ASEAN Equity Strategy "Monthly data and quant scorecard updates" Darmono

Research evidence excerpt

ASEAN Equity Strategy "Monthly data and quant scorecard updates" Darmono

Global Research

18 May 2026ab

ASEAN Equity Strategy Equity Strategy

AsiaMonthly data and quant scorecard updates

Permada Darmono

Analyst

April market performance permada.darmono@ubs.com

+65-6495 3137

After outperforming in March, MSCI ASEAN resumed its monthly underperformance

relative to MSCI EM and MSCI Asia ex-Japan in April. This weakness was largely driven Thierrawat Jungprasert

Associate Analystby Indonesia, which continued to be the biggest laggard within the region. Vietnam led

thierrawat.jungprasert@ubs.com

the monthly performance. At the sector level, Information Technology delivered the +65-6495 5590

strongest performance in April, followed by Materials, while Energy and

Communication Services were the weakest performers. From a valuation perspective (as Jia Li Mok, CFA

of 14 May), relative to their 10-year averages, Singapore remains the most highly valued

jia-li.mok@ubs.com

market in ASEAN, while the Philippines continues to trade at the deepest discount on a +65-6495 5772

P/E basis.

ETF share count and funds positioning

ETF share count movements: The long-term uptrend of ASEAN ETF (ASEA US)

share count remain intact. Indonesia’s ETF (EIDO US) has seen a sharp increase in

share count despite continued price weakness. ETF share counts for Malaysia and

the Philippines appear to be in a holding pattern. For Singapore, while the EWS US

(iShares MSCI Singapore ETF) share count remains subdued, STTF US (SPDR STI

ETF) has continued to see strong share creation. Vietnam ETF share counts also

remain subdued, suggesting cautious investor sentiment.

ASEAN funds positioning: As of the latest funds data (end-March), ASEAN-

focused funds remained overweight Indonesia, the Philippines, and Vietnam,