MJanuary25,202409:00PMGMTFoundationAsiaEMEquityStrategyAsiaPacificMorganStanleyAsia(Singapore)Pte.++656834-8172+656834-6597TargetpricechangesforJapanJonathanFGarner+8522848-6853andChinaEquityStrategistWeraiseourTopixbasecasetargetforend2024to2,800(ourJonathan.Garner@morganstanley.compriorbullcaseand+11%upsidevs.spot).OurnewMSCIChinatargetis53(+2%versusspot),HangSengtarget16,000(+1%)DanielKBlakeandCSI3003,500(+7%).EquityStrategistOurthesisofaneweraforAsia/EMequitiescontinueswithdivergenceinDaniel.Blake@morganstanley.comperformanceyeartodatereflectingshiftsingeopolitical,macroandearningsfundamentals.Thisisdrivinginvestorportfoliore-allocation.MorganStanleyAsiaLimited+ForTopixweraiseourEPSforecastsmoderatelyforboth2024and2025basedonLauraWangincomingmacrodataandearningsguidance.Thisisbroadlyin-linewithagraduallyrisingtrajectoryforconsensus.However,themajordriverofourtargetupgradeisEquityStrategistourviewthatthemarketcannowsustaina15.0xforwardP/Emultiple(vs.14.0xLaura.Wang@morganstanley.compreviouslyandcurrentconsensusof14.4x)givenrecentandprospectivestronginvestorflowsconsequentuponbuy-intothesecularbullmarketthesisforJapan,MorganStanleyMUFGSecuritiesCo.,Ltd.++8136836-8926whichwelaidoutinourBluePaperthesislastOctober-JapanEquityStrategy:+8136836-8923JapanSecularBullMarketArrives:HereisHowtoPlayIt(15Oct2023).Wecon...
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