ASEAN FIRST TO MARKET

Research evidence excerpt

ASEAN FIRST TO MARKET

Asia Pacific Equity Research

ASEAN First to Market 25 June 2026

Top Stories

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

Demand-led expansion on deepening customer engagement

UWC’s 3Q26 earnings briefing was positive, with the orderbook climbing to a fresh high of RM270mn (vs. RM250mn last

quarter). This was led mainly by memory-related Customer T, where orders ramped to 25 units/week (from 20 units) ahead of

schedule. Meanwhile, WFE Customer L has laid out progressive rebates (single-digit %) contingent on a doubling of revenue —

a constructive signal that volumes could see further upside from current levels, more than offsetting the rebates given.

Customer I (US IDM), now ~13% of the orderbook, is looking to ramp up, riding the structural uplift in CPU demand as the

GPU:CPU ratio scales from 8:1 towards 8:2 and potentially 1:1 on higher inferencing workloads. Importantly, the double-

booking concern around plant expansions is mitigated by a take-or-pay clause in the customer contract, giving management

the confidence to expand and reassuring us that capacity additions are demand-led rather than speculative. Stay OW.

CapitaLand Investment Limited (Mervin Song, CFA) (CLI SP, OW, PT S$3.10), Singapore

Gathering momentum

Approaching CLI’s five-year listing anniversary in Sep-26 (link), we believe the narrative will shift towards improving operational

momentum from balance sheet drag stemming from COVID-19, China’s property downturn, and jump in interest rates. The

approval of CLI’s second C-REIT (link) accelerates the growth of its flourishing listed REIT platform, and asset recycling

initiatives. The private fund business had a slower start, but recent large mandate wins demonstrate growing traction. We also