00% 0.56 1.365 Bullish Oct 17, 2021 38.74%
Hungary 1.076 30.00% 0.32 1.399 Bearish Nov 07, 2021 18.31%
Egypt 1.034 40.00% 0.41 1.448 Bearish Feb 20, 2022 21.82%
Australia 1.791 -5.00% -0.09 1.701 Bearish Aug 15, 2021 -17.33%
Norway 1.891 -10.00% -0.19 1.702 Bearish Oct 24, 2021 -16.49%
Sweden 1.763 0.00% 0.00 1.763 Bearish Nov 21, 2021 -23.67%
Malaysia 1.658 10.00% 0.17 1.824 Bullish Mar 22, 2020 8.03%
United Kingdom 1.890 0.00% 0.00 1.890 Bearish Jun 07, 2020 3.96%
Germany 1.967 0.00% 0.00 1.967 Bearish Nov 21, 2021 21.87%
Poland 1.410 40.00% 0.56 1.973 Bearish Jan 16, 2022 24.05%
Spain 1.520 30.00% 0.46 1.976 Bearish Nov 21, 2021 2.29%
Finland 2.272 -10.00% -0.23 2.044 Bearish Sep 12, 2021 20.57%
Taiwan  2.203 0.00% 0.00 2.203 Bearish Sep 26, 2021 9.23%
Czech Republic 1.738 30.00% 0.52 2.259 Bearish Feb 27, 2022 5.33%
Qatar 2.393 -5.00% -0.12 2.274 Bullish Feb 27, 2022 20.31%
Canada 2.451 0.00% 0.00 2.451 Bullish Nov 01, 2020 39.04%
Chile 2.066 20.00% 0.41 2.479 Bullish Jan 09, 2022 4.10%
Vietnam 2.074 20.00% 0.41 2.489 Bearish Jul 04, 2021 3.29%
Korea, South 2.373 10.00% 0.24 2.610 Bearish Feb 21, 2021 19.65%
China 1.929 40.00% 0.77 2.700 Bearish Feb 20, 2022 -13.82%
Israel 2.881 0.00% 0.00 2.881 Bearish May 09, 2021 10.14%
Switzerland 3.646 -15.00% -0.55 3.099 Bearish Feb 27, 2022 -6.34%
Italy 2.083 50.00% 1.04 3.125 Bearish Nov 21, 2021 8.22%
Indonesia 2.413 30.00% 0.72 3.137 Bullish Aug 29, 2021 1.86%
United Arab Emirates 3.253 0.00% 0.00 3.253 Bullish May 31, 2020 8.34%
Singapore 3.326 0.00% 0.00 3.326 Bearish May 09, 2021 12.71%
Peru 2.385 40.00% 0.95 3.338 Bullish Jan 02, 2022 -19.17%
South Africa 2.390 40.00% 0.96 3.347 Bullish Jan 30, 2022 1.79%
Belgium 2.877 20.00% 0.58 3.453 Bearish Feb 21, 2021 6.32%
India 2.522 40.00% 1.01 3.530 Bearish Nov 21, 2021 7.87%
Japan 2.549 40.00% 1.02 3.568 Bearish Sep 26, 2021 16.33%
France 2.979 20.00% 0.60 3.575 Bearish Nov 21, 2021 21.20%
Hong Kong SAR 3.310 10.00% 0.33 3.641 Bearish Sep 12, 2021 32.97%
Mexico 2.793 40.00% 1.12 3.911 Bullish Feb 06, 2022 -3.12%
Netherlands 4.425 -5.00% -0.22 4.204 Bearish Nov 21, 2021 0.99%
New Zealand 4.555 -5.00% -0.23 4.327 Bullish Jan 30, 2022 18.77%
Colombia 3.104 40.00% 1.24 4.346 Bullish Nov 28, 2021 22.41%
Denmark 3.982 10.00% 0.40 4.380 Bearish Jan 02, 2022 19.49%
Philippines 3.461 30.00% 1.04 4.499 Bullish Aug 15, 2021 -0.18%
Thailand 3.541 30.00% 1.06 4.603 Bearish Nov 21, 2021 12.84%
United States 4.223 20.00% 0.84 5.068 Bearish Jan 16, 2022 1.55%
Ireland 5.266 10.00% 0.53 5.792 Bearish Sep 26, 2021 -7.37%
Portugal 7.401 20.00% 1.48 8.882 Bearish Feb 06, 2022 -10.01%

