THE FTSE Value-Stocks Asean Index has declined 18.1 per cent this year and now has a price-to-book ratio of just 1.06 times, the lowest it has been since the index was launched in November 2013.
The index consists of 50 stocks that have passed contrarian, quality and valuation screenings. Quality screening is applied to avoid value traps, and is based on fundamental factors such as three-year return on equity, operating profit margin and net gearing. Among the 50 stocks, the 11 Singapore Exchange-listed companies in the index have performed relatively better. Year-to-date, they have declined by an average 13.3 per cent.
Manulife US Reit and Venture Corp are among the index's five best-performing stocks this year, returning 4 per cent and 1 per cent, respectively. Based on its current P/B ratio, the FTSE Value-Stocks Asean Index trades at a 27 per cent discount to its three-year average of 1.46 times.
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