Asean Financials: Upgrading BBL & SCB, downgrading MAY

Research evidence excerpt

Asean Financials: Upgrading BBL & SCB, downgrading MAY

J P M O R G A N Asia Pacific Equity Research

20 June 2026

Asean Financials

Upgrading BBL & SCB, downgrading MAY

We are incrementally more positive on Thailand banks as the sector is on the cusp APAC Banks

ACof a shift in earnings drivers. Stocks have re-rated on the back of higher payout and Harsh Wardhan Modi

buybacks. The next leg of rerating will be driven by EPS revision. We are seeing (65) 6882-2450

a similar shift in investment thesis at Korea and Singapore banks from dividend harsh.w.modi@jpmorgan.com

yield compression to earnings momentum. We upgrade BBL to OW from N, SCB J.P.J.P. MorganMorgan SecuritiesSecurities Singapore(Asia Pacific)PrivateLimited/Limited/J.P.

to N from UW, while maintaining N on KBank and UW on KTB. At MTC, and in Morgan Broking (Hong Kong) Limited

the Thailand consumer finance sector broadly, stocks have overshot on negative Daniel Andrew Tan, CFA

EPS momentum, creating a base for strong outperformance. We maintain OW on (63-2) 8554-2413

MTC/Sawad/TidLor. Malaysia has been a defensive banking market amidst danielandrew.o.tan@jpmorgan.com

J.P. Morgan Securities Philippines, Inc.

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 Manassaya Ploynumpol

(66-2) 684-2176

our key pick among large caps, with OWs on RHB, AMMB and HLBK as well. lamai.ploynumpol@jpmorgan.com

Across Asean, we expect a degree of rotation into and post 2Q numbers, as AI, WM JPMorgan Securities (Thailand) Limited

flows and energy trade have created a degree of divergence between valuations and Kae Pornpunnarath, CFA

earnings. (66-2) 684-2679

kae.pornpunnarath@jpmorgan.com