 

Country Value and Growth Factors November 30, 2021


Country Value and Growth Factors November 30, 2021
Country 2021 GDP Projected Annual Growth Rate % Yield P/E Total Return PE/Total Return Price/ Book Value 4% Model Market Indicator Date 4% Trend Started Index Index YTD % Nov 30 2021
Argentina 17.90 0.00 38.36 17.90 2.143 2 Bullish Nov 28, 2021 MSCI Argentina  16.33%
Australia 3.90 4.19 18.53 8.09 2.290 2.29 Bearish Aug 15, 2021 MSCI Australia USD 4.10%
Austria 5.70 2.98 8.46 8.68 0.975 1.14 Bearish Nov 14, 2021 MSCI Austria  38.74%
Belgium 4.90 2.20 14.84 7.10 2.090 1.58 Bearish Feb 21, 2021 MSCI Belgium 1.86%
Brazil 4.00 8.73 5.63 12.73 0.442 1.72 Bearish Oct 17, 2021 MSCI Brazil Net USD -20.85%
Canada 5.40 2.66 16.73 8.06 2.076 2.17 Bullish Nov 01, 2020 MSCI Canada Net USD 20.31%
Chile 17.20 4.18 14.10 21.38 0.659 1.31 Bearish Nov 28, 2021 MSCI Chile Net USD -9.25%
China 4.90 1.74 14.15 6.64 2.131 1.7 Bearish Sep 12, 2021 MSCI China Net USD -19.17%
Colombia 13.20 1.55 14.56 14.75 0.987 1.12 Bullish Aug 08, 2021 MSCI Colombia -17.33%
Czech Republic 3.10 4.67 16.83 7.77 2.166 1.78 Bullish Oct 31, 2021 MSCI Czech Republic Net USD 39.04%
Denmark 3.60 1.15 24.05 4.75 5.063 5.31 Bearish Sep 26, 2021 MSCI Denmark  19.49%
Egypt 7.20 1.56 9.05 8.76 1.033 1.78 Bullish Jul 11, 2021 MSCI Egypt 3.96%
Finland 4.20 2.63 23.56 6.83 3.449 2.5 Bearish Sep 12, 2021 MSCI Finland 7.87%
France 3.30 2.25 20.41 5.55 3.677 2 Bearish Nov 21, 2021 MSCI France  18.77%
Germany 2.50 2.38 13.65 4.88 2.797 1.66 Bearish Nov 21, 2021 MSCI Germany  6.32%
Greece 13.40 2.54 -10.92 15.94 -0.685 0.93 Bearish Nov 21, 2021 MSCI Greece  8.09%
Hong Kong SAR 5.40 2.93 22.25 8.33 2.671 1.27 Bearish Sep 12, 2021 MSCI Hong Kong  -6.34%
Hungary 6.10 1.14 9.63 7.24 1.330 1.41 Bearish Nov 07, 2021 MSCI Hungary 24.05%
India 8.40 1.05 25.42 9.45 2.690 3.65 Bearish Nov 21, 2021 MSCI India Net USD 21.20%
Indonesia 3.51 2.41 19.22 5.92 3.247 2.37 Bullish Aug 29, 2021 MSCI Indonesia USD 0.99%
Ireland 11.40 1.33 27.75 12.73 2.180 2.48 Bearish Sep 26, 2021 MSCI Ireland 3.29%
Israel 5.90 1.45 14.23 7.35 1.936 1.82 Bearish May 09, 2021 MSCI Israel  9.23%
Italy   3.18 14.55 3.18 4.575 1.3 Bearish Nov 21, 2021 MSCI Italy 12.84%
