Asia consumer stocks appear expensive, but some analysts think they can rise further, getting a boost from falling commodity prices.
"Food prices have fallen very sharply over the last couple of months. The market may have actually ignored this because people are focusing on oil prices," Nirgunan Tiruchelvam, director for Southeast Asia consumer research at Standard Chartered, told CNBC.
For example, corn and soybean prices are down around 26-30 percent from their peaks this year, with many agricultural commodities priced at five-year lows, with the declines far outstripping the U.S. dollar's recent strength against regional currencies, he noted.
"This has a very important impact on the operating margins of the F&B (food and beverage) companies in Southeast Asia because their principal products are priced as consumer products but their raw materials are priced as commodities," he said. "There could be a very high chance of an earnings surprise for a number of these companies."