J.P. Morgan ASEAN FTM 16 Jun 26 Eq Strategy: Breathing a sigh of relief; PH Property: Beneficiary of a risk reset, reiterate OW on ALI, RLC, MEG; TH Consumer & Healthcare: SG marketing feedback; KL auto show 2026

Research evidence excerpt

J.P. Morgan ASEAN FTM 16 Jun 26 Eq Strategy: Breathing a sigh of relief; PH Property: Beneficiary of a risk reset, reiterate OW on ALI, RLC, MEG; TH Consumer & Healthcare: SG marketing feedback; KL auto show 2026

Asia Pacific Equity Research

ASEAN First to Market 16 June 2026

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ASEAN Equity Strategy (Khoi Vu, CFA/Rajiv Batra), Indonesia, Malaysia, Philippines, Singapore, Thailand,

Vietnam

Breathing a sigh of relief

ASEAN equities posted their best day in more than a year with the PSEi (+6%) and JCI (+4%) jumping after the US and Iran

governments announced a deal to end the conflict and reopen the Strait of Hormuz. Brent oil prices retreating to ~$80/bbl

levels would alleviate a lot of concerns on ASEAN macro environments. At the sector level, we believe this would benefit

Airlines, Industrials, Real Estate, and Banks, while Defense, Energy, Materials, and Utilities might pull back after a period of

outperformance. As sentiment recovers and earnings visibility improves, we see opportunities to buy stocks that might

benefit from the reversal of: (1) earnings forecasts, (2) valuations, and (3) institutional investor positioning (see Tables

2, 3, and 4 for the respective stock screens). Stocks with an OW rating under JPM coverage that belong to at least 2 out of 3

screens are: ASII IJ, ANTM IJ, ICBP IJ, BDMS TB, BH TB, BDO PM, ALI PM, AC PM, TCB VN, and FPT VN.

Philippine Property (Jelline Gaza, CFA), Philippines

Beneficiary of a risk reset; reiterate OW on ALI, RLC, MEG

Rising rates and weak growth sentiment drove Philippine Property’s 22% YTD underperformance vs. the PSEi. The sector now

trades at a trough 73% NAV discount and screens as a top beneficiary of a risk-on rotation as oil prices and geopolitical

tensions ease.