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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.

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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 %  May 31 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 8.984 20.00% 1.80 10.781 Bearish Nov 21, 2021 -7.37%
Malaysia 228.667 10.00% 22.87 251.533 Bullish Mar 22, 2020 -10.01%

 

Country Value and Growth Factors August 31, 2021


Country Value and Growth Factors August 31, 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 % August 31 2021
Argentina 6.40 0.00 972.50 6.40 151.953 2.53 Bullish Jul 18, 2021 MSCI Argentina  42.97%
Australia 5.30 3.61 26.54 8.91 2.979 2.42 Bearish Aug 15, 2021 MSCI Australia USD 10.63%
Austria 3.50 1.96 10.27 5.46 1.881 1.14 Bullish May 02, 2021 MSCI Austria  33.52%
Belgium 4.00 1.62 17.20 5.62 3.060 1.71 Bearish Feb 21, 2021 MSCI Belgium 6.66%
Brazil 5.30 4.15 7.57 9.45 0.801 2.07 Bullish Aug 22, 2021 MSCI Brazil Net USD 1.52%
Canada 6.30 2.60 17.89 8.90 2.010 2.23 Bullish Nov 01, 2020 MSCI Canada Net USD 20.69%
Chile 6.20 2.29 18.12 8.49 2.134 1.49 Bullish Aug 08, 2021 MSCI Chile Net USD -1.14%
China 8.10 1.61 15.47 9.71 1.593 1.91 Bearish Feb 21, 2021 MSCI China Net USD -12.26%
Colombia 5.20 2.10 22.10 7.30 3.027 1.13 Bullish Aug 08, 2021 MSCI Colombia -15.02%
Czech Republic 4.20 4.12 17.41 8.32 2.093 1.59 Bullish Aug 02, 2020 MSCI Czech Republic Net USD 29.66%
Denmark 2.80 1.14 28.02 3.94 7.112 5.76 Bullish Mar 07, 2021 MSCI Denmark  20.32%
Egypt 2.80 1.47 8.44 4.27 1.977 1.71 Bullish Jul 11, 2021 MSCI Egypt -1.46%
Finland 2.30 2.41 39.12 4.71 8.306 2.91 Bullish Nov 01, 2020 MSCI Finland 8.00%
France 5.80 2.21 24.75 8.01 3.090 2.05 Bullish Nov 01, 2020 MSCI France  18.22%
Germany 3.60 2.24 14.77 5.84 2.529 1.86 Bullish Nov 01, 2020 MSCI Germany  12.47%
Greece 3.80 2.66 -57.50 6.46 -8.901 0.88 Bullish Jan 31, 2021 MSCI Greece  15.86%
Hong Kong SAR 4.30 2.60 28.71 6.90 4.161 1.4 Bullish May 31, 2020 MSCI Hong Kong  4.45%
Hungary 4.30 1.13 9.99 5.43 1.840 1.44 Bullish Sep 27, 2020 MSCI Hungary 25.26%
India 9.50 1.00 31.04 10.50 2.956 3.86 Bullish Jan 31, 2021 MSCI India Net USD 25.24%
Indonesia 3.90 2.56 19.62 6.46 3.037 2.26 Bullish Aug 29, 2021 MSCI Indonesia USD -7.22%
Ireland 4.20 1.15 34.08 5.35 6.370 2.81 Bullish Feb 28, 2021 MSCI Ireland 15.62%
Israel 5.00 0.61 18.35 5.61 3.271 1.9 Bearish May 09, 2021 MSCI Israel  10.08%
Italy 4.90 2.56 17.34 7.46 2.324 1.36 Bullish Nov 01, 2020 MSCI Italy 14.09%
Japan 2.80 1.11 29.03 3.91 7.425 3.08 Bullish Aug 29, 2021 MSCI Japan USD 3.07%
Korea, South 4.30 1.56 17.06 5.86 2.911 1.41 Bearish Feb 21, 2021 MSCI Korea USD -1.06%
Malaysia 4.70 3.47 15.53 8.17 1.901 1.64 Bullish Mar 22, 2020 MSCI Malaysia USD -4.38%
Mexico 6.30 2.22 14.87 8.52 1.745 2.22 Bullish Jun 20, 2021 MSCI Mexico USD 22.80%
Netherlands 3.30 1.14 28.84 4.44 6.495 3.27 Bullish Mar 21, 2021 MSCI Netherlands 37.00%
New Zealand 4.00 2.28 31.43 6.28 5.005 2.47 Bearish Feb 07, 2021 MSCI New Zealand  -19.83%
Norway 3.90 2.99 24.89 6.89 3.612 2.02 Bullish Nov 08, 2020 MSCI Norway 18.80%
Pakistan 3.90 5.19 7.60 9.09 0.836 1.13 Bullish Jun 28, 2020 MSCI Pakistan Net USD -3.85%
Peru 8.50 1.62 18.45 10.12 1.823 1.73 Bearish Jun 06, 2021 MSCI Peru -25.68%
Philippines 5.40 1.28 26.95 6.68 4.034 1.85 Bearish Aug 01, 2021 MSCI Philippines -3.79%
Poland 4.60 2.54 20.50 7.14 2.871 1.45 Bullish May 23, 2021 MSCI Poland USD 17.30%
Portugal 3.90 2.82 89.55 6.72 13.326 2.33 Bullish Aug 15, 2021 MSCI Portugal  -0.70%
Qatar 2.40 2.83 15.83 5.23 3.027 2 Bearish Apr 12, 2020 MSCI Qatar 5.74%
Russia 4.40 4.63 10.11 9.03 1.120 1.16 Bullish Mar 07, 2021 MSCI Russia  USD 23.25%
Singapore 5.20 3.26 20.62 8.46 2.437 1.24 Bearish May 09, 2021 MSCI Singapore  7.76%
South Africa 4.00 2.89 12.70 6.89 1.843 1.96 Bullish Aug 22, 2021 MSCI South Africa USD 9.39%
Spain 6.20 21.78 18.29 27.98 0.654 1.31 Bullish Nov 01, 2020 MSCI Spain 8.44%
Sweden 3.10 1.72 12.16 4.82 2.523 2.68 Bullish Nov 01, 2020 MSCI Sweden 24.70%
Switzerland 3.50 2.41 22.18 5.91 3.753 3.62 Bullish Nov 01, 2020 MSCI Switzerland 16.07%
Taiwan  5.46 2.58 17.26 8.04 2.147 2.84 Bullish Aug 22, 2021 MSCI Taiwan USD 21.35%
Thailand 2.10 2.43 23.53 4.53 5.194 2.12 Bullish Oct 04, 2020 MSCI Thailand USD 3.01%
Turkey 5.80 3.64 6.85 9.44 0.726 1.12 Bullish Jul 25, 2021 MSCI Turkey  -1.31%
United Arab Emirates 3.10 3.67 15.57 6.77 2.300 1.53 Bullish May 31, 2020 MSCI UAE  Gross USD 25.22%
United Kingdom 7.00 3.68 23.02 10.68 2.155 1.86 Bearish Jun 07, 2020 MSCI UK  8.46%
United States 7.00 1.29 26.38 8.29 3.182 4.92 Bullish Nov 01, 2020 MSCI USA USD 21.72%
Vietnam 6.50 0.95 25.71 7.45 3.451 3.77 Bearish Jul 04, 2021 MSCI Vietnam 12.93%

 

