In this article, originally published by Eastspring Investments in May 2022, Sundeep Bihani, portfolio manager at Eastspring Investments, shares his thoughts on the opportunities for value investing in Asia. Value equities in Asia ex-Japan have had a strong rebound since Nov 2020, outperforming the regional index by 15%. We believe this re-commencement of value’s outperformance has just begun in Asia, well supported by the economic cycle, implied market expectations, and investor positioning. As the pendulum starts its mean reversion journey from one end (optimism over growth stocks) to the other end (renewed focus on profits and cashflows), we see significant mispriced stock opportunities for bottom-up value investors in Asia.