Thoughts on Asian Equities vs. EM Divergence, post-Brazil action

Watching the action today, $EWZ is trading around 36.42, down a bit but still within its recent range. It got me thinking about the broader emerging markets picture, particularly how Asian equities are performing in contrast. There's a narrative out there that EM ex-China is the place to be, given the drag China has been exerting. But I'm starting to wonder if that's become a bit too consensus, and if the market is underestimating the potential for a rebound in some of the more battered Asian names, especially with any hint of a global recovery. The current setup almost feels like a lopsided bet, with too much capital chasing a relatively narrow band of EM.

My gut says there's a valuation play brewing in areas of Asian equities that are currently being overlooked in favor of the 'safer' ex-China EM story. It feels like the market is throwing the baby out with the bathwater a bit too readily. Curious to hear if anyone thinks I'm way off base here. Push back on this idea.