Country Risk Factors - Economic August 2021
  Economic Risk Socioeconomic Risk
Country Interest Rate Interest Rate Score Inflation Inflation Score Unemployment Unemployment Score Current Account Balance as a % of GDP Competitiveness Score Negative Pop Growth Income Distribution GINI Index over 40 Corruption Transparency Perception Rank Score Corporate Tax Rate Corporate Tax Rate Score
Argentina 38 -3 51.8 -5 10.2 -1 1 0   -1 -2 25 0
Australia 0.1 1 3.8 -1 4.6 0 2.5 0     1 30 -1
Austria 0 1 2.9 -1 6.9 0 2.5 0       25 0
Belgium 0 1 2.73 -1 5.9 0 -0.2 0       25 0
Brazil 5.25 -1 9.68 -3 14.1 -2 -0.72 0   -1 -2 34 -2
Canada 0.25 1 3.7 -1 7.5 0 -1.9 0     1 26.5 -1
Chile 1.5 0 4.8 -2 8.9 -1 1.4 0   -1   27 -1
China 3.85 0 0.8 0 5.1 0 1.9 0 -1 -1 -2 25 0
Colombia 1.75 0 4.44 -2 14.3 -2 -3.4 -1   -1   31 -2
Czech Republic 0.75 1 3.4 -1 3.6 0 3.6 0 -1     19 0
Denmark -0.5 -1 1.6 0 3.8 0 7.8 1     2 22 0
Egypt 8.25 -1 5.7 -2 7.3 0 -3.1 -1     -3 22.5 0
Finland 0 1 1.9 0 7.1 0 0.3 0     1 20 0
France 0 1 1.9 0 8 -1 -1.9 0       26.5 -1
Germany 0 1 3.9 -1 3.6 0 7 1 -1   1 30 -1
Greece 0 1 1.4 0 15 -2 -6.7 -1   -1 -1 24 0
Hong Kong 0.86 1 3.7 -1 5 0 6.6 1     1 16.5 0
Hungary 1.5 0 4.9 -2 3.9 0 0 0 -1   -1 9 2
India 4 0 5.59 -2 7 0 0.9 0     -2 25.17 -1
Indonesia 3.5 0 1.59 0 6.26 0 -0.44 0     -3 22 0
Ireland 0 1 2.8 -1 6.4 0 4.6 1       12.5 1
Israel 0.1 1 1.9 0 5 0 4.9 1       23 0
Italy 0 1 2.1 -1 9.3 -1 3.6 0 -1   -1 24 0
Japan -0.1 -1 -0.3 -2 2.8 0 3.2 0 -1     30.62 -2
Korea, South 0.75 1 2.6 -1 3.3 0 3.5 0 -1     25 0
Malaysia 1.75 0 2.2 -1 4.8 0 1 0   -1 -1 24 0
Mexico 4.5 0 5.59 -2 4.4 0 2.4 0   -1 -3 30 -1
Netherlands 0 1 2.4 -1 3.1 0 7.8 1     1 25 0
New Zealand 0.25 1 3.3 -1 4 0 -2.7 -1     2 28 -1
Norway 0 1 3.4 -1 5.1 0 2 0     1 22 0
Pakistan 7 -1 8.4 -3 4.4 0 -0.6 0     -3 29 -1
Peru 1 1 4.95 -2 9.4 -1 0.7 0   -1   29.5 -1
Philippines 2 0 4.9 -2 6.9 0 3.6 0   -1 -3 30 -1
Poland 0.1 1 5.4 -2 5.8 0 3.6 0 -1   -1 19 0
Portugal 0 1 1.5 0 6.7 0 -1.2 0       21 0
Qatar 2.5 0 3.13 -1 0.1 -1 -2.5 -1       10 1
Russia 6.75 -1 6.68 -2 4.5 0 2.4 0 -1   -3 20 0
Singapore 0.27 1 2.5 -1 2.7 0 17.6 2     1 17 0
South Africa 3.5 0 4.6 -2 34.4 -4 2.2 0   -1 -1 28 -1
Spain 0 1 3.3 -1 15.26 -2 0.7 0       25 0
Sweden 0 1 1.4 0 8 -1 5.2 1     1 20.6 0
Switzerland -0.75 -1 0.9 0 2.7 0 3.8 0     1 14.93 1
Taiwan  1.13 0 2.36 -1 4.36 0 9.5 2       20 0
Thailand 0.5 1 -0.02 -2 1.9 0 4.2 1 -1   -3 20 0
Turkey 19 -2 19.25 -4 12 -2 -5.1 -1   -1 -2 25 0
United Arab Emirates 1.5 0 -0.4 -2 5 0 5.9 1       0 -1
United Kingdom 0.1 1 2 0 4.7 0 -3.5 -1     1 19 0
United States 0.25 1 5.4 -2 5.8 0 -3.1 -1   -1   21 0
Vietnam 4 0 2.82 -1 2.62 0 5 1     -3 20 0


Country Risk Factors - Sovereign, Political, Conflict and Extraordinary  August 2021
  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 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 -4 102 -2 2   -1   -1 0 -1 -19 70.00%
Australia 100 2 24.8 1 1   -1 -1 0 0 0 2 -5.00%
Austria 96 1 83.9 -1 1   -2   0 0 -1 -2 0.00%
Belgium 86 0 114 -2 1   -2   0 -1 -1 -5 20.00%
Brazil 42 -2 75.79 0 2   -1   -1 0 -1 -14 50.00%
Canada 100 2 118 -2 2 1 -1 -1 0 0 -1 0 0.00%
Chile 76 -1 33 0 2   -1   -1 0 0 -6 20.00%
China 80 -1 66.8 0 2 -1 -2 -1 -1 0   -8 30.00%
Colombia 56 -1 62.8 0 2       -1 -1 0 -9 30.00%
Czech Republic 83 0 38.1 0 1       0 0 0 0 0.00%
Denmark 100 2 42.2 0 1   -2   0 -1 0 2 -5.00%
Egypt 30 -3 90.2 -1 2       -1 -1   -11 40.00%
Finland 96 1 69.2 0 1   -2   0 0 0 2 -5.00%
France 92 0 116 -2 2   -2   0 -1 -1 -5 20.00%
Germany 100 2 69.8 0 1   -2   0 -1 -1 -1 0.00%
Greece 38 -3 206 -4 2 1 -2   -1 -1 -1 -13 50.00%
Hong Kong 90 0 38.4 0 1 -1     0 -1   1 -5.00%
Hungary 58 -1 80.4 -1 2       0 0 0 -2 0.00%
India 56 -1 69.62 0 2   -2 -1 -1 -1 -1 -10 40.00%
Indonesia 60 -1 38.5 0 2   -2 -1 -1 -1 -1 -8 30.00%
Ireland 78 -1 59.5 0 1       0 -1 -1 0 0.00%
Israel 81 0 71.1 0 1     -1 -1 -1 -3 -3 10.00%
Italy 61 -1 156 -3 1   -2   0 -1 0 -9 30.00%
Japan 77 -1 266 -4 2   -1   -1 -1 -1 -13 50.00%
Korea, South 86 0 42.6 0 2   -1 -1 -1 0 0 -2 0.00%
Malaysia 70 -1 60.7 0 1       -1 -1 -3 -8 30.00%
Mexico 60 -1 52.1 0 2   -1 -1 0 0 -1 -9 30.00%
Netherlands 98 1 54.5 0 1 1 -2   0 0 -1 2 -5.00%
New Zealand 93 0 27 0 1     -1 0 0   0 0.00%
Norway 100 2 46 0 1       0 0 -1 3 -10.00%
Pakistan 25 -3 87 -1 1       -1 -1 0 -13 50.00%
Peru 65 -1 35.4 0 1 -1     0 -1 0 -6 20.00%
Philippines 61 -1 53.5 0 2       -1 -1 -1 -9 30.00%
Poland 71 -1 57.5 0 2       0 0   -2 0.00%
Portugal 71 -1 134 -2 1   -2   0 0 -1 -4 10.00%
Qatar 85 0 71.8 0 2       0 0 0 0 0.00%
Russia 55 -1 17.8 1 2 -1   -1 -3 -1 -1 -12 40.00%
Singapore 100 2 131 -2 2 1     -1 -1 -1 3 -10.00%
South Africa 45 -2 83 -1 2       0 0 -1 -11 40.00%
Spain 71 -1 120 -2 1   -2   -1 -1 0 -8 30.00%
Sweden 100 2 39.9 0 1       0 0 -1 4 -10.00%
Switzerland 100 2 42.9 0 2       0 0 -1 4 -10.00%
Taiwan  86 0 28.2 0 2       -1 0   2 -5.00%
Thailand 65 -1 50.5 0 2       -1 -1 -2 -7 30.00%
Turkey 35 -3 39.5 0 2 -1 -1   -2 -1 -2 -20 70.00%
United Arab Emirates 90 0 36.9 0 2       0 0 0 0 0.00%
United Kingdom 90 0 97.2 -1 2   -2   -1 -1 -2 -4 10.00%
United States 98 1 108 -2 1   -2   0 -1 -2 -8 30.00%
Vietnam 43 -2 46.7 0 2       -1 0 -2 -6 20.00%

 

 
Notes

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

Country Valuation by Price to Book Value August 2021
Country Price/ Book Value 4% Model Market Indicator Index YTD %  August 31 2021
Greece 0.88 Bullish 15.86%
Turkey 1.12 Bullish -1.31%
Colombia 1.13 Bullish -15.02%
Pakistan 1.13 Bullish -3.85%
Austria 1.14 Bullish 33.52%
Russia 1.16 Bullish 23.25%
Singapore 1.24 Bearish 7.76%
Spain 1.31 Bullish 8.44%
Italy 1.36 Bullish 14.09%
Hong Kong SAR 1.4 Bullish 4.45%
Korea, South 1.41 Bearish -1.06%
Hungary 1.44 Bullish 25.26%
Poland 1.45 Bullish 17.30%
Chile 1.49 Bullish -1.14%
United Arab Emirates 1.53 Bullish 25.22%
Czech Republic 1.59 Bullish 29.66%
Malaysia 1.64 Bullish -4.38%
Belgium 1.71 Bearish 6.66%
Egypt 1.71 Bullish -1.46%
Peru 1.73 Bearish -25.68%
Philippines 1.85 Bearish -3.79%
Germany 1.86 Bullish 12.47%
United Kingdom 1.86 Bearish 8.46%
Israel 1.9 Bearish 10.08%
China 1.91 Bearish -12.26%
South Africa 1.96 Bullish 9.39%
Qatar 2 Bearish 5.74%
Norway 2.02 Bullish 18.80%
France 2.05 Bullish 18.22%
Brazil 2.07 Bullish 1.52%
Thailand 2.12 Bullish 3.01%
Mexico 2.22 Bullish 22.80%
Canada 2.23 Bullish 20.69%
Indonesia 2.26 Bullish -7.22%
Portugal 2.33 Bullish -0.70%
Australia 2.42 Bearish 10.63%
New Zealand 2.47 Bearish -19.83%
Argentina 2.53 Bullish 42.97%
Sweden 2.68 Bullish 24.70%
Ireland 2.81 Bullish 15.62%
Taiwan  2.84 Bullish 21.35%
Finland 2.91 Bullish 8.00%
Japan 3.08 Bullish 3.07%
Netherlands 3.27 Bullish 37.00%
Switzerland 3.62 Bullish 16.07%
Vietnam 3.77 Bearish 12.93%
India 3.86 Bullish 25.24%
United States 4.92 Bullish 21.72%
Denmark 5.76 Bullish 20.32%

