While Wall Street obsesses over the latest AI darling and retail investors pile into meme stocks, a genuine opportunity sits neglected in plain sight. Asian markets—excluding the perpetual China question mark—are trading at valuations that would make Ben Graham’s ghost weep with joy.

I’ve been around this business long enough to know that the best opportunities rarely come with fanfare. They arrive quietly, wearing the uncomfortable clothes of yesterday’s disappointments while everyone else chases tomorrow’s promises. That’s exactly what we have today in markets like South Korea, Taiwan, India, and Southeast Asia.

Let’s start with the numbers that matter. The MSCI Asia ex-China index is trading at roughly 13 times forward earnings—a discount of nearly 30% to the S&P 500. But here’s the kicker: many of these companies are growing earnings faster than their American counterparts while generating superior returns on equity.

Take South Korea’s market, trading at barely 9 times earnings. These aren’t zombie companies propped up by easy money. Samsung, despite all the semiconductor cycle hand-wringing, continues to print cash. SK Hynix is positioned perfectly for the memory boom that AI will inevitably demand. Yet the market treats them like yesterday’s newspaper.

Taiwan presents an even more compelling case. The Taiwan Semiconductor Manufacturing Company (Ticker: TSM) literally makes the chips that power the AI revolution everyone’s so excited about, yet it trades at a fraction of NVIDIA’s valuation. Sometimes the best way to play a gold rush isn’t to buy the prospectors—it’s to own the company selling the shovels.

Here’s what the MBA crowd misses while they’re busy building models: demographics is destiny in investing. While China grapples with an aging population and a shrinking workforce, much of the rest of Asia is hitting the sweet spot of economic development.

India’s median age is 28. Vietnam’s is 32. Indonesia clocks in at 30. These aren’t just numbers—they represent millions of people entering their peak earning and consuming years. They’re buying their first cars, smartphones, and homes. They’re starting families and building wealth.

I’ve seen this movie before. It played out in post-war Japan, then South Korea, then Taiwan. Each time, patient investors who recognized the demographic tailwinds early were rewarded handsomely. The script is playing out again, but this time across multiple countries simultaneously.

While American politicians argue about infrastructure spending, Asian governments are actually building it. India alone is spending over $1.4 trillion on infrastructure development through 2025. Southeast Asian nations are connecting their economies through roads, rails, and digital networks that would make our own infrastructure look embarrassingly dated.

This isn’t just government largesse—it’s economic necessity. These countries understand that modern infrastructure is the foundation of sustained growth. The companies building this infrastructure, from cement makers to construction equipment manufacturers, are positioned for years of steady demand growth.

Here’s something that might surprise the Silicon Valley cheerleaders: much of Asia is actually ahead of the United States in adopting new technologies. Mobile payments, digital banking, and e-commerce penetration rates in countries like South Korea and Singapore make American adoption look glacial.

These markets didn’t have legacy systems to protect. They leapfrogged directly to mobile-first, digital-native solutions. The result? More efficient economies and companies that understand digital transformation because they’ve been living it for years.

Yes, geopolitics matters in investing but not always in the way the headline-writers suggest. The ongoing tensions between the U.S. and China have created an unexpected beneficiary: the rest of Asia.

Supply chain diversification isn’t just a buzzword; it’s a trillion-dollar shift happening in real time. Companies are moving production from China to Vietnam, Malaysia, Thailand, and India. This “China plus one” strategy is creating investment opportunities across multiple sectors and countries.

Most investors focus solely on stock prices, ignoring the currency component that can add significant returns. Several Asian currencies are positioned for strength as their economies outgrow their debt burdens and current account positions improve.

The Indian rupee, despite recent volatility, is backed by an economy growing at 6%+ annually with improving fundamentals. The Singapore dollar remains one of the world’s best-managed currencies. Even the South Korean won offers compelling value after years of relative weakness.

Timing is everything in contrarian investing. The best opportunities emerge when pessimism peaks but fundamentals are improving. That’s exactly where we sit with Asian ex-China markets today.

The pessimism stems from legitimate concerns: slowing Chinese growth, geopolitical tensions, and rising interest rates. But here’s what the worry-warts are missing: these markets have already priced in most of the bad news while the good news, demographic growth, infrastructure investment, technological advancement, is still largely ignored.

I didn’t build a career by following the crowd or chasing last quarter’s winners. The best investments are often found where others fear to tread, in markets that offer compelling value backed by improving fundamentals.