Japan 1.40 2.21 15.72 3.61 4.355 1.42 Bearish Sep 26, 2021 MSCI Japan USD -0.18%
Korea, South 4.00 1.74 13.35 5.74 2.326 1.22 Bearish Feb 21, 2021 MSCI Korea USD -13.82%
Malaysia -4.50 4.56 13.72 0.06 228.667 1.51 Bullish Mar 22, 2020 MSCI Malaysia USD -10.01%
Mexico 4.50 2.74 13.19 7.24 1.822 2.02 Bullish Nov 28, 2021 MSCI Mexico USD 8.34%
Netherlands 5.00 1.29 25.72 6.29 4.089 3.22 Bearish Nov 21, 2021 MSCI Netherlands 32.97%
New Zealand 17.40 1.93 28.69 19.33 1.484 3.22 Bearish Feb 07, 2021 MSCI New Zealand  -16.49%
Norway 5.10 3.16 18.36 8.26 2.223 1.97 Bearish Oct 24, 2021 MSCI Norway 20.57%
Pakistan 3.94 6.60 6.74 10.54 0.639 0.99 Bearish Nov 07, 2021 MSCI Pakistan Net USD -12.86%
Peru 11.40 2.44 15.10 13.84 1.091 1.72 Bearish Nov 14, 2021 MSCI Peru -23.67%
Philippines 7.10 1.31 24.13 8.41 2.869 1.91 Bullish Aug 15, 2021 MSCI Philippines -3.12%
Poland 5.30 2.63 11.52 7.93 1.453 1.32 Bullish Nov 28, 2021 MSCI Poland USD 2.29%
Portugal 4.20 2.74 62.00 6.94 8.934 2.55 Bullish Aug 15, 2021 MSCI Portugal  1.55%
Qatar 4.00 2.57 15.82 6.57 2.408 1.97 Bearish Apr 12, 2020 MSCI Qatar 8.22%
Russia 4.30 5.09 8.41 9.39 0.896 1.17 Bullish Nov 28, 2021 MSCI Russia  USD 21.82%
Singapore 7.10 3.15 22.34 10.25 2.180 1.33 Bearish May 09, 2021 MSCI Singapore  5.33%
South Africa 2.90 3.54 10.22 6.44 1.587 1.89 Bullish Nov 28, 2021 MSCI South Africa USD 10.14%
Spain 2.70 2.99 13.16 5.69 2.313 1.2 Bearish Nov 21, 2021 MSCI Spain 1.79%
Sweden 4.70 2.36 12.30 7.06 1.742 2.52 Bearish Nov 21, 2021 MSCI Sweden 21.87%
Switzerland 4.10 2.47 21.03 6.57 3.201 3.42 Bullish Nov 01, 2020 MSCI Switzerland 12.71%
Taiwan  3.70 2.64 15.35 6.34 2.421 2.72 Bearish Sep 26, 2021 MSCI Taiwan USD 19.65%
Thailand -0.30 2.79 22.37 2.49 8.984 2.06 Bearish Nov 21, 2021 MSCI Thailand USD -7.37%
Turkey 7.40 3.04 6.77 10.44 0.648 1.24 Bullish Oct 17, 2021 MSCI Turkey  18.31%
United Arab Emirates -6.10 3.28 16.44 -2.82 -5.830 1.65 Bullish May 31, 2020 MSCI UAE  Gross USD 39.62%
United Kingdom 6.60 3.80 15.30 10.40 1.471 1.78 Bearish Jun 07, 2020 MSCI UK  8.03%
United States 4.90 1.31 25.07 6.21 4.037 4.88 Bullish Nov 01, 2020 MSCI USA USD 22.41%
Vietnam -6.17 0.96 20.77 -5.21 -3.987 3.45 Bearish Jul 04, 2021 MSCI Vietnam 19.62%

