J.P. Morgan ASEAN FTM 22 Jun 26 Asia Financials: u/g BBL & SCB; BDMS: Beyond hospitals; EM money trail: redemptions moderate; Malaysia: Trade surplus + CPI undershoot

Research evidence excerpt

J.P. Morgan ASEAN FTM 22 Jun 26 Asia Financials: u/g BBL & SCB; BDMS: Beyond hospitals; EM money trail: redemptions moderate; Malaysia: Trade surplus + CPI undershoot

Asia Pacific Equity Research

ASEAN First to Market 22 June 2026

Top Stories

| | Asean Financials (Harsh Wardhan Modi), Thailand, Malaysia

Upgrading BBL & SCB, downgrading MAY

We are incrementally more positive on Thailand banks as the sector is on the cusp of a shift in earnings drivers. Stocks have

re-rated on the back of higher payout and buybacks. The next leg of rerating will be driven by EPS revision. We are seeing a

similar shift in investment thesis at Korea and Singapore banks from dividend yield compression to earnings momentum. We

upgrade BBL to OW from N, SCB to N from UW, while maintaining N on KBank and UW on KTB. At MTC, and in the Thailand

consumer finance sector broadly, stocks have overshot on negative EPS momentum, creating a base for strong

outperformance. We maintain OW on MTC/Sawad/TidLor. Malaysia has been a defensive banking market amidst energy-led

volatility. We expect this to continue, but are tactically downgrading Maybank to Neutral from OW, as we do not see catalysts in

the near term. PBK is our key pick among large caps, with OWs on RHB, AMMB and HLBK as well. Across Asean, we expect a

degree of rotation into and post 2Q numbers, as AI, WM flows and energy trade have created a degree of divergence between

valuations and earnings.

Bangkok Dusit Medical Services Pcl (Kae Pornpunnarath, CFA) (BDMS TB, OW, PT Bt25.00), Thailand

BDMS’s WellEra: Scaling beyond hospitals, with execution risk on residential project

BDMS has unveiled a more comprehensive development plan and guidance for its mixed-use wellness project, now officially

named “WellEra”.