The table below shows the current & historical equity market valuations of selected Emerging Markets. The trailing price-earnings (P/E) ratio of the MSCI Emerging Markets index is currently 12.18 (12/31/2022) and the forward P/E ratio of the index is 11.51. Among the major emerging economies, the Indian stock market is clearly the most expensive while Russia and Brazil are the cheapest .
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Emerging Markets Valuations: Trailing 12 Months & Forward P/E Ratios
| 12/31/2022 | 6/30/2022 | 12/31/2021 | 6/30/2021 | 12/31/2020 | ||
|---|---|---|---|---|---|---|
| MSCI Emerging Markets | P/E (TTM) | 12.18 | 12.19 | 14.02 | 18.73 | 21.28 |
| Forward P/E | 11.51 | 10.87 | 12.04 | 13.78 | 15.11 | |
| China | P/E (TTM) | 13.24 | 13.77 | 15.45 | 16.25 | 17.37 |
| Forward P/E | 9.98 | 11.53 | 12.19 | 12.33 | 13.26 | |
| Taiwan | P/E (TTM) | 11.81 | 13.48 | 19.35 | 27.96 | 19.55 |
| Forward P/E | 11.76 | 10.92 | 15.36 | 16.29 | 18.43 | |
| South Korea | P/E (TTM) | 9.97 | 9.59 | 13.61 | 20.22 | 27.43 |
| Forward P/E | 10.51 | 8.10 | 10.49 | 11.52 | 14.05 | |
| India | P/E (TTM) | 22.13 | 19.50 | 24.11 | 28.33 | 38.45 |
| Forward P/E | 21.69 | 19.01 | 23.32 | 22.39 | 23.90 | |
| Russia | P/E (TTM) | 3.52 | 3.75 | 6.98 | 11.25 | 12.20 |
| Forward P/E | 4.08 | 4.69 | 5.39 | 6.76 | 8.17 | |
| South Africa | P/E (TTM) | 9.22 | 9.90 | 11.33 | 15.64 | 27.39 |
| Forward P/E | 8.96 | 8.08 | 9.72 | 9.59 | 10.55 | |
| Brazil | P/E (TTM) | 5.69 | 5.48 | 6.80 | 13.50 | 33.09 |
| Forward P/E | 6.81 | 5.93 | 7.51 | 9.02 | 12.55 |
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