The Hang Seng has had its best start to the year since the mid-1990s, rising 12.5 per cent over the past month.
Even so, by standard valuation metrics, Hong Kong’s benchmark stock index still looks cheap. It is trading on a price-to-earnings ratio of about 9.4, a discount to the Asia-wide average of 12 and much lower than its own long-term average of about 14.
The question for investors is whether the Hang Seng represents a bargain, or whether the seductive p/e ratio is a value trap.
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