It’s not the recently failed military coup that makes Turkey the world’s riskiest corporate sector but its high capex, large free cash outflows and rising leverage. A major shorting opportunity could arise. After Turkey, China and India is where we are most concerned. The corporate sector will be unable to facilitate an investment upcycle in either market for a number of years. Investors are in a state of suspended disbelief. Recent trends in Vietnam and Singapore are also of concern. However, our analysis of 40,000 companies across 41 markets over the past ten years suggests that there’s little to be worried about. Closer to home and the ASEAN-4 look fine while Korea has posted a remarkable recovery.