ASEAN Speaks

Maybank
  • 3.0 (1)
  • Business
  • Updated Biweekly

ASEAN Speaks by Maybank presents conversations with market analysts and thought leaders across Southeast Asia on topics covering equities, fixed income, forex, economics, sustainability, and current affairs that impact regional markets.

  1. 2d ago

    Hormuz Heat, Fed Fears & Keppel's New Story

    This week, our Host, Thilan Wickramasinghe opens to rising geopolitical and inflation risk, with US-Iran attacks in the Straits of Hormuz prompting Goldman to flag possible USD120 oil, alongside a stronger US jobs print stoking Fed rate hike odds. Against this backdrop, the team hunts for structural winners in Singapore. The show leads with our Bank's Analyst Desmond Ch'ng's roundup of Malaysian banks post-results, covering 1H26's pressure points, the 2027 outlook, and his top picks. Next up is our new initiation on Keppel Corp, where our REITs and Industrials Analylst, Krishna, argues it's no longer the conglomerate investors grew up with. He rates it BUY, citing its asset-light shift toward asset management, broad AI/data centre infrastructure exposure, planned divestments, and dividends rising from 42 to 49 cents by FY28. Execution risk remains the key watch item. In the terms of tech, our analyst Jarick discusses two small caps: Addvalue, where a new USD5m order and a US government-linked partnership underpin his BUY despite a 35% one-month rally, and IsoTeam, addressing FY26 misses, project delays, the stalled drone-painting catalyst, and whether the stock offers value now. Finally, our Telcos Analyst Hussaini Saifee examines Foodpanda-Grab dynamics, arguing the real question is who ends up owning Foodpanda, not whether it survives — pointing to Singapore's two-player market as proof of its strategic value. He outlines three buyer scenarios (Uber, ShopeeFood, Meituan), notes the main risk sits in Grab's Deliveries segment rather than its sturdier Mobility business, flags currency and Uber-stake overhangs, but keeps a BUY given resilient growth and a ~33% YTD share price decline. Wishing you a profitable trading week ahead!

  2. Aug 31

    Godzilla El Niño: Trading the Heat

    In this episode, host Thilan Wickramasinghe previews a cautious start to markets, with Asian sentiment weighed down by hawkish weekend comments from Fed Chair Kevin Warsh that have lifted bets on a rate hike next month, alongside fresh Middle East tensions after new US strikes on Iran. Singapore bucks the trend, however, with the STI in the green; softer manufacturing numbers mask underlying strength, as the AI complex and domestic construction spending keep momentum going, a trend increasingly visible in corporate earnings. Meanwhile, our telecom analyst, Hussaini, reports back from SingTel's investor corporate day last week, coming away more convinced in his BUY rating, and explains what surprised him and why he sees this as the right entry point for investors. In addition, REITs analyst Krishna wraps up the June-quarter results season for Singapore REITs, highlighting the sector's key earnings trends and the team's top stock picks for the quarter. Lastly, our Head of Regional Equity Research, Anand Pathmakanthan, unveils a new regional investment theme built around a forecast "Godzilla" El Niño, with over 80% odds of a Strong to Very Strong event by 4Q26 threatening water security, food inflation, and energy security across ASEAN. His actionable basket spans plantations (Genting Plantations, Sarawak Oil Palms), water infrastructure (Gamuda, EngTex), power and utilities (Mega First, CK Power, Maynilad), food and beverage names (Olam, Universal Robina, Mayora Indah, Muangthai Capital, Osotspa), and defensive retailers like Sheng Siong and Puregold. Wishing you a profitable trading week ahead!

  3. Aug 24

    Macro Tailwinds, Plantations and Large Cap Outlooks

    In this episode, host Thilan Wickramasinghe previews a pivotal week for markets, with investors watching Fed Chair Kevin Warsh's Jackson Hole remarks for clues on rates, elevated oil prices, multi-decade-high bond yields, and Nvidia's results for signs the AI rally can extend. At home, Singapore's macro readings stay strong, with the construction pipeline getting a further boost from the Prime Minister's National Day Rally speech. Meanwhile, plantation analyst Chee Ting Ong reviews the CPO price rally, noting an uneven El Niño impact: rainfall deficits south of the equator threaten 2027 output more than Malaysia's, keeping prices volatile into year-end before trending higher early next year. He keeps BUY calls on First Resources and Bumitama Agri, and flags Sarawak Oil Palms and Genting Plantations as his top regional picks, the latter also benefiting from its Johor land bank. Economist Brian of Maybank Research unpacks Singapore's NODX, up 24.2% in July on electronics and AI-linked demand, prompting an upgrade to the 2026 forecast to 18%. He plays down blanket-tariff risk from the US transshipment crackdown, seeing it as an opportunity for Singapore, and highlights the NDP's $62,000 child support package and major land-reclamation plans as reinforcing a multi-year construction boom. Thilan makes the case for SATS despite its 15% share-price drop, pointing to 11% revenue growth, resilient cargo volumes, and margin pressure he views as cyclical rather than structural, maintaining BUY with a SGD5.09 target. REITs analyst Krishna covers CLI's stronger-than-expected first half, driven by lower costs and a tax reversal, and looks ahead to SGD7–9 billion in value-unlocking opportunities and an upcoming Investor Relations Day as catalysts, keeping the BUY call intact. The Chart Guy also flags fresh trading buy ideas on CSC Global and City Developments. Have a profitable trading week!

