Investing in Asia, post rate-cut

By CNN's Lisa Barron in Hong Kong

(CNN) -- Flow on effects from the U.S. Federal Reserve's decision to again cut short-term interest rates are expected to slowly filter through to Asia.

But despite the tardy reaction, financial experts in Asia say there are other factors, particularly location, that should weigh into investment decisions.

Analysts say that there is corporate profitability even where growth rates may be stagnant for the next few years in Southeast Asia -- countries like the Philippines, Malaysia, Thailand and Indonesia.

"A lot of companies in these countries are not affected by exports and by competition from China," says Hong Kong-based analyst Marc Faber.

"They are local companies who maybe make washing powder and sell it in the country. They make toothpaste, they make cigarettes and so forth -- that is a totally different business."

Stock picking

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Other analysts recommend stock picking in the same ASEAN (Association of Southeast Asian Nations) markets, albeit for different reasons, arguing that the markets are less tech driven.

"The economies are [tech driven], the markets less so. They haven't moved much and therefore there's relative value there," says Han Ong, from Salomon Smith Barney.

While for the past six months, China shares have been the only game in town, with many soaring more than 100 percent, analysts are starting to eye China's main rival, India.

"There's a huge population in India, a market that is also heavily driven by domestic demand," Ong says.

"And there are big companies there and that could offer a lower risk alternative to China,"

Emerging opportunities

For those still wary of investing in equities, property is becoming another emerging opportunity in Asia.

"We have some real estate which is very inexpensive," Faber says.

"Because of the devaluation of the Australian and New Zealand dollar, real estate in the countryside is extremely cheap."

The focus for investors may still be on Wall Street for some time to come, but for those who want to diversify or have to be in Asia, now may be the time to start testing waters further south.