May 8, 2025 09:00 PM GMT China Equity Strategy | Asia Pacific A-Share Sentiment Improved as US-China Trade Negotiation Sets to Start Sentiment improved as upcoming trade negotiations were confirmed and PBoC's monetary easing package was released. We advise a balanced portfolio with high-quality, large-cap offshore internet names and A-share blue-chip consumer names. Stay patient and nimble; be prepared for twists and turns. A-share investor sentiment improved vs. previous cut: Weighted MSASI and simple MSAS ...

Investment Rating - The industry investment rating is "In-Line" [5] Core Insights - The industry-wide GB200 rack output reached approximately 1,500 units in April, compared to around 1,000 units in the first quarter [4][8] - Quanta's April revenue was approximately NT$154 billion, reflecting a month-over-month decline of 20% but a year-over-year increase of 58% [1] - Wistron's April revenue was approximately NT$134 billion, showing a month-over-month decline of 13% and a year-over-year increase of 84% [2] - Hon Hai's GB200 rack shipments in April were significant, likely close to 1,000 units, with expectations for continued growth in the second quarter [3] Company Summaries - **Quanta**: Estimated to ship around 12,000 HGX servers in the second quarter, with GB200 rack shipments increasing from approximately 150 in March to 300-400 in April [1] - **Wistron**: Estimated to have shipped between 1,800 to 2,700 compute trays, equivalent to 100-150 GB200 NVL72 racks in April [2] - **Hon Hai**: Expected to see continued growth in GB200 rack shipments in the second quarter, with significant growth noted in April [3]

May 8, 2025 06:43 AM GMT 亚洲经济研究 | Asia Pacific M Idea 观点：油价下跌⸺亚洲受益 程度有多大？ 油价下跌将减轻亚洲的石油负担，并可能对增长产生一定的 抵消作用。尽管如此，贸易紧张局势仍将是一个巨大的拖 累。油价疲软和货币走强的局面如果持续下去，可能会导致 降息幅度超出我们目前的预期。 要点 在本报告中，我们详细介绍了CPI通胀和经常账户余额对油价下跌的敏感性。 Exhibit 1: 亚洲是比美国和欧元区更大 的石油净进口地区 -2.4% 0.02% -1.8% -4.0% -3.5% -3.0% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% Mar-13 Mar-15 Mar-17 Mar-19 Mar-21 Mar-23 Mar-25 Oil and gas trade balance (% of GDP, 12M trailing sum) Asia US EA 资料来源：Haver、摩根士丹利研究部 益 Exhibit 2: 泰国、韩国、台湾地区、印 度和日本相对而言受益更多，而马来西 亚和澳大利亚这两个净出口国则没有 ...

US Consumer Pulse Survey: Tariffs Top of Mind as Spending Plans Deteriorate M This report provides a full breakdown of data from our 64th survey of ~2,000 consumers in the U.S., which ran April 24th - 28th, to gauge consumer behavior, attitudes and outlook. Our survey was fielded after both the initial liberation day announcement April 2 and subsequent tariff pause April 9. | M May 5, 2025 04:02 AM GMT Thematic Alpha x AlphaWise North America US Consumer Pulse Survey: M Plans Deteriorate | Morgan Stanley & ...

May 5, 2025 04:01 PM GMT Cross-Asset Spotlight | Global M Update Signals, Flows & Key Data A weekly summary of key cross-asset monitors, data, moves, and models tracking sentiment, fund flows, and positioning. Key highlights from last week: Exhibit 1: Morgan Stanley forecasts | | As of May | Q4 2025 Forecast | Q4 2025 Return Forecast Volatility | | Base Case | | --- | --- | --- | --- | --- | --- | | | 02, 2025 | Base | Base | | Return/Risk | | Equities | | | Total Returns | | | | S&P 500 | 5,687 | 6,500 | 1 ...

May 4, 2025 09:01 PM GMT India Equity Strategy Playbook | Asia Pacific India Will Likely O/P a Global Bear Market but U/P a Bull Market Global uncertainty is providing investors with an opportunity to buy India's long-term story. It will require patience, given the potential for bad news from outside India, but we believe rewards will come in time. | M | | | | | --- | --- | --- | --- | | | | Foundation | | | May 4, 2025 09:01 PM GMT | | | | | India Equity Strategy Playbook Asia Pacific | Morgan Stanley Indi ...

• Trades we like: ° Large over small caps: Better pricing power and operational efficiency should continue to benefit large caps on a relative basis late in the cycle. Small caps have more economic sensitivity and more rate sensitivity. Given the slowing macro backdrop, a Fed that's on hold and sticky back- end rates, large caps should continue to see relative outperformance. ° Healthcare over Staples for defensive hedges: Large cap healthcare trades at a 4 turn discount to the broader S&P and a 6 turn disc ...

May 5, 2025 04:22 AM GMT Investor Presentation | Asia Pacific Asia EM Equity Strategy: Latest Targets and Signposts - Why We Stay Cautious Multipolar World trends are in the ascendancy with growth set to slow significantly. Valuations and earnings estimates have further room to adjust. We prefer domestic Japan (unhedged), India, Singapore and UAE. We are EW China and UW Korea and Taiwan. We continue to prefer Financials vs Semis & Tech Hardware. We are OW Defensives versus Cyclicals - especially Gold miners ...

M Idea May 4, 2025 10:00 PM GMT Asia | Asia Pacific Three Actionable Ideas Amcor – OW | Grab Holdings – OW | AirTAC International – OW OW – Amcor (AMC.AX): The BERY transaction has the potential to deliver attractive earnings accretion. AMC's track record points to them being able to deliver on this potential, creating significant earnings growth and valuation upside. Upgrade to OW. OW – Grab Holdings (GRAB.O): Solid start to the year with profitable growth in a seasonally low quarter. Higher EBITDA guidanc ...

May 4, 2025 10:00 PM GMT The Oil Manual Weaker Balances Ahead after OPEC Hike OPEC's quota revision came in higher than we had expected, and is likely a precursor for further supply increases in months ahead. This adds to the market surplus we already modelled for 2H25 and 2026. As a result, we lower our Brent forecasts by $5- 10/bbl. Key Takeaways Exhibit 1: So far, the Brent price is following a trajectory similar to other key downturns; the current period arguably has most parallels to the downturn in 19 ...