Singapore and India rank as the best value stock markets in Asia following the sharp share-price run-up in recent weeks, according to ABN Amro.

Out of a list of 40 stocks recommended on the basis of value and growth and which analysts have a 'high certainty' of the future growth outlook, Singapore and Indian shares account for 28 and 24 per cent respectively. Thailand and Indonesia shares also rank well, while China, Hong Kong and Taiwan are under represented. There are no Korean stocks on the list, reflecting the bank's bearish view on Seoul.

The bank's screening of the top 40 delivered an average price/earnings of 12.2 and a yield of 2.7 per cent. Biased towards larger-cap stocks, the bank recommends Bangkok Bank, Telkom Indonesia, ITC (India), Reliance Industries (India), Singapore Telecom and Hang Lung Properties.