Regional upgrades slow to just 0.5%. With 71% of companies in Asia Pacific ex-Japan having reported, the upgrade to current year consensus EPS has slowed to just 0.5% since 30 June. Our prior reports had showed upgrades of 0.7% (report of 14 August) and 1.5%. While Korea, MSCI Hong Kong and MSCI China are associated with current year consensus EPS upgrades of 3.3%, 2.4% and 1.5%, respectively, India is associated with a large 5.3% downgrade. India’s downgrades getting larger. While investors have been willing to forgive downgrades to consensus EPS in India in the past, we highlight that the scale of the downgrades appears to be getting larger. With 53 companies in India having reported, current year consensus EPS has been downgraded by 5.3% since 30 June. Reiterate our Underweight call on India. While India is the only market in the Expensive 4 to outperform YTD, we reiterate our Underweight call as implied ROE rises to18.5% versus current ROE of 13.1%. See Figures 2-3.

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