Carry forward trades accounted for nearly 90% of trading volumes in the Indian markets and the fears of market players about volumes getting restricted appear justified to many.
In addition, stock prices of the big Chinese banks are relatively cheap: Bank of China trades at 1.4 times forward book value, and Agricultural Bank of China trades at 1.6 book value for fiscal year 2011, even though Bank of China is considered a better-run bank.
Even after this run up, Qualcomm trades at a Forward PE (fye Sep 2013) of 16.46.
It trades at a forward price-to-earnings multiple of 14, compared with 16 for rival Novartis (nyse: NVS - news - people ).
Carnival trades at a forward PE multiple4 of 16, with a forecast long-term growth rate of around 16% per year.5 This is an attractive trade off, in my opinion, particularly given the great dynamics of an industry riding the powerful, long-term currents of mass affluence and aging.
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The stock currently sports a 1.6% dividend yield, and trades at 17 times forward earnings.
Rival Royal Caribbean is down 80% and trades at 3 times forward earnings.
And at its current price, Jakks trades at 17 times forward earnings, about 5 times below the industry average.
Red Robin ( RRGB - Analyst Report ) was recently upgraded as well, but trades at 21 times forward earnings.
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It trades at 22 times forward earnings.
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Nikhil Hutheesing , editor of the Forbes Wireless Stock Watch, has it on his "buy" list, along with mobile-phone distributor Cellstar (nasdaq: CLST - news - people ), which trades at 13 times forward earnings.
And, as I have noted in previous posts, even now the stock is not exactly a raging bargain by most statistical measures: Facebook trades for about 8x forward revenues, compared to 5x for Google, or less than 4x for Apple.
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The Bombay Stock Exchange (BSE) index trades at about 18 times forward earnings, which makes its shares more expensive than most other emerging economies, according to Thomson Reuters.
Olney was heartened by this especially since Europe on a 30-year 12-month forward price-to-earnings basis trades at a discount of 16% to the U.S. which is double the long-run average of 8%.
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Today, Apple trades at 7.2x lowered forward earnings (less cash), or at a discount of more than 30%.
ADP, by contrast, trades for about 2.2x forward revenues, and about 17x Street consensus profits for the June 2012 fiscal year.
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It pays a dividend of almost 4% and trades at a very cheap 8 times forward earnings, which are expected to grow about 14% this year.
Potlatch currently trades at 33.0x 12-month forward earnings, a 16% premium to the peer group average of 28.5x.
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Despite having much more room to grow in China, Netease trades at 27 times estimated 2004 earnings, compared with the forward price-to-earnings multiple of 74 enjoyed by Yahoo!
"People from the manual trades are unable to afford the whole process of campaigning, putting themselves forward and taking time off, and people from the professions can't afford to give up the salaries they have become accustomed to, " she told MPs.
Even with a bearish sentiment going forward into the next few weeks, as active traders it is prudent to tier in and tier out of trades as the landscape changes.
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With its stock now priced at 28 times forward earnings, Hyflux needs to give a nearly flawless performance to justify such lofty valuations (the Singapore market trades at an average of just 13).
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