Asian markets ex-China check every box that matters reasonable valuations, growing economies, favorable demographics, and improving corporate governance. While everyone else debates whether this AI stock or that crypto play is the next big thing, patient investors can build positions in companies and markets that offer genuine long-term value.

The tigers may have been quiet recently, but they haven’t been sleeping. They’ve been growing, building, and preparing for their next run. Smart money recognizes when the table is set for significant outperformance.

The question isn’t whether these markets will eventually reward patient investors; it’s whether you’ll be among those who recognized the opportunity while it was still available.

Over the last five years as the world has ignored Asian stocks in favor of the US excellence theme those who applied Ben Graham principles of the Asian markets have done very well.

A simple strategy of buying Asian stocks outside Chian that trade at low Enterprise Value to Earnings Before Interest and Taxes multiples (EV/EBIT), paid a dividend yield of at least three percent and had strong fundamentals and balnce sheets has outperformed US stocks by a wide margin.

Right now, there are 18 stock that pass these filters and trade in the United States. Some of them are thinly traded but since most of you will ignore this column as you search for the next Fartcoin and Nuclear Stablecoin or Drone company guaranteed to go to $4 billion a share in the next few weeks. Those few of you who are interested can just use a limit order and a little patience.

Rather than tease you or cherry pick the list, here are all 18 qualifying stocks as of this week.

(Ticker: AAGRY) PT Astra Agro Lestari Tbk. One of Indonesia's largest palm oil growers and refiners, producing crude palm oil and downstream products for export and domestic markets.

(Ticker: BGUUF) Benguet Corporation. A veteran Philippine miner focused on gold and nickel with operations centered in northern Luzon.

(Ticker: CHDGF) COSCO Shipping International Hong Kong Co., Ltd. Provides marine equipment trading, ship supplies, and technical services as a service platform for the COSCO Shipping group.

(Ticker: DELKY) Delek Group Ltd. Israeli energy holding with stakes in Eastern Mediterranean natural gas and other upstream and midstream assets.

(Ticker: GULRY) Guoco Group Ltd. Diversified holding company with investments in property, hospitality, and financial services through regional subsidiaries.

(Ticker: IGGGF) IGG Inc. Mobile and online game developer best known for Lords Mobile with a portfolio of free to play titles across global markets.

(Ticker: ITRN) Ituran Location and Control Ltd. Provides telematics, stolen vehicle recovery, and fleet management services with recurring subscription revenue in Israel, Latin America, and North America.

(Ticker: KMNCF) Kingsmen Creatives Ltd. Singapore based brand experience firm that designs and builds exhibitions, museums, themed attractions, and retail interiors across Asia.

(Ticker: MAWHF) Man Wah Holdings Ltd. Manufacturer of upholstered furniture including recliners and sofas under the Cheers brand with production in China, Vietnam, and Mexico.

(Ticker: NPNYY: Nippon Yusen Kabushiki Kaisha. Major Japanese shipping and logistics group spanning container, bulk, auto carrier, logistics, and air cargo operations.

(Ticker: PTTMF) PT Timah Tbk. State affiliated Indonesian tin producer engaged in exploration, mining, smelting, and marketing of refined tin.

(Ticker: SITIF) SITC International Holdings Co., Ltd. Intra Asia container shipping and logistics provider offering liner services, freight forwarding, and supply chain solutions.

(Ticker: TJIPF) Tianjin Port Development Holdings Ltd. Operates container and general cargo terminals and provides port related services in the Tianjin port area.

(Ticker: UNEGF) United Energy Group Ltd. Upstream oil and gas company with core production in Pakistan and additional assets and projects in China.

(Ticker: WHGRF) WH Group Ltd. Global pork producer and processor that owns Smithfield Foods and sells packaged meats and fresh pork in China, North America, and Europe.

(Ticker: WOSSF) Water Oasis Group Ltd. Hong Kong beauty services and skincare operator running spa and medical beauty clinics and distributing cosmetic brands.

(Ticker: YUEIY) Yue Yuen Industrial Holdings Ltd. Leading contract manufacturer of athletic and casual footwear for major global brands and a retailer in Greater China through Pou Sheng.

(Ticker: ZIM) ZIM Integrated Shipping Services Ltd. Israel based container liner company operating a global network with an asset light chartered fleet and digital oriented services.

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Tuesday, September 16, 2025