 

Country Risk Factors - Economic November 2021
  Economic Risk Socioeconomic Risk
Country Interest Rate Interest Rate Score Inflation Inflation Score Unemployment Unemployment Score Current Account Balance as a % of GDP Balanced Economy Score Global Competitiveness Index Competitiveness Score Negative Pop Growth Income Distribution GINI Index over 40 Corruption Transparency Perception Rank Score
Argentina 38 -4 52.1 -5 9.6 -1 1 0 57.2 0   -1 -2
Australia 0.1 1 3 -1 5.2 -1 2.5 -1 78.75 3     1
Austria 0 1 4.3 -2 7 -1 2.5 -1 76.61 3      
Belgium 0 1 5.64 -2 6.3 -1 -0.2 0 76.38 3      
Brazil 7.75 -1 10.67 -3 12.6 -2 -0.72 0 60.93 0   -1 -2
Canada 0.25 1 4.7 -2 6 -1 -1.9 -1 79.59 3     1
Chile 2.75 0 6.7 -2 8.1 -1 1.4 0 70.54 2   -1  
China 3.85 -1 1.5 0 4.9 0 1.9 -1 73.9 2 -1 -1 -2
Colombia 2.5 0 5.26 -2 11.8 -2 -3.4 -1 62.73 0   -1  
Czech Republic 2.75 0 5.8 -2 3.4 0 3.6 -1 70.85 2 -1    
Denmark -0.6 -1 3 -1 3.1 0 7.8 -2 81.17 4     2
Egypt 8.25 -2 6.3 -2 7.5 -1 -4.6 -1 54.54 0     -3
Finland 0 1 3.2 -1 6 -1 0.3 0 80.25 4     1
France 0 1 2.8 -1 8.1 -1 -1.9 -1 78.81 3      
Germany 0 1 5.2 -2 5.3 -1 7 -2 81.8 4 -1   1
Greece 0 1 3.4 -1 13 -2 -6.7 -2 62.58 0   -1 -1
Hong Kong 0.86 1 1.7 0 4.3 0 6.6 -2 83.14 4     1
Hungary 2.1 0 6.5 -2 3.8 0 0 0 65.08 1 -1   -1
India 4 -1 4.48 -2 6.9 -1 0.9 0 61.36 0     -2
Indonesia 3.5 0 1.75 0 6.49 -1 -0.44 0 64.63 0     -3
Ireland 0 1 5.1 -2 5.2 -1 4.6 -1 75.12 3      
Israel 0.1 1 2.3 -1 5 -1 4.9 -1 76.74 3      
Italy 0 1 2.1 -1 9.3 -1 3.6 -1 71.53 2 -1   -1
Japan -0.1 -1 0.1 0 2.7 0 3.2 -1 82.27 4 -1    
Korea, South 1 1 3.7 -1 3.2 0 3.5 -1 79.62 3 -1    
Malaysia 1.75 0 2.9 -1 4.5 0 1 0 74.6 2   -1 -1
Mexico 5 -1 6.24 -2 3.9 0 2.4 -1 64.95 0   -1 -3
Netherlands 0 1 5.2 -2 2.9 0 7.8 -2 82.39 4     1
New Zealand 0.75 1 4.9 -2 3.4 0 -2.7 -1 76.75 3     2
Norway 0.25 1 3.5 -1 4.2 0 2 -1 78.05 3     1
Pakistan 8.75 -2 11.5 -3 4.4 0 -0.6 0 51.36 0     -3
Peru 2 0 5.66 -2 9.6 -1 0.7 0 61.66 0   -1  
Philippines 2 0 4.2 -2 7.4 -1 3.6 -1 61.87 0   -1 -3
Poland 1.25 0 7.7 -2 5.5 -1 3.6 -1 68.89 1 -1   -1
Portugal 0 1 2.6 -1 6.1 -1 -1.2 0 70.45 2      
Qatar 2.5 0 4.28 -2 0.1 -1 -2.5 -1 66.74 1      
Russia 7.5 -1 8.13 -3 4.3 0 2.4 -1 66.74 1 -1   -3
Singapore 0.22 1 3.2 -1 2.6 0 17.6 -3 84.78 4     1
South Africa 3.75 -1 5 -2 34.9 -5 2.2 -1 62.44 0   -1 -1
Spain 0 1 5.6 -2 14.57 -2 0.7 0 75.28 3      
Sweden 0 1 2.8 -1 7.6 -1 5.2 -2 81.25 4     1
Switzerland -0.75 -1 1.5 0 2.5 0 3.8 -1 82.33 4     1
Taiwan  1.13 0 2.36 -1 4.36 0 9.5 -2 80.24 4      
Thailand 0.5 1 2.71 -1 2.25 0 4.2 -1 68.11 1 -1   -3
Turkey 15 -2 21.31 -4 11.5 -2 -5.1 -2 61 0   -1 -2
United Arab Emirates 1.5 0 1.19 0 5 -1 5.9 -2 75.01 3      
United Kingdom 0.1 1 4.2 -2 4.3 0 -3.5 -1 81.2 4     1
United States 0.25 1 6.2 -2 4.2 0 -3.1 -1 83.67 4   -1  
Vietnam 4 -1 2.1 -1 3.72 0 5 -1 61.54 0     -3


