Morgan Stanley-Asia EM Equity Strategy Stay OW Japan, India Singapore; D...-108643851

MIdeaAsiaEMEquityStrategy|AsiaPacificStayOWJapan,India&Singapore;D/gradeMexicoandIndonesia;U/gradeSouthAfricaMorganStanleyAsia(Singapore)Pte.+DanielKBlakeEquityStrategistDaniel.Blake@morganstanley.com+656834-6597JonathanFGarnerEquityStrategistJonathan.Garner@morganstanley.com+656834-8172KristalJiEquityStrategistKristal.Ji@morganstanley.com+656834-6949MorganStanleyAsiaLimited+CrystalNgEquityStrategistCrystal.Ng@morganstanley.com+8522239-1468JasonNg,CFAQuantitativeStrategistJason.Dl.Ng@morganstanley.com+8522848-8845MorganStanleyMUFGSecuritiesCo.,Ltd.+ShoNakazawaEquityStrategistSho.Nakazawa@morganstanleymufg.com+8136836-8926AyakoTanakaEquityStrategistAyako.Tanaka@morganstanleymufg.com+8136836-8419Exhibit1:Indiaremainsmostpreferredthoughweslightlytrimexposure;upgradeSouthAfricatoOW;Singapore,PolandandGreeceremainOW;MexicoandIndonesiadowngradedtoEWandUW,respectivelyOverweightRec.Chg.Active(bp)Prev.(bp)UnderweightRec.Chg.Active(bp)Prev.(bp)India75100Peru-25-25Singapore5050Thailand-25-25SouthAfrica500Colombia-25-25Poland2525NewZealand-50-50Greece2525Indonesia-500Qatar-50-50Neutral(Upgrade)Rec.Chg.Active(bp)Prev.(bp)Neutral(Downgrade)Rec.Chg.Active(bp)Prev.(bp)Egypt0-50Mexico025Source:MorganStanleyResearchAfterfourpivotalEMelections,wereiterateourpreferenceforIndiaandJapanaspreferredpicksinEMandDMAsia-Pacificbutturnm...