The shares are trading on cheap multiples. While this is from July 2013:
And finally there is Poland. Currently we are reading a lot about reshoring, about how rising transport costs and the growing need for companies to be more flexible in the manufacturing sector, is leading companies to bring their manufacturing closer to home. This trend is partly manifesting itself in companies reshoring manufacturing to countries where they achieve most of their sales. But there is a growing view that countries on the edge of high spending regions, with low labour costs and high productivity may benefit. In this respect two names keep cropping up – Mexico, where unfortunately PE ratios are above the historic average, and Poland.
Anyway, here are the PE ratios for the countries I mentioned back at the end of June.
Country P/E Average China 8.7 14.9 Columbia 17.4 22.7 Czech Republic 7.7 17.1 Korea 9.2 16.8 Malaysia 16.2 22 Mexico 19.5 16.2 Morocco 11.6 17.7 Peru 10.6 14.9 Philippines 18.5 24.5 Poland 9.4 15.6
Equities: US versus emerging markets - The Share Centre Blog
And considering the graphs below, this isn't likely to have changed much..