CNBC reports that according to JPMorgan, stocks in emerging markets may rise as much 20% in 2021 after being largely ignored by investors this year.

“I think emerging markets are very under owned as we see in the markets rally,” Joyce Chang, chair of global research at JPMorgan, told.

Besides China and India, many other emerging markets have been shunned by investors in 2020 as they largely flocked toward safety.

“We’re actually neutral on China right now, but we’ve upgraded the rest of emerging markets where we do think the valuations are attractive, and there’s more opportunity,” Chang said.

In particular, the firm sees opportunities for stocks in Brazil, Indonesia, South Korea as well as Thailand. In terms of industries, Chang said the consumer discretionary sector as well as those related to entertainment and leisure also have room to “catch up.”

Asked about the potential for emerging markets broadly to outperform their developed market peers in 2021, the JPMorgan analyst said stocks in the developing world could see “double digit” gains of up to 20%.