I'd pick the Doha Stock Market in Qatar. Qatar is a country with a GDP
per citizen of around $1m that will be investing aggressively into World
Cup 2022 to transform itself into a destination for millions of
tourists. The country's stock exchange is being promoted to the main
MSCI Emerging Markets index this May and trades at under 10x earnings
(versus a historic level of 15-20x) with a 5% dividend yield and likely
EPS growth of 10%, backed by the government who are extremely
shareholder friendly given the locals own the majority of shares. The
currency is pegged to the US dollar with appreciation potential. If/when
US rates start to rise, net interest margins of local banks will expand
dramatically. An easy way to invest is the closed-end Qatar Investment
Fund listed in London, which gives you index exposure at a 10% discount
to NAV. This should easily triple over 10 years in dollar terms with
minimal downside risk
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment