China is looking cheap. More specifically, “A” shares are looking cheap. Shares of companies listed on both the Shanghai exchange and in Hong Kong show the A shares near eight-year lows versus their southern counterparts. The discount is 8 per cent; this compared with an average 18 per cent premium over the period. Shanghai A shares’ forecast earnings multiple is 7.5 times; this versus an average of 9.4.
中國股票現(xiàn)在看上去比較便宜。更確切地說，A股現(xiàn)在看上去比較便宜。從在上海和香港兩地上市的公司的股價看，A股相對于H股的價格逼近8年低位，目前存在8%的折扣，這與8年來平均18%的溢價形成對比。上海A股的預(yù)測市盈率為7.5倍，而平均值為9.4倍。
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