-
Persistent trade-deficit pressure
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Policy-managed inflation
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IMF-anchored fiscal constraints
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Limited foreign inflows
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Domestic liquidity dominance
This does not justify premium multiples.
So 9–10x is not “cheap”.
It is fair for the risk profile.
4️⃣ Why Multiples Haven’t Expanded (Despite Earnings)
This confuses retail investors most.
Earnings grew.
Dividends paid.
Yet valuations didn’t expand.
Why?
Because:
-
Cost of capital remains high
-
Currency risk is unresolved
-
Growth visibility is narrow
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Index concentration is extreme
Valuation expansion only comes when risk perception improves, not when EPS rises alone.
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