 

 

Country Valuation by PEGY August 2021
Country PE/Total Return 4% Model Market Indicator Index YTD %  August 31 2021
Greece -8.901 Bullish 15.86%
Spain 0.654 Bullish 8.44%
Turkey 0.726 Bullish -1.31%
Brazil 0.801 Bullish 1.52%
Pakistan 0.836 Bullish -3.85%
Russia 1.120 Bullish 23.25%
China 1.593 Bearish -12.26%
Mexico 1.745 Bullish 22.80%
Peru 1.823 Bearish -25.68%
Hungary 1.840 Bullish 25.26%
South Africa 1.843 Bullish 9.39%
Austria 1.881 Bullish 33.52%
Malaysia 1.901 Bullish -4.38%
Egypt 1.977 Bullish -1.46%
Canada 2.010 Bullish 20.69%
Czech Republic 2.093 Bullish 29.66%
Chile 2.134 Bullish -1.14%
Taiwan  2.147 Bullish 21.35%
United Kingdom 2.155 Bearish 8.46%
United Arab Emirates 2.300 Bullish 25.22%
Italy 2.324 Bullish 14.09%
Singapore 2.437 Bearish 7.76%
Sweden 2.523 Bullish 24.70%
Germany 2.529 Bullish 12.47%
Poland 2.871 Bullish 17.30%
Korea, South 2.911 Bearish -1.06%
India 2.956 Bullish 25.24%
Australia 2.979 Bearish 10.63%
Qatar 3.027 Bearish 5.74%
Colombia 3.027 Bullish -15.02%
Indonesia 3.037 Bullish -7.22%
Belgium 3.060 Bearish 6.66%
France 3.090 Bullish 18.22%
United States 3.182 Bullish 21.72%
Israel 3.271 Bearish 10.08%
Vietnam 3.451 Bearish 12.93%
Norway 3.612 Bullish 18.80%
Switzerland 3.753 Bullish 16.07%
Philippines 4.034 Bearish -3.79%
Hong Kong SAR 4.161 Bullish 4.45%
New Zealand 5.005 Bearish -19.83%
Thailand 5.194 Bullish 3.01%
Ireland 6.370 Bullish 15.62%
Netherlands 6.495 Bullish 37.00%
Denmark 7.112 Bullish 20.32%
Japan 7.425 Bullish 3.07%
Finland 8.306 Bullish 8.00%
Portugal 13.326 Bullish -0.70%
Argentina 151.953 Bullish 42.97%

 

Country Valuation by PEGY and Altered for Country Risk Factors August 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 %  August 31 2021
Greece -8.901 50.00% -4.45 -13.351 Bullish Jan 31, 2021 15.86%
Spain 0.654 30.00% 0.20 0.850 Bullish Nov 01, 2020 8.44%
Brazil 0.801 50.00% 0.40 1.202 Bullish Aug 22, 2021 1.52%
Turkey 0.726 70.00% 0.51 1.234 Bullish Jul 25, 2021 -1.31%
Pakistan 0.836 50.00% 0.42 1.254 Bullish Jun 28, 2020 -3.85%
Russia 1.120 40.00% 0.45 1.567 Bullish Mar 07, 2021 23.25%
Hungary 1.840 0.00% 0.00 1.840 Bullish Sep 27, 2020 25.26%
Austria 1.881 0.00% 0.00 1.881 Bullish May 02, 2021 33.52%
Canada 2.010 0.00% 0.00 2.010 Bullish Nov 01, 2020 20.69%
Taiwan  2.147 -5.00% -0.11 2.039 Bullish Aug 22, 2021 21.35%
China 1.593 30.00% 0.48 2.071 Bearish Feb 21, 2021 -12.26%
Czech Republic 2.093 0.00% 0.00 2.093 Bullish Aug 02, 2020 29.66%
Peru 1.823 20.00% 0.36 2.188 Bearish Jun 06, 2021 -25.68%
Singapore 2.437 -10.00% -0.24 2.194 Bearish May 09, 2021 7.76%
Mexico 1.745 30.00% 0.52 2.269 Bullish Jun 20, 2021 22.80%
Sweden 2.523 -10.00% -0.25 2.271 Bullish Nov 01, 2020 24.70%
United Arab Emirates 2.300 0.00% 0.00 2.300 Bullish May 31, 2020 25.22%
United Kingdom 2.155 10.00% 0.22 2.371 Bearish Jun 07, 2020 8.46%
Malaysia 1.901 30.00% 0.57 2.471 Bullish Mar 22, 2020 -4.38%
Germany 2.529 0.00% 0.00 2.529 Bullish Nov 01, 2020 12.47%
Chile 2.134 20.00% 0.43 2.561 Bullish Aug 08, 2021 -1.14%
South Africa 1.843 40.00% 0.74 2.581 Bullish Aug 22, 2021 9.39%
Egypt 1.977 40.00% 0.79 2.767 Bullish Jul 11, 2021 -1.46%
Australia 2.979 -5.00% -0.15 2.830 Bearish Aug 15, 2021 10.63%
Poland 2.871 0.00% 0.00 2.871 Bullish May 23, 2021 17.30%
Korea, South 2.911 0.00% 0.00 2.911 Bearish Feb 21, 2021 -1.06%
Italy 2.324 30.00% 0.70 3.022 Bullish Nov 01, 2020 14.09%
Qatar 3.027 0.00% 0.00 3.027 Bearish Apr 12, 2020 5.74%
Norway 3.612 -10.00% -0.36 3.251 Bullish Nov 08, 2020 18.80%
Switzerland 3.753 -10.00% -0.38 3.378 Bullish Nov 01, 2020 16.07%
Israel 3.271 10.00% 0.33 3.598 Bearish May 09, 2021 10.08%
Belgium 3.060 20.00% 0.61 3.673 Bearish Feb 21, 2021 6.66%
France 3.090 20.00% 0.62 3.708 Bullish Nov 01, 2020 18.22%
Colombia 3.027 30.00% 0.91 3.936 Bullish Aug 08, 2021 -15.02%
Indonesia 3.037 30.00% 0.91 3.948 Bullish Aug 29, 2021 -7.22%
Hong Kong 4.161 -5.00% -0.21 3.953 Bullish May 31, 2020 4.45%
United States 3.182 30.00% 0.95 4.137 Bullish Nov 01, 2020 21.72%
India 2.956 40.00% 1.18 4.139 Bullish Jan 31, 2021 25.24%
Vietnam 3.451 20.00% 0.69 4.141 Bearish Jul 04, 2021 12.93%
New Zealand 5.005 0.00% 0.00 5.005 Bearish Feb 07, 2021 -19.83%
Philippines 4.034 30.00% 1.21 5.245 Bearish Aug 01, 2021 -3.79%
Netherlands 6.495 -5.00% -0.32 6.171 Bullish Mar 21, 2021 37.00%
Ireland 6.370 0.00% 0.00 6.370 Bullish Feb 28, 2021 15.62%
Thailand 5.194 30.00% 1.56 6.753 Bullish Oct 04, 2020 3.01%
Denmark 7.112 -5.00% -0.36 6.756 Bullish Mar 07, 2021 20.32%
Finland 8.306 -5.00% -0.42 7.890 Bullish Nov 01, 2020 8.00%
Japan 7.425 50.00% 3.71 11.137 Bullish Aug 29, 2021 3.07%
Portugal 13.326 10.00% 1.33 14.658 Bullish Aug 15, 2021 -0.70%
Argentina 151.953 70.00% 106.37 258.320 Bullish Jul 18, 2021 42.97%

 

 

 

