Bloomberg News

Thai, Indonesia Stocks Farthest From Low, Credit Suisse Says

September 13, 2011

(Updates to add stock performance in last paragraph.)

Sept. 14 (Bloomberg) -- Thai and Indonesian stock markets are the farthest from 2008/9 lows, based on current price-to- book, Credit Suisse Group AG said.

Thailand traded at 2.24 times price-to-book and Indonesia at 3.43 times as of Sept. 12, more than double their 2008/9 lows, Sakthi Siva and Kin Nang Chik, analysts at Credit Suisse, wrote in a report dated yesterday. The stock markets closest to their 2008/9 lows are Israel, Brazil, Egypt and MSCI China, with the latter being just 1 percent above its low in that period, they wrote.

“Significantly, Europe’s price-to-book of 1.27 times is still 14 percent above the 2008/09 lows of 1.11 times,” they wrote.

Indonesia is the world’s fifth-best performer in the past 12 months, rising 20 percent, according to data compiled by Bloomberg. Thailand has rallied 12 percent in that time, while the MSCI All-Country World Index of developed and emerging nations has dropped 2.6 percent.

--Editor: Richard Frost

To contact the reporter on this story: Richard Frost in Hong Kong at

To contact the editor responsible for this story: Darren Boey at

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