Focus List Changes – APxj and GEM: Asia EM Equity Strategy | Asia Pacific

Research evidence excerpt

Focus List Changes – APxj and GEM: Asia EM Equity Strategy | Asia Pacific

Idea

July 28, 2026 11:56 AM GMT

Morgan Stanley Asia (Singapore) Pte.+MAsia EM Equity Strategy | Asia Pacific Jonathan F Garner

Equity Strategist

Focus List Changes – APxJ and Jonathan.Garner@morganstanley.comDaniel K Blake +65 6834-8172

Daniel.Blake@morganstanley.com +65 6834-6597

GEM Kristal Ji

Kristal.Ji@morganstanley.com +65 6834-6949

We add Aspeed Technology and switch from HD Hyundai

Morgan Stanley Asia Limited+

Electric to LS Electric in our APxJ focus list, removing Lynas Rare Ehsernta Fu

Earths. We switch into Petrobras from Buenaventura in our GEM EquityEhsernta.Fu@morganstanley.comStrategist +852 3963-3711

Focus List.

Aspeed Technology (5274.TWO, OW) added to APxJ focus list to lift exposure to

AI Infrastructure: Aspeed holds ~70% market share in the CPU server BMC market,

with major hyperscalers including Meta, AWS, Alibaba and Microsoft as end

customers. General server shipments are likely to exceed 20% YoY growth in 2026,

and the new AST2700/2750 product generation ramps in 2H26, each carrying Exhibit 1 : Summary of APxJ and GEM Focus

accretive margin profiles. See Aspeed Technology: Initiating Another Round of Price List Changes

Focus List ChangesHike in 2H26; OW, 1 June 2026. Company Name Market Sector Ticker

APxJ Focus List

Add LSAspeedElectricTechnology S.TaiwanKorea IndustrialsInformation Technology 010120.KS5274.TWO

Hyundai Electric Co Ltd S. Korea Industrials 267260.KSSwitch to LS Electric from HD Hyundai Electric in APxJ focus list: While HDHE Remove HDLynas Rare Earths Australia Materials LYC.AX

remains a quality play and OW-rated, we switch into LS Electric, where Ryan Kim Add Petrobras Brazil GEM Focus ListEnergy PBR.N

Remove Compania de Minas Buenaventura S.A.