Morgan Stanley-Asia EM Equity Strategy APxJEM 4Q23 Results - Solid Inning...-106852802

MMarch4,202404:31PMGMTUpdateAsiaEMEquityStrategyAsiaPacificMorganStanleyAsia(Singapore)Pte.++656834-8172+656834-6597APxJ/EM4Q23Results-SolidJonathanFGarner+8522239-1468InningsfromAustralia,India,+656834-6949KoreaandMexicoEquityStrategistJonathan.Garner@morganstanley.comEMandAPxJearningssurpriseshavepickedupin4Q23onaweightednetincomebasis,althoughbreadthremainsnegativeinDanielKBlakeAPxJandLatAM.AustraliaandMexicosawbeatsonvalueandbreadth,whilesurprisebreadthwasnegativeinBrazilandChina.EquityStrategistDaniel.Blake@morganstanley.comModeratebeatsvs.lowerbarforEMandAPxJearnings:At~50%ofmarketcapreported,weightednetincomehascomeinaheadofloweredconsensusestimates,MorganStanleyAsiaLimited+withMSCIEMandMSCIAPxJat+7.9%and+8.0%,respectively.However,breadthmeasureswereskewedtowardmisses,withnetbeatratiosof-10pptforbothMSCICrystalNgEMandMSCIAPxJ,mainlydrivenbyKorea'snetmissratio(-32ppt).Revenueswerein-line,at0.1%forMSCIEMand0.4%forMSCIAPxJvs.consensus.TheseresultsEquityStrategistcomeamidstastillsharplyfallingtrendforconsensusestimatesforthe2023andCrystal.Ng@morganstanley.com2024fiscalyears.MorganStanleyAsia(Singapore)Pte.+APxJshowingstrongestresults,withLatAmandEEMEAin-line:APxJ'smarketcapweightedbeatwasdrivenmainlybyKorea(31%)andIndia(10%).Weseebelow-KristalJiconsensusresultsinTaiwan(-4%)andThailand(-8%).EEMEAcompaniesha...