The Point for Asia Pacific

Research evidence excerpt

The Point for Asia Pacific

comprising solid-state transformers (SST) and DC distribution being advanced.

HDHE is at 27x 2027E PER, which seems undemanding versus 28% 2026-28E EPS

CAGR. Positive catalyst would come from upward revision of its 2026E new order

targets when its 2Q26 results are released on 28 July 2026.

Pierre Lau, CFA

ASEAN Banks - The Great Flows Migration with Fundamental Contexts

[SG] Since May-26 we have seen rising interest from global investors in SG banks

as portfolios hedge against the tech sector (ASEAN banks Jun-26 report). A

potential Jul-26 MAS steepening should support stronger SGD. May-26 statistics

highlighted loans growth +8.7%yoy, supporting SORA. We expect 2Q26e benign

asset quality, robust sequential AUM boost and better NII visibility. [TH] Euphoria

has extended into Thailand banks, with dividend yield spread over local bond yield

highest across ASEAN at ~4%. We expect 2Q26e NIM to trough (Apr-26 banks cut

FD rates), wealth fees momentum to sustain sequentially, and stable/better credit

costs. [MY] Key concerns are election risks and possible US rate hike (link) could

hurt NIM. May-26 statistics highlighted better deposits growth driven by CASA.

However, Impaired loans rose and banks stepped up provisions. [PH and ID]

Interests picking up for BDO. Some interests to narrow UW despite broad

cautiousness for ID banks.

Yong Hong Tan | Ferry Wong, CFA

Country Top Calls

ASMPT (0522.HK) - Structural Demand Supports Higher TP, Reiterate Buy

We raise our ASMPT forecast & TP reflecting improving demand outlook for

advanced packaging (AP) and sector re-rating. ASMPT stands out as a key

beneficiary of accelerating industry capex given its leadership in TCB and AP

solutions, with multiple opportunities emerging from SoIC compound die, EMIB-T,