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Even if the NIH is drastically cut, we don't see a doomsday scenario for these companies, and some of the industry's stronger players are now trading at attractive valuations.
Morningstar 2012 International-Stock Fund Manager of the Year Rajiv Jain expects continued earnings growth for the less popular growth stories of tobacco and Indian consumer stocks.
Valuations are beginning to disconnect from the pace of fundamental growth in some emergingmarkets , but targeted values can still be found, says Matthews Asia Funds' Andrew Foster.