China Merchants Securities said in a report that the Hang Seng Index and the overall stock market as a whole are beginning to look enticing when compared to its global peers on a forward 12-month price-earnings basis. The index's median reading from 2010 to 2015 remains close to 10, while that of Japan's Nikkei 225 is near 20 and the US S&P 500 is starting to approach a reading of 20. Even the Shanghai Composite is closing in on 15. Currently, the 12-month forward price-earnings for the Nikkei is closing in on 40, along with Brazil's Bovespa.