ASEAN Equity Strategy "Weekly update: Total return and style factor perf..."

研报英文原文证据摘录

ASEAN Equity Strategy "Weekly update: Total return and style factor perf..."

Global Research

18 May 2026ab

ASEAN Equity Strategy Equity Strategy

AsiaWeekly update: Total return and style factor

performance Permada Darmono

Analyst

permada.darmono@ubs.com

+65-6495 3137

This report provides a weekly update on market data to track how returns have evolved Thierrawat Jungprasert

at the aggregate ASEAN level and the breakdown by country and sector. The analysis is Associate Analyst

presented in multiple formats: Total return in USD terms, correlation, and style factor thierrawat.jungprasert@ubs.com

performance. +65-6495 5590

Jia Li Mok, CFA

Total return performance Analyst

Based on the constituents of the MSCI ASEAN Index, we calculate total return jia-li.mok@ubs.com

+65-6495 5772

performance in USD terms in multiple timeframes across countries and sectors using a

simple market-cap-weighted approach, without adjustments for other factors such as

free float. We present the data in both absolute and relative terms. Country relative

performance is derived by subtracting the return of the 'ASEAN-5' aggregate from the

return of each individual country. Sector relative performance is calculated by

subtracting the return of 'All sectors' within each country from the return of each

individual sector in that country. Additionally, as Vietnam is not included in the MSCI

ASEAN Index, we present Vietnam's data separately, based on the constituents of the

MSCI Vietnam Index, with the same method of calculation as mentioned.

Correlation

We present correlations of MSCI-based indexes across ASEAN versus USD, CNH, and

SPX over multiple timeframes, using daily data. The primary objective is to identify

divergences between short-term and long-term correlation values.

Style factor performance