China Financials, Wealth in ASEAN (CIMB, UOB, Thai Banks), HSBC/STAN 2Q Preview

Research evidence excerpt

China Financials, Wealth in ASEAN (CIMB, UOB, Thai Banks), HSBC/STAN 2Q Preview

Specialist Sales

APAC Specialist Sales J P M O R G A N

21 July 2026

China Financials, Wealth in ASEAN (CIMB, UOB, Thai Banks),

HSBC/STAN 2Q Preview

Ayano Tsunoda

+81 3 6736 7628

ayano.tsunoda@jpmorgan.com

Key topics in today’s daily:

• China Financials: National team-driven rally, but Kimi AI may be making investors revisit the market

• HSBC & STAN: 2Q preview by Kian and Katherine, 2Qe 1% below BBG consensus for HSBC and 6% below for STAN

(Consensus has not been published on their websites yet)

• Wealth in ASEAN: UOB crowded long but Harsh’s “high conviction” UW on AQ risks, CIMB has Indonesia exposure

risks, Thai Banks’ non-NII growth

Today - Earnings: SCB, KBANK, KTB, TBC, BBL, Bandhan Bank, M&M Fin Macro: Korea July Exports/Imports, Taiwan

June Export Orders, HK June CPI, New Zealand 2Q CPI

Good morning,

Hang Seng’s strength stood out yesterday, w/ financials among the outperformers as the “national team” announced Sunday that

they have deployed investment to support the market. (Link) Major insurers yesterday also reaffirmed their long-term equity

investment to support the domestic stock market. (Link) China insurance space has been out of favor despite recent positive profit

alerts, w/ Ping An (2813 HK) among the most crowded shorts according to our Positioning Intelligence as the sector lacks fresh

catalysts after last year’s outstanding earnings revisions-led rally and introduction of interim dividend. (Except China Taiping,

which has never proposed an interim dividend since IPO. Link) China financials space has been lacking strong interest outside of

China SOE banks for their dividend theme, as the country’s growth does not stand out. (2Q GDP sequentially slowed due to still-