Asset managers have long feared the heavy hand of the state tampering with their investments. But rarely have they shunned government-controlled companies in the developing world so fervently.
By contrast, money has largely gushed into companies geared towards consumer spending in emerging markets – whether staples like rice crackers and beer, or more discretionary spending areas such as televisions and cars.
Some analysts and money managers feel the divergence in valuation between unloved state-owned enterprises (SOEs) and consumer stock darlings has become too great.
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