ASEAN FIRST TO MARKET

Research evidence excerpt

ASEAN FIRST TO MARKET

Asia Pacific Equity Research

ASEAN First to Market 24 June 2026

Top Stories

Ayala Corporation (Jeanette Yutan) (AC PM, OW, PT Php475.00), Philippines

The sum is more than the discount - Priced for pain, Auto optionality for free

We reiterate our OW rating on Ayala Corp. (AC PM) but cut our PT by 30% from Dec-26 PHP690 to June-27 PHP475. The

reduction reflects the lowered PTs of ALI and BPI on a weaker earnings outlook and a modest NAV discount widening -

consistent with the broader market de-rating. AC is trading at near-historic trough NAV discounts - 40% on market price-based

and 50% on JPM-based NAVs, which we believe already discount the well-known macro and group level headwinds. We

maintain OW on the unlisted EV auto proxy via AC Mobility’s exclusive BYD franchise, improving capital allocation track record,

and distressed valuations.

ASEAN Telcos (Ranjan Sharma, CFA), Thailand, Malaysia, Philippines, Indonesia, Singapore

Asset Monetization in Motion as Singtel and PLDT Advance Value Unlocking

ST has monetized a S$1bn stake in GULF which should further its capital recycling initiative. We have previously identified

GULF along with BHARTI, Optus, NCS and data centers as potential asset monetization targets. Separately, PLDT has

announced the VITRO REIT IPO as the latest addition to regional telcos’ “Value-Up” effort of unlocking value for shareholders

by monetizing assets. Other announced asset monetization initiatives include ISAT and TLKM's fiber assets, and AXIATA’s

Edotco and Linknet sale.

UWC (Samuel Tan) (UWC MK, OW, PT RM7.50), Malaysia

First Take: 3QFY26 in-line on higher semicon loading volume

Our First Take: UWC reported 3QFY26 core PATMI of RM25.8mn (+110% Y/Y, +4% Q/Q), coming in line with our expectations