Asian stock markets, Lemanik remains positive over the long term

Equity valuations in Asia remain attractive both in absolute terms and compared with the United States and Europe. That is Marcel Zimmermann's reading, manager of the Lemanik Asian Opportunity fund, who in his 12 November commentary confirms a positive view of the region over the medium to long term, while expecting greater volatility in the short term.

Favourable data on exports from Taiwan and South Korea and the quarterly earnings of SK Hynix, Samsung and Taiwan Semiconductor were not enough to reverse the negative mood on Asian stock markets. According to the manager, the negative cash flows of most hyperscalers weighed on the main technology stocks, with particularly sharp selling in South Korea. In Indonesia, the stock market lost 14% in the month after MSCI's warning of a possible downgrade of the country.

The Lemanik Asian Opportunity fund has reduced its exposure to Indonesia to zero, having previously been overweight, in the face of persistent foreign capital outflows. In Japan it has reduced its weighting in industrial and consumer stocks, increasing that of technology stocks after recent falls. The fund has also slightly increased cash. Zimmermann will continue to monitor equity valuations, particularly in South Korea, where, according to the manager, 12-month price/earnings ratios have reached their lowest levels in the past 15 years.

Source: Lemanik press release of 12 November 2026.