The EM 'Growth Story' - Still Priced In?

It's always interesting watching how narratives persist in EM, even when the underlying data starts to wiggle. I'm seeing a lot of analysts still beating the drum for continued strong growth in various EM sectors, but I wonder if the market's already absorbed a good chunk of that, especially with some of the recent moves. Take a look at how $BAX is running today, up over 2% at 22.015. Is that genuinely new information driving the push, or just a continuation of a theme that might be getting long in the tooth?

I'm finding myself questioning if the current valuations across certain EM equities truly reflect the remaining upside, or if we're chasing a story that's already largely played out. The risk-reward balance feels a bit off in some pockets right now, particularly with the global macro winds shifting. What are others seeing? Am I missing something critical here?