Country Value and Growth Factors May 28, 2021


Country Value and Growth Factors May 28, 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 %  May 28 2021
Argentina 5.80 0.00 -35.15 5.80 -6.060 1.86 Bullish Mar 07, 202 MSCI Argentina  3.08%
Australia 4.50 2.92 30.46 7.42 4.105 2.38 Bullish Nov 01, 2020 MSCI Australia USD 11.91%
Austria 3.48 1.90 15.26 5.38 2.837 1.12 Bullish Jan 31, 2021 MSCI Austria  27.79%
Belgium 4.04 1.62 28.72 5.66 5.072 1.77 Bearish Feb 21, 2021 MSCI Belgium 7.51%
Brazil 3.70 3.03 11.95 6.73 1.776 2.33 Bullish May 02, 2021 MSCI Brazil Net USD 4.87%
Canada 5.00 2.66 20.56 7.66 2.684 2.18 Bullish Nov 01, 2020 MSCI Canada Net USD 21.56%
Chile 6.20 2.23 21.31 8.43 2.528 1.47 Bearish May 16, 2021 MSCI Chile Net USD -0.90%
China 8.40 1.36 18.65 9.76 1.911 2.25 Bearish Feb 21, 2021 MSCI China Net USD 0.28%
Colombia 5.10 2.71 28.64 7.81 3.667 1.03 Bullish May 28, 2021 MSCI Colombia -23.02%
Czech Republic 4.20 6.63 13.83 10.83 1.277 1.52 Bullish Aug 02, 2020 MSCI Czech Republic 19.13%
Denmark 2.80 1.30 27.81 4.10 6.783 5.23 Bullish Mar 07, 2021 MSCI Denmark  5.98%
Egypt 2.50 1.60 8.20 4.10 2.000 1.67 Bearish May 16, 2021 MSCI Egypt -9.53%
Finland 2.28 2.66 43.78 4.94 8.870 2.68 Bullish Nov 01, 2020 MSCI Finland 8.00%
France 5.81 2.04 44.90 7.85 5.718 2 Bullish Nov 01, 2020 MSCI France  14.67%
Germany 3.60 2.34 18.75 5.94 3.156 1.78 Bullish Nov 01, 2020 MSCI Germany  9.83%
Greece 3.76 2.91 -55.75 6.67 -8.361 1.59 Bullish Jan 31, 2021 MSCI Greece  12.62%
Hong Kong SAR 4.30 2.38 34.79 6.68 5.208 1.48 Bullish May 31, 2020 MSCI Hong Kong  12.77%
Hungary 4.30 0.56 12.67 4.86 2.607 1.3 Bullish Sep 27, 2020 MSCI Hungary 11.98%
India 12.50 1.00 34.43 13.50 2.550 3.56 Bullish Jan 31, 2021 MSCI India Net USD 11.80%
Indonesia 4.30 2.36 21.39 6.66 3.212 2.36 Bearish Mar 28, 2021 MSCI Indonesia USD -8.89%
Ireland 4.23 1.20 32.16 5.43 5.918 2.58 Bullish Feb 28, 2021 MSCI Ireland 5.38%
Israel 5.00 0.23 25.26 5.23 4.830 1.88 Bearish May 09, 2021 MSCI Israel  4.53%
Italy 4.15 2.23 17.90 6.38 2.806 1.38 Bullish Nov 01, 2020 MSCI Italy 12.10%
Japan 3.30 1.99 22.00 5.29 4.159 1.49 Bearish Feb 21, 2021 MSCI Japan USD 2.27%
Korea, South 3.60 1.47 19.64 5.07 3.874 1.45 Bearish Feb 21, 2021 MSCI Korea USD 4.16%
Malaysia 6.50 3.36 17.85 9.86 1.810 1.63 Bullish Mar 22, 2020 MSCI Malaysia USD -3.96%
Mexico 5.00 2.30 16.82 7.30 2.304 2.19 Bullish May 02, 2021 MSCI Mexico USD 13.51%
Netherlands 3.50 1.12 30.36 4.62 6.571 2.87 Bullish Mar 21, 2021 MSCI Netherlands 19.68%
New Zealand 4.00 1.91 32.05 5.91 5.423 3.5 Bearish Feb 07, 2021 MSCI New Zealand  -19.83%
Norway 3.90 3.00 36.49 6.90 5.288 2.16 Bullish Nov 08, 2020 MSCI Norway 15.35%
Pakistan 1.50 4.04 8.05 5.54 1.453 1.24 Bullish Jun 28, 2020 MSCI Pakistan Net USD 6.51%
Peru 8.50 1.06 45.07 9.56 4.714 2.09 Bullish May 09, 2021 MSCI Peru -6.98%
Philippines 6.90 1.31 30.62 8.21 3.730 1.81 Bullish May 23, 2021 MSCI Philippines -7.21%
Poland 3.50 1.08 23.58 4.58 5.148 1.4 Bullish May 23, 2021 MSCI Poland USD 14.49%
Portugal 3.90 2.88 77.13 6.78 11.376 2.29 Bullish Nov 08, 2020 MSCI Portugal  -1.53%
Qatar 2.40 2.77 15.79 5.17 3.054 1.97 Bearish Apr 12, 2020 MSCI Qatar 0.65%
Russia 3.80 5.12 13.07 8.92 1.465 1.13 Bullish Mar 07, 2021 MSCI Russia  USD 14.97%
Singapore 5.20 2.83 24.57 8.03 3.060 1.3 Bearish May 09, 2021 MSCI Singapore  10.40%
South Africa 3.10 1.88 17.49 4.98 3.512 2.1 Bullish Mar 28, 2021 MSCI South Africa USD 18.21%
Spain 6.40 2.73 34.72 9.13 3.803 1.41 Bullish Nov 01, 2020 MSCI Spain 12.53%
Sweden 3.10 1.78 12.96 4.88 2.656 2.55 Bullish Nov 01, 2020 MSCI Sweden 18.97%
Switzerland 3.50 2.62 20.79 6.12 3.397 3.39 Bullish Nov 01, 2020 MSCI Switzerland 7.27%
Taiwan  6.10 2.31 20.09 8.41 2.389 2.84 Bearish May 09, 2021 MSCI Taiwan USD 15.82%
Thailand 2.60 2.26 25.82 4.86 5.313 2.06 Bullish Oct 04, 2020 MSCI Thailand USD 2.06%
Turkey 6.00 3.99 7.44 9.99 0.745 1.06 Bearish Mar 21, 2021 MSCI Turkey  -9.94%
United Arab Emirates 3.10 3.86 15.68 6.96 2.253 1.49 Bullish May 31, 2020 MSCI UAE  19.20%
United Kingdom 5.30 3.16 23.37 8.46 2.762 1.81 Bearish Jun 07, 2020 MSCI UK  7.15%
United States 6.40 1.36 29.53 7.76 3.805 4.72 Bullish Nov 01, 2020 MSCI USA USD 12.75%
Vietnam 6.50 1.03 31.59 7.53 4.195 3.88 Bullish Aug 02, 2020 MSCI Vietnam 11.49%

 

Country Risk Factors - Economic May 2021
  Economic Risk Socioeconomic Risk
Country Interest Rate Interest Rate Score Inflation Inflation Score Unemployment Unemployment Score Current Account Balance as a % of GDP Competitiveness Score Negative Pop Growth Income Distribution GINI Index over 40 Corruption Transparency Perception Rank Score Corporate Tax Rate Corporate Tax Rate Score
Argentina 38 -3 46.3 -5 11 -1 1 0   -1 -2 25 0
Australia 0.1 1 1.1 0 5.5 0 2.5 0     1 30 -1
Austria 0 1 0.8 1.9 7.7 0 2.5 0       25 0
Belgium 0 1 1.46 0 5.3 0 -1.2 0       25 0
Brazil 3.5 0 6.76 -2 14.7 -2 -0.72 0   -1 -2 34 -2
Canada 0.25 1 3.4 -1 8.2 -1 -1.9 0     1 26.5 -1
Chile 0.5 1 3.3 -1 10.2 -1 1.4 0   -1   27 -1
China 3.85 0 0.9 0 5.1 0 1.9 0 -1 -1 -2 25 0
Colombia 1.75 0 3.3 -1 15.1 -2 -3.4 -1   -1   31 -2
Czech Republic 0.25 1 3.1 -1 4.1 0 -0.4 0 -1     19 0
Denmark -0.5 -1 1.5 0 4.6 0 7.8 1     2 22 0
Egypt 8.25 -1 4.1 -2 7.4 0 -3.1 -1     -3 22.5 0
Finland 0 1 2.1 -1 9 -1 0.3 0     1 20 0
France 0 1 1.4 0 8 -1 -1.9 0       26.5 -1
Germany 0 1 2.5 -1 4.4 0 7 1 -1   1 30 -1
Greece 0 1 -0.3 -2 15.9 -2 -6.7 -1   -1 -1 24 0
Hong Kong 0.86 1 0.7 0 6.4 0 6.6 1     1 16.5 0
Hungary 0.6 1 5.1 -2 4.3 0 -0.8 0 -1   -1 9 2
India 4 0 4.29 -2 6.5 0 -0.9 0     -2 25.17 -1
Indonesia 3.5 0 1.68 0 6.26 0 -0.44 0     -3 22 0
Ireland 0 1 -0.2 -2 5.8 0 4.6 1       12.5 1
Israel 0.1 1 0.8 0 5.4 0 4.9 1       23 0
Italy 0 1 1.3 0 10.7 -1 3.6 0 -1   -1 24 0
Japan -0.1 -1 -0.4 -2 2.8 0 3.2 0 -1     30.62 -2
Korea, South 0.5 1 2.6 -1 3.7 0 3.5 0 -1     25 0
Malaysia 1.75 0 4.7 -2 4.7 0 1 0   -1 -1 24 0
Mexico 4 0 6.08 -2 4.7 0 2.4 0   -1 -3 30 -1
Netherlands 0 1 1 0 3.6 0 7.8 1     1 25 0
New Zealand 0.25 1 1.5 0 4.7 0 -2.7 -1     2 28 -1
Norway 0 1 3 -1 5 0 1.9 0     1 22 0
Pakistan 7 -1 10.87 -3 4.4 0 -1.1 0     -3 29 -1
Peru 0.25 1 2.45 -1 15.1 -2 0.7 0   -1   29.5 -1
Philippines 2 0 4.5 -2 8.7 -1 3.6 0   -1 -3 30 -1
Poland 0.1 1 4.8 -2 6.3 0 3.6 0 -1   -1 19 0
Portugal 0 1 1.2 0 7.1 0 -1.2 0       21 0
Qatar 2.5 0 1.02 0 0.1 -1 -2.5 -1       10 1
Russia 5 0 5.53 -2 5.2 0 3.9 0 -1   -3 20 0
Singapore 0.25 1 2.1 -1 2.9 0 17.6 2     1 17 0
South Africa 3.5 0 4.4 -2 32.5 -4 2.2 0   -1 -1 28 -1
Spain 0 1 2.7 -1 15.98 -2 0.7 0       25 0
Sweden 0 1 2.2 -1 9.4 -1 5.2 1     1 20.6 0
Switzerland -0.75 -1 0.6 0 3.1 0 3.8 0     1 14.93 1
Taiwan  1.13 0 2.09 -1 3.71 0 9.5 2       20 0
Thailand 0.5 1 2.44 -1 1.5 0 4.2 1 -1   -3 20 0
Turkey 19 -2 16.59 -4 13.1 -2 -5.1 -1   -1 -2 25 0
United Arab Emirates 1.5 0 -2.01 -4 5 0 5.9 1       0 -1
United Kingdom 0.1 1 1.5 0 4.8 0 -3.5 -1     1 19 0
United States 0.25 1 4.2 -2 5.8 0 -3.1 -1   -1   21 0
Vietnam 4 0 2.9 -1 2.37 0 5 1     -3 20 0


