Sunil Jain: Hold your horses?

PERSPECTIVES

Stock market expectations versus corporate earning forecasts (based on dividend discount model)
	Implied   corporate earnings  growth based on stock values '08 & '09 (% p.a.)	IBES  Corporate earnings growth forecast '08 & '09 (% p. a.)	Spread	% of time   since 1990 when  actual earnings growth> implied  earnings growth*
Asia ex Japan	45.4	12.1	33.3	11
China	67.8	17.4	50.4	8
Hong Kong	22.7	-6.6	29.3	22
India	60.4	25.6	34.8	0
Indonesia	17.0	13.6	3.4	44
Korea	48.3	13.5	34.7	28
Malaysia	8.4	9.5	-1.2	71
Philippines	22.7	16.4	6.3	35
Singapore	21.6	10.3	11.2	28
Taiwan	41.6	13.3	28.3	22
Thailand	13.7	10.4	3.4	40
Source: IBES Aggregates, MSCI, Citi Investment Research *Indonesia since 1991, Malaysia since 1993, India and China since 1995 due to data availability