Country Risk Factors - Sovereign, Political, Conflict and Extraordinary  November 2021
  Socioeconomic Risk Sovereign Risk Political Risk Conflict Risk Extraordinary  Event Risks    
Country Corporate Tax Rate Corporate Tax Rate Score Average Credit Ratings  Average Credit Ratings Score Government Debt as % of GDP Debt  Score Political Stability Government Friendly to Business Trade Dispute Cases on WTO Equity Restrictions FDI Regulatory Restrictiveness Index Above 0.12 Territorial Disputes/ Wars Internal Conflict/ Terrorism Natural Disasters, Banking Crisis, Political Crisis, etc Total Score % Modifier
Argentina 25 0 15 -4 102 -2 2   -1   -1 0 -1 -20 70.00%
Australia 30 -1 100 2 24.8 1 1   -1 -1 0 0 -1 2 -5.00%
Austria 25 0 96 1 83.9 -1 1   -2   0 0 -2 -3 10.00%
Belgium 25 0 86 0 114 -2 1   -2   0 -1 -2 -5 20.00%
Brazil 34 -2 42 -2 88.83 -1 2   -1   -1 0 -1 -15 50.00%
Canada 26.5 -1 100 2 118 -2 2 1 -1 -1 0 0 -2 -1 0.00%
Chile 27 -1 76 -1 33 0 2   -1   -1 0 -1 -5 20.00%
China 25 0 80 -1 66.8 0 2 -1 -2 -1 -1 0   -8 30.00%
Colombia 31 -2 55 -1 62.8 0 2       -1 -1 -1 -10 40.00%
Czech Republic 19 0 83 0 38.1 0 1       0 0 -1 -2 0.00%
Denmark 22 0 100 2 42.2 0 1   -2   0 -2 -1 0 0.00%
Egypt 22.5 0 30 -3 88 -1 2       -1 -1 -1 -14 50.00%
Finland 20 0 96 1 69.2 0 1   -2   0 0 -1 3 -10.00%
France 26.5 -1 92 0 116 -2 2   -2   0 -1 -2 -5 20.00%
Germany 30 -1 100 2 69.8 0 1   -2   0 -1 -2 -3 10.00%
Greece 24 0 40 -2 206 -4 2 1 -2   -1 -1 -3 -16 60.00%
Hong Kong 16.5 0 90 0 38.4 0 1 -1     0 -1   3 -10.00%
Hungary 9 2 58 -1 80.4 -1 2       0 0 -4 -5 20.00%
India 25.17 -1 56 -1 73.95 0 2   -2 -1 -1 -1 -1 -12 40.00%
Indonesia 22 0 60 -1 38.5 0 2   -2 -1 -1 -1   -8 30.00%
Ireland 12.5 1 78 -1 59.5 0 1       0 -1 -2 -2 0.00%
Israel 23 0 81 0 71.1 0 1     -1 -1 -1 -1 -2 0.00%
Italy 24 0 61 -1 156 -3 1   -2   0 -1 -1 -9 30.00%
Japan 30.62 -2 77 -1 266 -4 2   -1   -1 -1   -7 30.00%
Korea, South 25 0 86 0 42.6 0 2   -1 -1 -1 0   0 0.00%
Malaysia 24 0 70 -1 60.7 0 1       -1 -1 -1 -4 10.00%
Mexico 30 -1 60 -1 52.1 0 2   -1 -1 0 0 -1 -11 40.00%
Netherlands 25 0 98 1 54.5 0 1 1 -2   0 0 -2 1 -5.00%
New Zealand 28 -1 93 0 30.1 0 1     -1 0 0 -1 1 -5.00%
Norway 22 0 100 2 46 0 1       0 0 -1 5 -15.00%
Pakistan 29 -1 25 -3 87 -1 1       -1 -1   -14 50.00%
Peru 29.5 -1 65 -1 35.4 0 1 -1     0 -1 -1 -8 30.00%
Philippines 30 -1 61 -1 53.5 0 2       -1 -1 -1 -11 40.00%
Poland 19 0 71 -1 57.5 0 2       0 0 -3 -7 30.00%
Portugal 21 0 71 -1 134 -2 1   -2   0 0 -1 -4 10.00%
Qatar 10 1 85 0 71.8 0 2       0 0 -1 -1 0.00%
Russia 20 0 55 -1 17.8 1 2 -1   -1 -3 -1 -2 -14 50.00%
Singapore 17 0 100 2 131 -2 2 1     -1 -1 -1 2 -5.00%
South Africa 28 -1 45 -2 80.3 -1 2       0 0 -1 -14 50.00%
Spain 25 0 71 -1 120 -2 1   -2   -1 -1 -1 -7 30.00%
Sweden 20.6 0 100 2 39.9 0 1       0 0 -1 4 -10.00%
Switzerland 14.93 1 100 2 42.9 0 2       0 0 -2 6 -15.00%
Taiwan  20 0 86 0 28.2 0 2       -1 0   2 -5.00%
Thailand 20 0 65 -1 50.5 0 2       -1 -1 -1 -6 20.00%
Turkey 25 0 35 -3 39.5 0 2 -1 -1   -2 -1 -1 -20 70.00%
United Arab Emirates 0 -1 90 0 36.9 0 2       0 0 -3 -2 0.00%
United Kingdom 19 0 90 0 94.9 -1 2   -2   -1 -1 -2 -2 0.00%
United States 21 0 98 1 128 -2 1   -2   0 -1 -2 -4 10.00%
Vietnam 20 0 43 -2 46.7 0 2       -1 0 -1 -8 30.00%

