Asia Quant 2025 Outlook_ A positive but bumpy ride

TW is likely to remain under pressure led by valuation downcycle, rising ERP and now peak in earnings. KR could find some tactical support as valuations have fallen to 2022 lows with early signs of inflection in downward revisions and quite light positioning. Within ASEAN, SG/MY is less likely to continue their 2023 strong run as earnings cycle seems to be peaking. However, TW/SG/MY are the best stock-pickers markets in the region with above average dispersion. AU could start the year on a positive note, ho ...