Country Risk Factors - Sovereign, Political, Conflict and Extraordinary  May 2021
  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 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 -4 102 -2 2   -1   -1 0 -3 -21 70.00%
Australia 100 2 24.8 1 1   -1 -1 0 0 0 3 -10.00%
Austria 96 1 83.9 -1 1   -2   0 0 -1 0.9 0.00%
Belgium 86 0 114 -2 1   -2   0 -1 0 -3 10.00%
Brazil 42 -2 75.79 0 2   -1   -1 0 -3 -14 50.00%
Canada 100 2 118 -2 2 1 -1 -1 0 0 -2 -2 0.00%
Chile 76 -1 33 0 2   -1   -1 0 -3 -7 30.00%
China 80 -1 66.8 0 2   -2 -1 -1 0 -1 -8 30.00%
Colombia 57 -1 62.8 0 2       -1 -1 -3 -11 40.00%
Czech Republic 83 0 38.1 0 1       0 0 -1 -1 0.00%
Denmark 100 2 42.2 0 1   -2   0 -1 -1 1 -5.00%
Egypt 30 -3 90.2 -1 2       -1 -1 -1 -12 40.00%
Finland 96 1 69.2 0 1   -2   0 0 0 0 0.00%
France 92 0 116 -2 2 1 -2   0 -1 -2 -5 20.00%
Germany 100 2 69.8 0 1   -2   0 -1 -1 -1 0.00%
Greece 38 -3 206 -2 2 1 -2   -1 -1 -2 -14 50.00%
Hong Kong 90 0 38.4 0 1       0 -1 0 3 -10.00%
Hungary 58 -1 80.4 -1 2       0 0 -1 -2 0.00%
India 56 -1 69.62 0 2   -2 -1 -1 -1 -4 -13 50.00%
Indonesia 60 -1 38.5 0 2   -2 -1 -1 -1 -3 -10 40.00%
Ireland 78 -1 58.8 0 1       0 -1 0 0 0.00%
Israel 81 0 71.7 0 1     -1 -1 -1 0 0 0.00%
Italy 61 -1 156 -2 1   -2   0 -1 -2 -9 30.00%
Japan 77 -1 266 -2 2   -1   -1 -1 -2 -12 40.00%
Korea, South 86 0 42.6 0 2   -1 -1 -1 0 -1 -3 10.00%
Malaysia 70 -1 52.7 0 1       -1 -1 -3 -9 30.00%
Mexico 60 -1 45.5 0 2   -1 -1 0 0 -2 -10 40.00%
Netherlands 100 2 54.5 0 1 1 -2   0 0 -1 4 -10.00%
New Zealand 93 0 27 0 1     -1 0 0 0 1 -5.00%
Norway 99 1 40.6 0 1       0 0 0 3 -10.00%
Pakistan 25 -3 87 -1 1       -1 -1 -2 -15 50.00%
Peru 65 -1 35.4 0 1       0 -1 -3 -8 30.00%
Philippines 61 -1 41.5 0 2       -1 -1 -3 -12 40.00%
Poland 71 -1 57.5 0 2       0 0 -1 -3 10.00%
Portugal 71 -1 134 -2 1   -2   0 0 -1 -4 10.00%
Qatar 85 0 71.8 0 2       0 0 -1 0 0.00%
Russia 55 -1 14.6 1 2 -1   -1 -2 -1 -2 -11 40.00%
Singapore 98 1 131 -2 2 1     -1 -1 0 3 -10.00%
South Africa 45 -2 83 -1 2       0 0 -3 -13 50.00%
Spain 71 -1 120 -2 1   -2   -1 -1 -2 -10 40.00%
Sweden 99 1 39.9 0 1       0 0 0 3 -10.00%
Switzerland 100 2 42.9 0 2       0 0 0 5 -15.00%
Taiwan  85 0 28.2 0 2       -1 0 -1 1 -5.00%
Thailand 65 -1 50.5 0 2       -1 -1 -2 -6 20.00%
Turkey 35 -3 39.5 0 2 -1 -1   -2 -1 -2 -20 70.00%
United Arab Emirates 90 0 36.9 0 2       0 0 -2 -4 10.00%
United Kingdom 90 0 100 -2 2   -2   -1 -1 -2 -5 20.00%
United States 98 1 108 -2 1   -2   0 -1 -2 -8 30.00%
Vietnam 43 -2 46.7 0 2       -1 0 -1 -5 20.00%

 

 
Notes

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

Country Valuation by Price to Book Value May 2021
Country Price/ Book Value 4% Model Market Indicator Index YTD %  May 28 2021
Colombia 1.03 Bullish -23.02%
Turkey 1.06 Bearish -9.94%
Austria 1.12 Bullish 27.79%
Russia 1.13 Bullish 14.97%
Pakistan 1.24 Bullish 6.51%
Hungary 1.3 Bullish 11.98%
Singapore 1.3 Bearish 10.40%
Italy 1.38 Bullish 12.10%
Poland 1.4 Bullish 14.49%
Spain 1.41 Bullish 12.53%
Korea, South 1.45 Bearish 4.16%
Chile 1.47 Bearish -0.90%
Hong Kong SAR 1.48 Bullish 12.77%
Japan 1.49 Bearish 2.27%
United Arab Emirates 1.49 Bullish 19.20%
Czech Republic 1.52 Bullish 19.13%
Greece 1.59 Bullish 12.62%
Malaysia 1.63 Bullish -3.96%
Egypt 1.67 Bearish -9.53%
Belgium 1.77 Bearish 7.51%
Germany 1.78 Bullish 9.83%
Philippines 1.81 Bullish -7.21%
United Kingdom 1.81 Bearish 7.15%
Argentina 1.86 Bullish 3.08%
Israel 1.88 Bearish 4.53%
Qatar 1.97 Bearish 0.65%
France 2 Bullish 14.67%
Thailand 2.06 Bullish 2.06%
Peru 2.09 Bullish -6.98%
South Africa 2.1 Bullish 18.21%
Norway 2.16 Bullish 15.35%
Canada 2.18 Bullish 21.56%
Mexico 2.19 Bullish 13.51%
China 2.25 Bearish 0.28%
Portugal 2.29 Bullish -1.53%
Brazil 2.33 Bullish 4.87%
Indonesia 2.36 Bearish -8.89%
Australia 2.38 Bullish 11.91%
Sweden 2.55 Bullish 18.97%
Ireland 2.58 Bullish 5.38%
Finland 2.68 Bullish 8.00%
Taiwan  2.84 Bearish 15.82%
Netherlands 2.87 Bullish 19.68%
Switzerland 3.39 Bullish 7.27%
New Zealand 3.5 Bearish -19.83%
India 3.56 Bullish 11.80%
Vietnam 3.88 Bullish 11.49%
United States 4.72 Bullish 12.75%
Denmark 5.23 Bullish 5.98%

 

 

