ASEAN and India TMT "What did we pick from our meetings with 70+ investors..."

研报英文原文证据摘录

ASEAN and India TMT "What did we pick from our meetings with 70+ investors..."

Global Research

13 May 2026ab

ASEAN and India TMT Equities

AsiaWhat did we pick from our meetings with 70+

investors on India and ASEAN TMT? Internet Services

Navin Killa

Analyst

navin.killa@ubs.com

Feedback from 70+ investor meetings in US and Singapore +852-2971 7594

We recently met more than 70 investors in US and Singapore to exchange views on India Aditya Chandrasekar

and ASEAN Internet and telcos. Overall, investor interest was subdued vs 12 months ago Analyst

and ownership of Internet stocks appears to be low but most investors we met agree aditya.chandrasekar@ubs.com

that names like Eternal and Sea are long-term winners and waiting for the right +91-22-6155 6056

opportunity to add. Meesho generated good interest as the potential PDD of India, but Calvin Chur

limited free float is a concern. Grab's execution is appreciated but long-term concerns Associate Analyst

on AV disruption are holding back investors, especially in US. We also saw rising interest calvin.chur@ubs.com

in telcos especially ASEAN and North Asia as defensive yield play with an "AI-angle". +65-6495 3992

Ajay Raj Choudhary

ASEAN Internet: Near-term concerns for Sea, long-term debates on Grab Associate Analyst

Investors have a positive view on Sea as most believe downgrades to consensus earnings ajay-raj.choudhary@ubs.com

have likely stopped but e-commerce margin recovery in H226 is still a base case for many +91-20-3055 5000

and remains an open debate given continued intense competition across several of Sea's Neil John

markets. Fintech margin is emerging as another concern following sharp downturn in Associate Analyst

2025. On Grab, most investors recognise the strong Q126 results and guidance and neil.john@ubs.com