 

 
Notes

(a) All factors are COVID-19 by combined infection rate and death rate

Country Valuation by Price to Book Value November 2021
Country Price/ Book Value 4% Model Market Indicator Index YTD %  November 30 2021
Greece 0.93 Bearish 8.09%
Turkey 0.99 Bearish -12.86%
Colombia 1.12 Bullish -17.33%
Pakistan 1.14 Bearish 38.74%
Austria 1.17 Bullish 21.82%
Russia 1.2 Bearish 1.79%
Singapore 1.22 Bearish -13.82%
Spain 1.24 Bullish 18.31%
Italy 1.27 Bearish -6.34%
Hong Kong SAR 1.3 Bearish 12.84%
Korea, South 1.31 Bearish -9.25%
Hungary 1.32 Bullish 2.29%
Poland 1.33 Bearish 5.33%
Chile 1.41 Bearish 24.05%
United Arab Emirates 1.42 Bearish -0.18%
Czech Republic 1.51 Bullish -10.01%
Malaysia 1.58 Bearish 1.86%
Belgium 1.65 Bullish 39.62%
Egypt 1.66 Bearish 6.32%
Peru 1.7 Bearish -19.17%
Philippines 1.72 Bearish -20.85%
Germany 1.72 Bearish -23.67%
United Kingdom 1.78 Bullish 39.04%
Israel 1.78 Bullish 3.96%
China 1.78 Bearish 8.03%
South Africa 1.82 Bearish 9.23%
Qatar 1.89 Bullish 10.14%
Norway 1.91 Bullish -3.12%
France 1.97 Bearish 20.57%
Brazil 1.97 Bearish 8.22%
Thailand 2 Bullish 16.33%
Mexico 2 Bearish 18.77%
Canada 2.02 Bullish 8.34%
Indonesia 2.06 Bearish -7.37%
Portugal 2.17 Bullish 20.31%
Australia 2.29 Bearish 4.10%
New Zealand 2.37 Bullish 0.99%
Argentina 2.48 Bearish 3.29%
Sweden 2.5 Bearish 7.87%
Ireland 2.52 Bearish 21.87%
Taiwan  2.55 Bullish 1.55%
Finland 2.72 Bearish 19.65%
Japan 3.22 Bearish 32.97%
Netherlands 3.22 Bearish -16.49%
Switzerland 3.42 Bullish 12.71%
Vietnam 3.45 Bearish 19.62%
India 3.65 Bearish 21.20%
United States 4.88 Bullish 22.41%
Denmark 5.31 Bearish 19.49%

