The Southeast Asia region has been on the radar recently with the world searching for missing Malaysian Airlines Flight 370. On a more positive note, while Asian core exchanges declined broadly in March alone (HSI -6.95%, N225 -4.16%, ASX -1.23%), the Southeast Asian markets of Thailand, Indonesia and Philippines (TIP) have recorded year to date gains of +4.59%, +9.83% and +9.13% respectively in local currency. SGX is down -2.90% along with BURSA’s -2.53%. JSE is the region’s best performer with the SET rising +11.4% since the low of 1223 at the peak of the Bangkok lockdown. Price earnings ratios for SET today are around the 3 year average of 15.32, with JSE nearing at 21.4, nearing the May 2013 index high of 22.

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