There is nothing completely bombed out and neglected in this market: Vinod Karki

economictimes.indiatimes.com:

Vinod Karki, Equity Strategist, ICICI Securities, says “the universe of value stocks is falling by the day. There is nothing which is bombed out at this point in time. Everything is rising and which is a typical bull market scenario where everything keeps rising. One has to keep looking at sectors where the growth continues.”
Let us talk about the power space, especially PFC, REC, which have seen a 10-12% move. The REC management told ET Now that they would go net debt-free and valuations from 0.5 book have become close to one time book. Do you see scope for a further expansion of valuations in PFC, REC because of stemming of T&D losses and good recoveries?
Yes, the price to book ratio has strong fundamental correlation with the return equity and now the earnings will look ahead. In fact, a lot of these companies which are driven by book and are at reasonable price to book and as the outlook for return equity and growth continue to pick up, I do not see why the price to book should contract, especially when they are not way above the one or two level.

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So, something at close to one price to book and with earnings visibility improving, earnings outlook will be the thing. If these companies keep delivering on earnings, ROEs expand at respectable levels, then the price to book could move beyond one for sure.

In which part of the market do you see really bombed out valuation, something which nobody is ready to look at?We actually wrote a report recently on the valuation theme and