 

 

Country Valuation by PEGY November 2021
Country PE/Total Return 4% Model Market Indicator Index YTD %  November 30 2021
United Arab Emirates -5.830 Bullish 39.62%
Vietnam -3.987 Bearish 19.62%
Greece -0.685 Bearish 8.09%
Brazil 0.442 Bearish -20.85%
Pakistan 0.639 Bearish -12.86%
Turkey 0.648 Bullish 18.31%
Chile 0.659 Bearish -9.25%
Russia 0.896 Bullish 21.82%
Austria 0.975 Bearish 38.74%
Colombia 0.987 Bullish -17.33%
Egypt 1.033 Bullish 3.96%
Peru 1.091 Bearish -23.67%
Hungary 1.330 Bearish 24.05%
Poland 1.453 Bullish 2.29%
United Kingdom 1.471 Bearish 8.03%
New Zealand 1.484 Bearish -16.49%
South Africa 1.587 Bullish 10.14%
Sweden 1.742 Bearish 21.87%
Mexico 1.822 Bullish 8.34%
Israel 1.936 Bearish 9.23%
Canada 2.076 Bullish 20.31%
Belgium 2.090 Bearish 1.86%
China 2.131 Bearish -19.17%
Argentina 2.143 Bullish 16.33%
Czech Republic 2.166 Bullish 39.04%
Singapore 2.180 Bearish 5.33%
Ireland 2.180 Bearish 3.29%
Norway 2.223 Bearish 20.57%
Australia 2.290 Bearish 4.10%
Spain 2.313 Bearish 1.79%
Korea, South 2.326 Bearish -13.82%
Qatar 2.408 Bearish 8.22%
Taiwan  2.421 Bearish 19.65%
Hong Kong SAR 2.671 Bearish -6.34%
India 2.690 Bearish 21.20%
Germany 2.797 Bearish 6.32%
Philippines 2.869 Bullish -3.12%
Switzerland 3.201 Bullish 12.71%
Indonesia 3.247 Bullish 0.99%
Finland 3.449 Bearish 7.87%
France 3.677 Bearish 18.77%
United States 4.037 Bullish 22.41%
Netherlands 4.089 Bearish 32.97%
Japan 4.355 Bearish -0.18%
Italy 4.575 Bearish 12.84%
Denmark 5.063 Bearish 19.49%
Portugal 8.934 Bullish 1.55%
Thailand 8.984 Bearish -7.37%
Malaysia 228.667 Bullish -10.01%

 

