People take photos of the upcoming Apple Marina Bay Sands store in Singapore September 8, 2020. South-east Asia, once sought for yield and growth, now attracts the worst earnings projections in Asia, and even upbeat managers say it is too soon to buy back in. — Reuters pic
“Asean used to be a darling of investors,” said Binay Chandgothia, head of Asia at Principal Global Asset Allocation. Indonesia and the Philippines have the highest Covid-19 death tolls in South-east Asia, while Singapore and Thailand are among the most economically exposed in the world. “While there are lockdowns happening it’s difficult to put extra money there, not knowing how long you’re going to wait for,” said Sean Taylor, chief investment officer in Asia for German asset manager DWS, who is underweight in countries belonging to the Association of South-east Asian Nations .
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