** Brokerage RBC Capital says themes to look out for in the
upcoming earnings season for tech stocks  .AXIJ  include - hit
to earnings from foreign exchange loss, as the Aussie dollar
 AUD=D3  has firmed, and limited guidance from cos due to second
coronavirus wave 
    ** A return to more fundamental stock picking is possible
this year, after tech emerged as the winning trade in 2020 due
to its high growth in a low growth environment - RBC
    ** The tech sub-index has dropped ~4% this year, as of last
close; it soared 56.3% in 2020
    ** RBC rates Xero  XRO.AX , NEXTDC  NXT.AX , Nearmap
 NEA.AX  'outperform'; Appen  APX.AX  and EML Payments  EML.AX 
at 'sector perform'
    ** Says Macquarie Telecom  MAQ.AX  is undervalued compared
to data centre peers like NEXTDC, sees potential for MAQ to
upgrade or exceed its guidance; also at 'outperform' 
    ** RBC says its H1 estimates on EML are below consensus as
it remains conservative on co due to disruptions from lockdowns
in the UK and Europe 
    ** APX's FY outlook should be watched out for commentary on
work pipeline for big tech customers and an update on
relationship between ad revenue of core customers and demand for
co's services



 (Reporting by Anushka Trivedi in Bengaluru)
 ((Anushka.Trivedi@thomsonreuters.com; +918061823241;))