Country Valuation by PEGY May 2021
Country PE/Total Return 4% Model Market Indicator Index YTD %  May 28 2021
Greece -8.361 Bullish 12.62%
Argentina -6.060 Bullish 3.08%
Turkey 0.745 Bearish -9.94%
Czech Republic 1.277 Bullish 19.13%
Pakistan 1.453 Bullish 6.51%
Russia 1.465 Bullish 14.97%
Brazil 1.776 Bullish 4.87%
Malaysia 1.810 Bullish -3.96%
China 1.911 Bearish 0.28%
Egypt 2.000 Bearish -9.53%
United Arab Emirates 2.253 Bullish 19.20%
Mexico 2.304 Bullish 13.51%
Taiwan  2.389 Bearish 15.82%
Chile 2.528 Bearish -0.90%
India 2.550 Bullish 11.80%
Hungary 2.607 Bullish 11.98%
Sweden 2.656 Bullish 18.97%
Canada 2.684 Bullish 21.56%
United Kingdom 2.762 Bearish 7.15%
Italy 2.806 Bullish 12.10%
Austria 2.837 Bullish 27.79%
Qatar 3.054 Bearish 0.65%
Singapore 3.060 Bearish 10.40%
Germany 3.156 Bullish 9.83%
Indonesia 3.212 Bearish -8.89%
Switzerland 3.397 Bullish 7.27%
South Africa 3.512 Bullish 18.21%
Colombia 3.667 Bullish -23.02%
Philippines 3.730 Bullish -7.21%
Spain 3.803 Bullish 12.53%
United States 3.805 Bullish 12.75%
Korea, South 3.874 Bearish 4.16%
Australia 4.105 Bullish 11.91%
Japan 4.159 Bearish 2.27%
Vietnam 4.195 Bullish 11.49%
Peru 4.714 Bullish -6.98%
Israel 4.830 Bearish 4.53%
Belgium 5.072 Bearish 7.51%
Poland 5.148 Bullish 14.49%
Hong Kong SAR 5.208 Bullish 12.77%
Norway 5.288 Bullish 15.35%
Thailand 5.313 Bullish 2.06%
New Zealand 5.423 Bearish -19.83%
France 5.718 Bullish 14.67%
Ireland 5.918 Bullish 5.38%
Netherlands 6.571 Bullish 19.68%
Denmark 6.783 Bullish 5.98%
Finland 8.870 Bullish 8.00%
Portugal 11.376 Bullish -1.53%

 

Country Valuation by PEGY and Altered for Country Risk Factors May 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 %  May 28 2021
Greece -8.361 50.00% -4.18 -12.541 Bullish Jan 31, 2021 12.62%
Argentina -6.060 70.00% -4.24 -10.303 Bullish Mar 07, 202 3.08%
Turkey 0.745 70.00% 0.52 1.266 Bearish Mar 21, 2021 -9.94%
Czech Republic 1.277 0.00% 0.00 1.277 Bullish Aug 02, 2020 19.13%
Russia 1.465 40.00% 0.59 2.051 Bullish Mar 07, 2021 14.97%
Pakistan 1.453 50.00% 0.73 2.180 Bullish Jun 28, 2020 6.51%
Taiwan  2.389 -5.00% -0.12 2.269 Bearish May 09, 2021 15.82%
Malaysia 1.810 30.00% 0.54 2.353 Bullish Mar 22, 2020 -3.96%
Sweden 2.656 -10.00% -0.27 2.390 Bullish Nov 01, 2020 18.97%
United Arab Emirates 2.253 10.00% 0.23 2.478 Bullish May 31, 2020 19.20%
China 1.911 30.00% 0.57 2.484 Bearish Feb 21, 2021 0.28%
Hungary 2.607 0.00% 0.00 2.607 Bullish Sep 27, 2020 11.98%
Brazil 1.776 50.00% 0.89 2.663 Bullish May 02, 2021 4.87%
Canada 2.684 0.00% 0.00 2.684 Bullish Nov 01, 2020 21.56%
Singapore 3.060 -10.00% -0.31 2.754 Bearish May 09, 2021 10.40%
Egypt 2.000 40.00% 0.80 2.800 Bearish May 16, 2021 -9.53%
Austria 2.837 0.00% 0.00 2.837 Bullish Jan 31, 2021 27.79%
Switzerland 3.397 -15.00% -0.51 2.888 Bullish Nov 01, 2020 7.27%
Qatar 3.054 0.00% 0.00 3.054 Bearish Apr 12, 2020 0.65%
Germany 3.156 0.00% 0.00 3.156 Bullish Nov 01, 2020 9.83%
Mexico 2.304 40.00% 0.92 3.226 Bullish May 02, 2021 13.51%
Chile 2.528 30.00% 0.76 3.286 Bearish May 16, 2021 -0.90%
United Kingdom 2.762 20.00% 0.55 3.315 Bearish Jun 07, 2020 7.15%
Italy 2.806 30.00% 0.84 3.647 Bullish Nov 01, 2020 12.10%
Australia 4.105 -10.00% -0.41 3.695 Bullish Nov 01, 2020 11.91%
India 2.550 50.00% 1.28 3.826 Bullish Jan 31, 2021 11.80%
Korea, South 3.874 10.00% 0.39 4.261 Bearish Feb 21, 2021 4.16%
Indonesia 3.212 40.00% 1.28 4.496 Bearish Mar 28, 2021 -8.89%
Hong Kong SAR 5.208 -10.00% -0.52 4.687 Bullish May 31, 2020 12.77%
Norway 5.288 -10.00% -0.53 4.760 Bullish Nov 08, 2020 15.35%
Israel 4.830 0.00% 0.00 4.830 Bearish May 09, 2021 4.53%
United States 3.805 30.00% 1.14 4.947 Bullish Nov 01, 2020 12.75%
Vietnam 4.195 20.00% 0.84 5.034 Bullish Aug 02, 2020 11.49%
Colombia 3.667 40.00% 1.47 5.134 Bullish May 28, 2021 -23.02%
New Zealand 5.423 -5.00% -0.27 5.152 Bearish Feb 07, 2021 -19.83%
Philippines 3.730 40.00% 1.49 5.221 Bullish May 23, 2021 -7.21%
South Africa 3.512 50.00% 1.76 5.268 Bullish Mar 28, 2021 18.21%
Spain 3.803 40.00% 1.52 5.324 Bullish Nov 01, 2020 12.53%
Belgium 5.072 10.00% 0.51 5.579 Bearish Feb 21, 2021 7.51%
Poland 5.148 10.00% 0.51 5.663 Bullish May 23, 2021 14.49%
Japan 4.159 40.00% 1.66 5.822 Bearish Feb 21, 2021 2.27%
Netherlands 6.571 -10.00% -0.66 5.914 Bullish Mar 21, 2021 19.68%
Ireland 5.918 0.00% 0.00 5.918 Bullish Feb 28, 2021 5.38%
Peru 4.714 30.00% 1.41 6.129 Bullish May 09, 2021 -6.98%
Thailand 5.313 20.00% 1.06 6.375 Bullish Oct 04, 2020 2.06%
Denmark 6.783 -5.00% -0.34 6.444 Bullish Mar 07, 2021 5.98%
France 5.718 20.00% 1.14 6.862 Bullish Nov 01, 2020 14.67%
Finland 8.870 0.00% 0.00 8.870 Bullish Nov 01, 2020 8.00%
Portugal 11.376 10.00% 1.14 12.514 Bullish Nov 08, 2020 -1.53%

 

 

