ASEAN FIRST TO MARKET

Research evidence excerpt

ASEAN FIRST TO MARKET

Asia Pacific Equity Research

ASEAN First to Market 15 July 2026

Top Stories

Tisco Financial Group PCL (Harsh Wardhan Modi) (TISCO TB, N, PT Bt108.00), Thailand

First Take: A beat on NIM and provision

Our First Take: Tisco reported 2Q26 net income of Bt1.76bn, up 3% q/q and 7% y/y, coming in 4% above JPMe and in line with

Street. The beat was primarily driven by stronger NII and lower provisions. NII came in at Bt3.5bn, up 2% q/q, supported by

3bps q/q NIM expansion, as the CoF decline more than offset lower loan yields. Loans were flat q/q, with corporate down 1.8%

q/q due to repayments, while retail saw modest growth led by hire purchase. Non-II declined 9% q/q, with net fee income down

3% q/q following a strong 1Q26 that benefited from one-off prepayment fees as well as brokerage and AM fees. Opex rose 5%

q/q and was 5% above JPMe, driven by higher employee expenses. The bank booked credit cost of 94bps, 11bps below JPMe.

AQ was stable, with NPL at 2.12% (up 1bp q/q) and coverage intact at 190%.

Manila Water Company Inc (Jelline Gaza, CFA) (MWC PM, N, PT Php39.00), Philippines

Wawa Dam tour takeaways; stay Neutral until El Niño fears clear

We toured the Upper Wawa Dam and Wawa-Calawis WTP last week; our takeaways are: (1) Upper Wawa bolsters MWC’s

supply buffer and cuts Angat reliance to 67% of treatment capacity, though new WTP completion is key; (2) Angat’s water

quality still beats Wawa’s, likely lifting system-wide treatment costs; and (3) the dam’s automatic spillway gate, not an operator-

controlled flood gate, limits political exposure. Despite El Niño, Wawa’s elevation sits near spilling level (135m), well above the

87m minimum. We stay constructive on MWC’s raw-water diversification story in the long term, but acquisition debt and thin