Asia's still cheap—for now: JPM strategist

Buying opportunities lie in Asian markets, particularly in China, JPMorgan Private Bank Chief Investment Strategist Kate Moore said Thursday.

"I think sentiment on EM is still really bearish. Yes, the macro has started to move. We're getting that little second-derivative pop. We got that in Europe on growth earlier this year, and that really turned a lot of people around," she said.

"But we're not seeing huge amounts of ownership. In fact, most of the flows are pointing to investors taking money from both active and passive funds in China and in emerging markets so far this year. And until we see that really turn the corner – and with valuations as cheap as they are at nine times forward for China – I still think we have a little bit more room to go."

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On CNBC's "Fast Money," Moore, who has $910 billion in assets under management, said that other Asian markets offered upside.

"We think there are opportunities in Korea and Taiwan, as well," she said. "And increasingly as the market turns and the macro solidifies, we would even be looking in places in Southeast Asia that have been sold off, I think, really aggressively."

Moore said that state-owned enterprises were to be avoided, as well as companies that might have trouble sustaining their margins.

Challenged by Stephen Weiss of Short Hills Capital on China's accounting practices and "unsustainable debt load," Moore said that China still offered strong performance.

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"Nine times is cheap relative to the rest of the market that's not producing a tremendous amount of earnings," she said. "You may not love the fact that Chinese accounting is not as clear as U.S. or perhaps European or any of the developed market peers. They produce much more solid earnings in terms of an absolute level in the second quarter than Europe or, ex financials, in the U.S. There's actually positive earnings growth across many sectors.

"Look, I'm also of the belief that there are crooked managers in every geography, and there are always going to be people that try and take advantage of the system. To sort of cast a wide net across all of Chinese companies and say that everyone is cooking the books I think is unfair."

— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

— CNBC's Katie Young contributed research to this report. Follow her on Twitter: @katiecnbc.

Trader disclosure: On Sept. 12, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long AAPL; Jon Najarian is long FB; Jon Najarian is long MSFT; Jon Najarian is long LULU; Jon Najarian is long GRPN; Jon Najarian is long P; Jon Najarian is long ORLY; Jon Najarian is long SYK; Jon Najarian is long MGM; Jon Najarian is long WYNN; Jon Najarian is long MAR; Jon Najarian is long CERN; Jon Najarian is long COP; Jon Najarian is long FIO; Jon Najarian is long GPS; Brian Kelly is long oil; Brian Kelly is long T-Notes; Michael Murphy is long BAC; Michael Murphy is long AAPL; Michael Murphy is long F; Stephen Weiss is long M; Stephen Weiss is long QCOM; Stephen Weiss is long AAPL CALLS; Stephen Weiss is long AIG; Stephen Weiss is long C; Stephen Weiss is long BAC; Stephen Weiss is long SODA.