The potential for a "Great Rotation" into equities is a matter of debate. In Southeast Asia, though, strong economic fundamentals have already driven some stock market valuations to levels that will be tough to sustain.

Take the Philippines. The region's former "sick man" has rarely looked healthier: Gross domestic product increased 6.6% in 2012. Foreign-exchange reserves hit a record of about $86bn in January, and the Philippine peso is trading at its strongest levels against the US dollar since September 2008.