This report by J.P. Morgan and CGAP shows that MFI equity valuations continued to rise across all regions in 2009. But factors such as asset quality, funding structure, management, and governance are likely to be key concerns for investors in 2010.

From the Executive Summary:

"2009 was a challenging year for microfinance: not since the Asian crisis of the late 1990s has the sector faced a more difficult economic environment.Yet despite these conditions, most microfinance institutions (MFIs) proved up to the challenge."

Link to download report