Country Value and Growth Factors February 26, 2021


Country Value and Growth Factors February 26, 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 %  Feb 26 2021
Argentina 4.50 0.32 -21.59 4.82 -4.479 1.8 Bearish Feb 21, 2021 MSCI Argentina  1.06%
Australia 3.50 2.82 26.25 6.32 4.153 2.21 Bullish Nov 01, 2020 MSCI Australia USD 2.68%
Austria 4.60 1.36 11.49 5.96 1.928 0.98 Bullish Nov 01, 2020 MSCI Austria  6.71%
Belgium 5.40 1.77 29.15 7.17 4.066 1.68 Bearish Feb 21, 2021 MSCI Belgium -3.81%
Brazil 3.60 2.32 21.52 5.92 3.635 2.22 Bearish Feb 21, 2021 MSCI Brazil Net USD -13.65%
Canada 3.60 2.95 24.84 6.55 3.792 1.99 Bullish Nov 01, 2020 MSCI Canada Net USD 4.43%
Chile 4.50 3.10 23.46 7.60 3.087 1.52 Bullish Nov 01, 2020 MSCI Chile Net USD 7.96%
China 8.10 1.27 21.02 9.37 2.243 2.45 Bearish Feb 21, 2021 MSCI China Net USD 6.25%
Colombia 4.00 4.37 19.02 8.37 2.272 1.14 Bullish Jan 31, 2021 MSCI Colombia -12.45%
Czech Republic 5.10 6.63 13.83 11.73 1.179 1.52 Bullish Aug 02, 2020 MSCI Czech Republic 5.36%
Denmark 3.50 1.30 28.56 4.80 5.950 4.92 Bearish Jan 24, 2021 MSCI Denmark  -4.84%
Egypt 2.80 3.48 8.51 6.28 1.355 1.85 Bearish Jul 12, 2020 MSCI Egypt 6.43%
Finland 3.60 2.81 46.26 6.41 7.217 2.52 Bullish Nov 01, 2020 MSCI Finland 0.92%
France 6.00 1.79 36.01 7.79 4.623 1.79 Bullish Nov 01, 2020 MSCI France  1.76%
Germany 3.50 2.39 24.51 5.89 4.161 1.76 Bullish Nov 01, 2020 MSCI Germany  0.55%
Greece 4.10 3.83 13.36 7.93 1.685 2.89 Bullish Nov 01, 2020 MSCI Greece  -2.27%
Hong Kong SAR 3.70 3.05 12.11 6.75 1.794 1.21 Bullish May 31, 2020 MSCI Hong Kong  6.83%
Hungary 0.00 0.17 15.50 0.17 91.176 1.26 Bullish Sep 27, 2020 MSCI Hungary 3.32%
India 11.50 0.95 37.48 12.45 3.010 3.35 Bullish Jan 31, 2021 MSCI India Net USD 2.36%
Indonesia 4.80 2.96 21.28 7.76 2.742 2.42 Bullish Jan 31, 2021 MSCI Indonesia USD -1.36%
Ireland 4.90 1.19 29.74 6.09 4.883 2.12 Bearish Jan 24, 2021 MSCI Ireland -5.53%
Israel 4.90 0.29 28.28 5.19 5.449 1.91 Bullish Nov 01, 2020 MSCI Israel  1.49%
Italy 3.00 2.03 17.91 5.03 3.561 1.25 Bullish Nov 01, 2020 MSCI Italy 1.65%
Japan 3.10 1.96 23.70 5.06 4.684 1.5 Bearish Feb 21, 2021 MSCI Japan USD 0.50%
Korea, South 3.10 1.56 24.92 4.66 5.348 1.41 Bearish Feb 21, 2021 MSCI Korea USD 1.39%
Malaysia 7.00 2.85 21.24 9.85 2.156 1.65 Bullish Mar 22, 2020 MSCI Malaysia USD -3.93%
Mexico 4.30 2.08 23.98 6.38 3.759 2.06 Bearish Jan 24, 2021 MSCI Mexico USD -3.85%
Netherlands 3.00 1.09 27.98 4.09 6.841 2.54 Bearish Feb 21, 2021 MSCI Netherlands 7.14%
New Zealand 4.40 1.83 31.35 6.23 5.032 3.74 Bearish Feb 21, 2021 MSCI New Zealand  -13.49%
Norway 3.60 3.10 43.40 6.70 6.478 1.94 Bullish Nov 08, 2020 MSCI Norway 5.44%
Pakistan 1.50 4.46 5.67 5.96 0.951 0.79 Bullish Jun 28, 2020 MSCI Pakistan Net USD 2.57%
Peru 7.30 3.66 79.66 10.96 7.268 2.25 Bearish Feb 21, 2021 MSCI Peru 1.21%
Philippines 6.60 2.13 21.66 8.73 2.481 0.98 Bullish Nov 29, 2020 MSCI Philippines -6.05%
Poland 2.70 0.43 21.36 3.13 6.824 1.17 Bearish Feb 21, 2021 MSCI Poland USD -4.11%
Portugal 6.50 4.42 51.71 10.92 4.735 2.28 Bullish Nov 08, 2020 MSCI Portugal  -7.31%
Qatar 2.50 3.26 15.97 5.76 2.773 1.86 Bearish Apr 12, 2020 MSCI Qatar -3.58%
Russia 3.00 5.43 15.95 8.43 1.892 1.02 Bearish Feb 21, 2021 MSCI Russia  USD -0.27%
Singapore 5.00 3.63 18.23 8.63 2.112 1.18 Bullish Nov 01, 2020 MSCI Singapore  3.37%
South Africa 2.80 1.82 20.57 4.62 4.452 2.11 Bearish Feb 21, 2021 MSCI South Africa USD 5.70%
Spain 5.90 3.71 20.78 9.61 2.162 1.32 Bullish Nov 01, 2020 MSCI Spain 0.62%
Sweden 3.50 1.24 17.56 4.74 3.705 2.37 Bullish Nov 01, 2020 MSCI Sweden 6.19%
Switzerland 3.60 2.90 20.95 6.50 3.223 3.12 Bullish Jun 14, 2020 MSCI Switzerland -2.35%
Taiwan  4.64 2.44 23.48 7.08 3.316 2.88 Bullish Oct 04, 2020 MSCI Taiwan USD 11.42%
Thailand 2.70 2.47 24.75 5.17 4.787 1.86 Bullish Oct 04, 2020 MSCI Thailand USD 1.89%
Turkey 6.00 1.06 9.75 7.06 1.381 0.97 Bullish Nov 01, 2020 MSCI Turkey  -6.91%
United Arab Emirates 1.30 4.05 13.37 5.35 2.499 1.19 Bullish May 31, 2020 MSCI UAE  6.81%
United Kingdom 4.50 3.16 17.99 7.66 2.349 1.62 Bearish Jun 07, 2020 MSCI UK  -1.08%
United States 5.10 1.83 23.09 6.93 3.332 3.65 Bullish Nov 01, 2020 MSCI USA USD 2.93%
Vietnam 6.70 1.12 20.91 7.82 2.674 3.62 Bullish Aug 02, 2020 MSCI Vietnam 0.69%

 

Country Risk Factors - Economic February 2021
  Economic Risk Socioeconomic Risk
Country Interest Rate Interest Rate Score Inflation Inflation Score Unemployment Unemployment Score Current Account Balance as a % of GDP Competitiveness Score Negative Pop Growth Income Distribution GINI Index over 40 Corruption Transparency Perception Rank Score Corporate Tax Rate Corporate Tax Rate Score
Argentina 38 -3 38.5 -5 11.7 -1 -0.8 0   -1 -2 30 -1
Australia 0.1 1 0.9 0 6.4 0 0.2 0     1 30 -1
Austria 0 1 0.8 0 10.7 -1 2.6 0       25 0
Belgium 0 1 0.46 0 5.8 0 -1.2 0       29 -1
Brazil 2 0 4.56 -2 13.9 -2 -0.9 0   -1 -2 34 -2
Canada 0.25 1 1 0 9.4 -1 -2.1 -1     1 26.5 -1
Chile 0.5 1 3.1 -1 10.2 -1 -3.9 -1   -1   27 -1
China 3.85 0 -0.3 -2 5.2 0 1 0 -1 -1 -2 25 0
Colombia 1.75 0 1.6 0 17.3 -3 -4.3 -1   -1   33 -2
Czech Republic 0.25 1 2.2 -1 4.3 0 -0.4 0 -1     19 0
Denmark -0.6 -1 0.4 0 4.4 0 7.9 1     2 22 0
Egypt 8.25 -1 4.3 -2 7.2 0 -3.1 -1     -3 22.5 0
Finland 0 1 0.9 0 8.7 -1 -0.8 0     1 20 0
France 0 1 0.4 0 8 -1 -0.7 0       28 -1
Germany 0 1 1.3 0 4.6 0 7.1 1 -1   1 30 -1
Greece 0 1 -2 -2 16.2 -3 -1.4 0   -1 -1 24 0
Hong Kong 0.86 1 1.9 0 7 0 6.2 1     1 16.5 0
Hungary 0.6 1 2.7 -1 4.3 0 -0.8 0 -1   -1 9 2
India 4 0 4.06 -2 6.5 0 -0.9 0     -2 25.17 -1
Indonesia 3.5 0 1.38 0 7.07 0 -2.7 -1     -3 22 0
Ireland 0 1 -0.2 -2 5.8 0 4.6 1       12.5 1
Israel 0.1 1 -0.4 -2 4.5 0 2.4 0       23 0
Italy 0 1 0.6 0 9 -1 3 0 -1   -1 24 0
Japan -0.1 -1 -0.6 -2 2.9 0 3.6 0 -1     30.62 -2
Korea, South 0.5 1 1.1 0 5.4 0 3.5 0 -1     25 0
Malaysia 1.75 0 -0.2 -2 4.8 0 1.9 0   -1 -1 24 0
Mexico 4 0 3.54 -1 4.7 0 2.4 0   -1 -3 30 -1
Netherlands 0 1 1.8 0 3.6 0 10.2 2     1 25 0
New Zealand 0.25 1 1.4 0 4.9 0 -3.6 -1     2 28 -1
Norway 0 1 2.5 -1 5 0 4.1 1     1 22 0
Pakistan 7 -1 8.7 -3 4.1 0 -1.1 0     -3 29 -1
Peru 0.25 1 2.4 -1 13 -2 -1.5 0   -1   29.5 -1
Philippines 2 0 4.7 -2 8.7 -1 2.2 0   -1 -3 30 -1
Poland 0.1 1 2.7 -1 6.5 0 0.5 0 -1   -1 19 0
Portugal 0 1 0.5 0 7.1 0 -0.1 0       21 0
Qatar 2.5 0 -1.29 -2 0.1 -1 2.3 0       10 1
Russia 4.25 0 5.7 -2 5.8 0 3.9 0 -1   -3 20 0
Singapore 0.18 1 0.2 0 3.2 0 17.6 2     1 17 0
South Africa 3.5 0 3.2 -1 32.5 -4 -3 -1   -1 -1 28 -1
Spain 0 1 0 0 16.13 -3 2 0       25 0
Sweden 0 1 -0.4 -2 9.3 -1 3.9 0     1 21.4 0
Switzerland -0.75 -1 -0.5 -2 3.7 0 10.9 2     1 18 0
Taiwan  1.13 0 -0.16 -2 3.75 0 9.5 2       20 0
Thailand 0.5 1 -1.17 -2 1.5 0 6.8 1 -1   -3 20 0
Turkey 17 -2 15.61 -3 12.9 -2 1.2 0   -1 -2 22 0
United Arab Emirates 1.5 0 -2.09 -4 2.64 0 7.4 1       0 -1
United Kingdom 0.1 1 0.7 0 5.1 0 -3.8 -1     1 19 0
United States 0.25 1 1.4 0 6.2 0 -2.3 -1   -1   21 0
Vietnam 4 0 0.7 0 2.37 0 5 1     -3 20 0


