FTSE Asia Pacific ex Japan Index: real bargain?

The indices of the Asia and Pacific ex Japan got some sharp turn down these last months. Probably 25% to 30% of the price is down respective to 2021. By looking in the Data provided by Vanguard I realized that it seems to be a real bargain at a price to book ratio of 0.7 and a price to earn of 6.2.
I however took these values with a pinch of salt as another index , the MSCI AC Asia ex Japan Index (Yes there are few differences between the FTSE and MSCI index) does not display such amazing ratios (p/B= 1.62, p/e=13.47). Is this difference in numbers related to the composition of the index, even if it is the same region, or is it due to the way Vanguard makes the calculation?

It seems you’re comparing FTSE Developed Asia Pacific ex Japan with MSCI AC Asia ex Japan. These are substantially different indices despite the regional overlap. The former is mainly Australia, South Korea and Hong Kong. The latter is mainly China, Taiwan, India and South Korea.

Yes, the FTSE used by Vanguard is only for developped Asia, I was confused here. I am still asking myself why is the P/E so low. Are the perspectives in developed Asia so bad?

I think Ben Felix highlight few points here on the risky investments in emerging market

Loads of low-P/E sector companies (Financials, Basic Materials, Telco) and Samsung.

Can’t use P/E as a stand-alone measure to determine if a market is attractive. I traded Asia as an equity trader for banks/HFs for >10 yrs. For example, Korea permanently. i.e. decades, has always traded at a lower P/E than other markets. Reasons could be the multiple cross share holdings between conglomerates etc. No point trying to wait for this to change. Asia specifically takes a lot of local knowledge. Most of it is EM still and therefore capital markets are by far less liquid and efficient vs DM.