  4. Aug 17

    Strong Macro Drives Earning Boost

    In this episode, host Thilan Wickramasinghe discusses soft US economic data, a weaker US dollar and Maybank Research’s upgraded Singapore growth outlook. Singapore’s 2026 GDP growth forecast has been raised to 5.2%, supported by AI manufacturing, electronics and precision engineering. This growth is also feeding through to corporate earnings. Krishna reviews the industrial sector’s mixed first-half performance. ST Engineering continues to benefit from global defence spending, dual-use technologies and its digital business. Sembcorp Industries has been upgraded to BUY on expectations of a second-half earnings recovery, contributions from its Australian acquisition and additional generation capacity. The episode also examines AEM and UMS, where AI-related semiconductor spending is translating into stronger revenue, margins and earnings. AEM is further along its customer ramp-up, while UMS is investing in capacity to support future demand. Hussaini Saifee discusses Olam’s weaker-than-expected results and the resilience of its core OFI business. Lower interest costs, better capital efficiency and further asset divestments support his continued BUY call. Miaomiao Liu joins to discuss her initiation of coverage on Info-Tech Systems with a BUY call. She highlights its core HR management platform, regional expansion and growing accounting, CRM and AI training businesses. Its net cash position also provides room for higher dividends or share buybacks. Key risks include its reliance on government subsidies and weaker training demand after SkillsFuture credits expire. The Chart Guy also shares fresh trading ideas on ISDN Holdings and Nordic Group. Stay tuned!

  5. Aug 11

    Singapore Rallies Amid Global Tensions

    In this episode, host Thilan Wickramasinghe returns after the National Day long weekend to discuss rising US-Iran tensions, safe-haven flows into Singapore and the outlook for local markets. He reviews the Singapore banks’ 2Q results, highlighting the growing contribution from wealth management and trading as lower rates weigh on net interest income, and explains why OCBC remains the team’s top pick ahead of DBS and UOB. Miaomiao Liu joins to discuss JustCo’s latest results, noting resilient occupancy, strong revenue growth and expanding margins despite the stock’s weakness since its IPO. She explains why the improving operating metrics, network expansion and strong balance sheet support her continued BUY call. Hussaini Saifee discusses his upgrade of Yangzijiang Shipbuilding to BUY, pointing to a stronger-than-expected shipbuilding cycle, renewed demand for larger container ships, resilient newbuild pricing and healthy margins. The episode also looks at SGX, where stronger derivatives activity, recovering Singapore equities, a growing IPO pipeline and operating leverage support further upside, alongside fresh trading ideas from the Chart Guy on MoneyMax Financial and AEM. Stay tuned!

  6. Aug 3

    Domestic Focus Amid Results Season

    In this episode, our host Thilan Wickramasinghe opens with sentiment across markets stabilising somewhat, as oil prices fall and treasuries rise following news that fresh US-Iran talks would begin today. Here in Singapore, the STI trades in the red, weighed down by weaker banks ahead of results later this week. With the local results season unfolding, the focus turns to domestic stocks, starting with the S-REITs sector. He speaks with Krishna on the S-REITs results season so far, discussing the key standouts observed as results roll in, how debt metrics – a persistent concern for the sector over recent quarters – are evolving, and the key changes to stock calls made so far and the reasoning behind them. We then turn to stock specifics with Hussaini, who has spent the past week meeting institutional investors in Singapore. He discusses the key questions and concerns surrounding SingTel, which has given up around 3% this year, the building investor interest in Olam amid its strong share price performance and expectations ahead of its upcoming results, and finally Seatrium, where he explains the thinking behind trimming the target price to SGD2.85 from SGD3.10 following recent results.

  7. Jul 27

    CXMT IPO Ignites Asia Market Momentum

    In this episode, our host, Seng Yeow, opens with one of the biggest market events in Asia this week – the blockbuster IPO of Chinese DRAM maker, CXMT. Following its explosive Shanghai debut, he speaks with Hong Kong Strategist, Ben Ho, on why the listing could set the tone for regional technology stocks, how CXMT compares with global memory leaders and what its rapid rise means for the outlook of China's semiconductor industry. We then turn to the upcoming FOMC meeting, where Head of Credit Research, Winson Phoon, explains why the Federal Reserve is expected to leave interest rates unchanged despite improving inflation and softer labour market data. He discusses whether credit markets have become too complacent, what investors should watch from the Fed's communication and how the interest rate outlook could affect Asian credit and broader financial markets.

  8. Jul 20

    From Chips to REITs: Finding Value in a Divergent Market

    In this episode, our host, Seng Yeow, discusses the contradiction at the heart of last week's markets: strong TSMC earnings met with a sharp sell-off in semiconductor stocks, even as the S&P 500 broadened with record highs in financials and transports. He examines what this divergence signals about the AI semiconductor trade and the wider economy. We begin with our Hong Kong strategist, Ben Ho, who unpacks the upcoming CXMT IPO on Shanghai's Star Market. He explains why the listing represents both the beginning of China's semiconductor capital market and quite possibly the peak of the current memory cycle, weighing the structural case for China's DRAM ambitions against the classic boom-bust risks of the industry, while also assessing how rising AI inference demand and Moonshot's Kimi K3 model could reshape the memory outlook. Finally, Krishna Guha, our REITs specialist, joins to discuss how Singapore REITs can still create value even as rate cut expectations fade, and where he sees the best balance of yield, growth and valuation across the sector today.

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About

ASEAN Speaks by Maybank presents conversations with market analysts and thought leaders across Southeast Asia on topics covering equities, fixed income, forex, economics, sustainability, and current affairs that impact regional markets.

Information

  • Creator
    Maybank
  • Years Active
    2020 - 2026
  • Episodes
    350
  • Rating
    Clean
  • Copyright
    © Maybank
  • Show Website
    ASEAN Speaks

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