in Malaysian equities moving to a premium valuation, both in absolute terms and relative to their own history (Figure 53 and Figure 54). Figure 53: MSCI Malaysia — P/BV (x) since 2000 3 0 x x 2 5 2 0 1 5 1 0 0 5 MSCI Malaysia P/BV Average P/BV Source: Deutsche Bank, Bloomberg Finance LP -2 s.d. +