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EPHE - EPHE: Philippine Stocks Are Very Cheap Relative To History
iShares MSCI Philippines
2025-05-05 12:57:43 ET
Summary
The Philippine stock market (represented by EPHE) currently trades an attractive earnings multiple of just 11x, compared to 20x earlier in the decade.
I am concerned, however, by the slow-growth nature of some of its holdings and the degree to which some companies are controlled by families.
Given that since inception, EPHE has provided a total return of just 26.5% versus 546% from the S&P 500, investors need a very convincing reason to invest in the ETF.
I cannot see any near term catalysts which would justify a re-rating or multiple expansion for the Philippine market.