Country Risk Factors - Sovereign, Political, Conflict and Extraordinary  February 2021
  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 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 89.4 -1 2   -1   -1 0 -2 -20 70.00%
Australia 100 2 45.1 0 1   -1 -1 0 0 0 2 -5.00%
Austria 96 1 70.4 0 1   -2   0 0 -2 -2 0.00%
Belgium 86 0 98.6 -1 1   -2   0 -1 -2 -5 20.00%
Brazil 42 -2 75.79 0 2   -1   -1 0 -2 -13 50.00%
Canada 100 2 88.6 -1 2 1 -1 -1 0 0 -1 0 0.00%
Chile 78 -1 27.9 0 2   -1   -1 0 -2 -7 30.00%
China 80 -1 52.6 0 2   -2 -1 -1 0 0 -9 30.00%
Colombia 57 -1 48.4 0 2       -1 -1 -2 -10 40.00%
Czech Republic 83 0 30.8 0 1       0 0 -4 -4 10.00%
Denmark 100 2 33.2 0 1   -2   0 -1 -1 1 -5.00%
Egypt 30 -3 90.2 -1 2       -1 -1 0 -11 40.00%
Finland 96 1 59.4 0 1   -2   0 0 -1 0 0.00%
France 92 0 98.1 -1 1 1 -2   0 -1 -2 -5 20.00%
Germany 100 2 59.8 0 1   -2   0 -1 -1 0 0.00%
Greece 37 -3 177 -2 2 1 -2   -1 -1 -1 -13 50.00%
Hong Kong 90 0 38.4 0 1       0 -1 0 3 -10.00%
Hungary 58 -1 66.3 0 2       0 0 -2 -1 0.00%
India 56 -1 69.62 0 2   -2 -1 -1 -1 -1 -10 40.00%
Indonesia 60 -1 30.5 0 2   -2 -1 -1 -1 -1 -9 30.00%
Ireland 78 -1 58.8 0 1       0 -1 -2 -2 0.00%
Israel 81 0 59.9 0 1     -1 -1 -1 -3 -6 20.00%
Italy 61 -1 156 -2 1   -2   0 -1 -2 -9 30.00%
Japan 77 -1 237 -2 2   -1   -1 -1 0 -10 40.00%
Korea, South 86 0 37.7 0 2   -1 -1 -1 0 0 -1 0.00%
Malaysia 70 -1 52.7 0 1       -1 -1 -1 -7 30.00%
Mexico 60 -1 45.5 0 2   -1 -1 0 0 -1 -8 30.00%
Netherlands 98 1 48.6 0 1 1 -2   0 0 -2 3 -10.00%
New Zealand 93 0 19 1 1     -1 0 0 0 2 -5.00%
Norway 100 2 40.6 0 1       0 0 -1 4 -10.00%
Pakistan 25 -3 87 -1 1       -1 -1 0 -13 50.00%
Peru 65 -1 27.5 0 2       0 -1 -2 -6 20.00%
Philippines 61 -1 41.5 0 2       -1 -1 -1 -10 40.00%
Poland 71 -1 46 0 2       0 0 -2 -3 10.00%
Portugal 71 -1 117 -2 1   -2   0 0 -2 -5 20.00%
Qatar 85 0 65.8 0 2       0 0 -2 -2 0.00%
Russia 55 -1 12.2 1 2 -1   -1 -2 -1 -1 -10 40.00%
Singapore 100 2 131 -2 2 1     -1 -1 -1 4 -10.00%
South Africa 45 -2 62.2 0 2       0 0 -1 -10 40.00%
Spain 71 -1 95.5 -1 1   -2   -1 -1 -2 -9 30.00%
Sweden 100 2 35.1 0 1       0 0 -2 0 0.00%
Switzerland 100 2 41 0 2       0 0 -2 2 -5.00%
Taiwan  85 0 28.2 0 2       -1 0 0 1 -5.00%
Thailand 65 -1 41.1 0 2       -1 -1 0 -5 20.00%
Turkey 35 -3 33.1 0 2 -1 -1   -2 -1 -1 -17 60.00%
United Arab Emirates 90 0 18.6 1 2       0 0 -2 -3 10.00%
United Kingdom 90 0 100 -2 2   -2   -1 -1 -2 -5 20.00%
United States 98 1 108 -2 1   -2   0 -1 -3 -7 30.00%
Vietnam 43 -2 46.7 0 2       -1 0 0 -3 10.00%

 

 
Notes

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

Country Valuation by Price to Book Value February 2021
Country Price/ Book Value 4% Model Market Indicator Index YTD %  Feb 26 2021
Pakistan 0.79 Bullish 2.57%
Turkey 0.97 Bullish -6.91%
Austria 0.98 Bullish 6.71%
Philippines 0.98 Bullish -6.05%
Russia 1.02 Bearish -0.27%
Colombia 1.14 Bullish -12.45%
Poland 1.17 Bearish -4.11%
Singapore 1.18 Bullish 3.37%
United Arab Emirates 1.19 Bullish 6.81%
Hong Kong SAR 1.21 Bullish 6.83%
Italy 1.25 Bullish 1.65%
Hungary 1.26 Bullish 3.32%
Spain 1.32 Bullish 0.62%
Korea, South 1.41 Bearish 1.39%
Japan 1.5 Bearish 0.50%
Chile 1.52 Bullish 7.96%
Czech Republic 1.52 Bullish 5.36%
United Kingdom 1.62 Bearish -1.08%
Malaysia 1.65 Bullish -3.93%
Belgium 1.68 Bearish -3.81%
Germany 1.76 Bullish 0.55%
France 1.79 Bullish 1.76%
Argentina 1.8 Bearish 1.06%
Egypt 1.85 Bearish 6.43%
Qatar 1.86 Bearish -3.58%
Thailand 1.86 Bullish 1.89%
Israel 1.91 Bullish 1.49%
Norway 1.94 Bullish 5.44%
Canada 1.99 Bullish 4.43%
Mexico 2.06 Bearish -3.85%
South Africa 2.11 Bearish 5.70%
Ireland 2.12 Bearish -5.53%
Australia 2.21 Bullish 2.68%
Brazil 2.22 Bearish -13.65%
Peru 2.25 Bearish 1.21%
Portugal 2.28 Bullish -7.31%
Sweden 2.37 Bullish 6.19%
Indonesia 2.42 Bullish -1.36%
China 2.45 Bearish 6.25%
Finland 2.52 Bullish 0.92%
Netherlands 2.54 Bearish 7.14%
Taiwan  2.88 Bullish 11.42%
Greece 2.89 Bullish -2.27%
Switzerland 3.12 Bullish -2.35%
India 3.35 Bullish 2.36%
Vietnam 3.62 Bullish 0.69%
United States 3.65 Bullish 2.93%
New Zealand 3.74 Bearish -13.49%
Denmark 4.92 Bearish -4.84%

 

 

Country Valuation by PEGY February 2021
Country PE/Total Return 4% Model Market Indicator Index YTD %  Feb 26 2021
Argentina -4.479 Bearish 1.06%
Pakistan 0.951 Bullish 2.57%
Czech Republic 1.179 Bullish 5.36%
Egypt 1.355 Bearish 6.43%
Turkey 1.381 Bullish -6.91%
Greece 1.685 Bullish -2.27%
Hong Kong SAR 1.794 Bullish 6.83%
Russia 1.892 Bearish -0.27%
Austria 1.928 Bullish 6.71%
Singapore 2.112 Bullish 3.37%
Malaysia 2.156 Bullish -3.93%
Spain 2.162 Bullish 0.62%
China 2.243 Bearish 6.25%
Colombia 2.272 Bullish -12.45%
United Kingdom 2.349 Bearish -1.08%
Philippines 2.481 Bullish -6.05%
United Arab Emirates 2.499 Bullish 6.81%
Vietnam 2.674 Bullish 0.69%
Indonesia 2.742 Bullish -1.36%
Qatar 2.773 Bearish -3.58%
India 3.010 Bullish 2.36%
Chile 3.087 Bullish 7.96%
Switzerland 3.223 Bullish -2.35%
Taiwan  3.316 Bullish 11.42%
United States 3.332 Bullish 2.93%
Italy 3.561 Bullish 1.65%
Brazil 3.635 Bearish<