September 30, 2025 09:00 PM GMT Asia EM Equity Strategy | Asia Pacific M Idea Major valuation re-rating may not be sustainable Morgan Stanley Asia (Singapore) Pte.+ Jonathan F Garner Equity Strategist Jonathan.Garner@morganstanley.com +65 6834-8172 Kristal Ji Equity Strategist Overall we conclude that for the current rally to be sustained through year-end and into 2026 there needs to be a marked reacceleration in global GDP growth and earnings estimates across our coverage. Morgan Stanley does and seeks to ...