BNP Paribas: The super cycle of Asian tech stocks has not yet peaked, with high earnings certainty

(1) BNP Paribas stated that, at least in the short term, the tech stock supercycle remains the only highly certain earnings growth story in the Asian market, with valuations providing support. (2) William Bratton, Head of Asia-Pacific Cash Equity Research at the bank, wrote in a report: “It is still too early to claim that the tech stock cycle has peaked. The earliest this concern might arise would be in the first half of 2027.” (3) Excluding the technology and energy sectors, overall forward earnings expectations in the Asian market have risen by only 1% over the past quarter. Meanwhile, the energy price increases triggered by the Middle East conflict continue to put pressure on domestically-oriented sectors.