Country Valuation by PEGY and Altered for Country Risk Factors November 2021
Country PE/Total Return Country Risk Modifier Modifier Amount Adjusted PE/Total Return for Country Risk Factors 4% Model Market Indicator Date 4% Trend Started Index YTD %  November 30 2021
United Arab Emirates -5.830 0.00% 0.00 -5.830 Bullish May 31, 2020 39.62%
Vietnam -3.987 30.00% -1.20 -5.183 Bearish Jul 04, 2021 19.62%
Greece -0.685 60.00% -0.41 -1.096 Bearish Nov 21, 2021 8.09%
Brazil 0.442 50.00% 0.22 0.663 Bearish Oct 17, 2021 -20.85%
Chile 0.659 20.00% 0.13 0.791 Bearish Nov 28, 2021 -9.25%
Pakistan 0.639 50.00% 0.32 0.959 Bearish Nov 07, 2021 -12.86%
Austria 0.975 10.00% 0.10 1.072 Bearish Nov 14, 2021 38.74%
Turkey 0.648 70.00% 0.45 1.102 Bullish Oct 17, 2021 18.31%
Russia 0.896 50.00% 0.45 1.343 Bullish Nov 28, 2021 21.82%
Colombia 0.987 40.00% 0.39 1.382 Bullish Aug 08, 2021 -17.33%
New Zealand 1.484 -5.00% -0.07 1.410 Bearish Feb 07, 2021 -16.49%
Peru 1.091 30.00% 0.33 1.418 Bearish Nov 14, 2021 -23.67%
United Kingdom 1.471 0.00% 0.00 1.471 Bearish Jun 07, 2020 8.03%
Egypt 1.033 50.00% 0.52 1.550 Bullish Jul 11, 2021 3.96%
Sweden 1.742 -10.00% -0.17 1.568 Bearish Nov 21, 2021 21.87%
Hungary 1.330 20.00% 0.27 1.596 Bearish Nov 07, 2021 24.05%
Poland 1.453 30.00% 0.44 1.889 Bullish Nov 28, 2021 2.29%
Norway 2.223 -15.00% -0.33 1.889 Bearish Oct 24, 2021 20.57%
Israel 1.936 0.00% 0.00 1.936 Bearish May 09, 2021 9.23%
Singapore 2.180 -5.00% -0.11 2.071 Bearish May 09, 2021 5.33%
Canada 2.076 0.00% 0.00 2.076 Bullish Nov 01, 2020 20.31%
Czech Republic 2.166 0.00% 0.00 2.166 Bullish Oct 31, 2021 39.04%
Australia 2.290 -5.00% -0.11 2.176 Bearish Aug 15, 2021 4.10%
Ireland 2.180 0.00% 0.00 2.180 Bearish Sep 26, 2021 3.29%
Taiwan  2.421 -5.00% -0.12 2.300 Bearish Sep 26, 2021 19.65%
Korea, South 2.326 0.00% 0.00 2.326 Bearish Feb 21, 2021 -13.82%
South Africa 1.587 50.00% 0.79 2.380 Bullish Nov 28, 2021 10.14%
Hong Kong SAR 2.671 -10.00% -0.27 2.404 Bearish Sep 12, 2021 -6.34%
Qatar 2.408 0.00% 0.00 2.408 Bearish Apr 12, 2020 8.22%
Belgium 2.090 20.00% 0.42 2.508 Bearish Feb 21, 2021 1.86%
Mexico 1.822 40.00% 0.73 2.551 Bullish Nov 28, 2021 8.34%
Switzerland 3.201 -15.00% -0.48 2.721 Bullish Nov 01, 2020 12.71%
China 2.131 30.00% 0.64 2.770 Bearish Sep 12, 2021 -19.17%
Spain 2.313 30.00% 0.69 3.007 Bearish Nov 21, 2021 1.79%
Germany 2.797 10.00% 0.28 3.077 Bearish Nov 21, 2021 6.32%
Finland 3.449 -10.00% -0.34 3.105 Bearish Sep 12, 2021 7.87%
Argentina 2.143 70.00% 1.50 3.643 Bullish Nov 28, 2021 16.33%
India 2.690 40.00% 1.08 3.766 Bearish Nov 21, 2021 21.20%
Netherlands 4.089 -5.00% -0.20 3.885 Bearish Nov 21, 2021 32.97%
Philippines 2.869 40.00% 1.15 4.017 Bullish Aug 15, 2021 -3.12%
Indonesia 3.247 30.00% 0.97 4.221 Bullish Aug 29, 2021 0.99%
France 3.677 20.00% 0.74 4.413 Bearish Nov 21, 2021 18.77%
United States 4.037 10.00% 0.40 4.441 Bullish Nov 01, 2020 22.41%
Denmark 5.063 0.00% 0.00 5.063 Bearish Sep 26, 2021 19.49%
Japan 4.355 30.00% 1.31 5.661 Bearish Sep 26, 2021 -0.18%
Italy 4.575 30.00% 1.37 5.948 Bearish Nov 21, 2021 12.84%
Portugal 8.934 10.00% 0.89 9.827 Bullish Aug 15, 2021 1.55%
Thailand