Die besten Japan Aktienfonds - Seite 4

In terms of price to earnings ratios, these may appear high but this is due to the heavy profit falls experienced last year. As the strong profit recovery that we anticipate comes through, these ratios will come down quickly. We believe that price to book value offers a better indication of the real cheapness of Japanese companies. Based on the broadly based Topix index, Japanese companies are trading at a little over the value of their assets, which leaves them around historic lows and also well below the levels of international peers. While Japanese stocks trade at around 1.2 times book value, shares in the US trade on 2.2 times book based on the S&P 500 and UK shares are at 1.9 times using the FTSE All Share, according to Bloomberg data. Even if you assume that Japanese stocks should trade at some kind of discount to these markets, they still look too cheap in our view."

Mag. Nicole Strebinger, CIIA, "Meinl Japan Trend" (24.03.2010): "Die jüngsten Quartalsergebnisse in Japan folgen dem positiven globalen Trend. Großteils überraschten viele Unternehmen mit besseren Zahlen als erwartet worden war. Insbesondere Unternehmen aus der Finanzdienstleistungsbranche konnten positiv überzeugen. Die japanischen Unternehmen haben im Gegensatz zu ihren Pendants in den USA oder Europa einen sehr geringen Verschuldungsgrad und damit eine sehr gesunde Basis. Während das Kurs Gewinn Verhältnis wenig vielversprechend aussieht, sind sowohl Kurs Buchwert als auch Kurs Cashflow Verhältnis nach wie vor sehr attraktiv zu bewerten."

Manfred Schraepler, Head of db funds, "DB Platinum IV Cropi Japan R1C" (30.03.2010): "The equity market is of course influenced by sales growth and operating margins. Our research team has revised upwards the levels of growth rates for both the manufacturing and non-manufacturing industries for each three year period from 2010 – 2012. All-industry sales growth is expected to be -12.5% yoy in 2009, 5.5% in 2010, 3.3% in 2011, and 5.0% in 2012. Meanwhile operating profit is expected to increase even stronger, of course partly influenced by the low levels in 2009. After an expected decline of -13.9% in 2009, the analysts look for growth rates of the operating profit by 37.0% in 2010, 18.9% in 2011, and 14.9% in 2012.