J.P. Morgan ASEAN FTM 28 May 26 SIA cruising on demand strength; TH Life: Resilient 1Q premiums point to NBV momentum; Greatech: DC anchors record orders, raise PT; IHH: Broader earnings; ACEN: Ride tactical lift

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J.P. Morgan ASEAN FTM 28 May 26 SIA cruising on demand strength; TH Life: Resilient 1Q premiums point to NBV momentum; Greatech: DC anchors record orders, raise PT; IHH: Broader earnings; ACEN: Ride tactical lift

Asia Pacific Equity Research

ASEAN First to Market 28 May 2026

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Singapore Airlines (Karen Li, CFA) (SIA SP, OW, PT S$7.80), Singapore

Model update: Cruising on demand strength despite some turbulence on fuel costs, Stay OW

We update our model following SIA's strong Q4/FY25/26 results , which delivered record revenue and robust operating profit on

the back of resilient passenger demand and elevated yields. We roll forward our estimates, introduce FY28/29, and raise our

Mar-27 PT to S$7.8. While the aviation industry faces headwinds from elevated jet fuel costs — driving global cancelations and

capacity rationalization — SIA's dual-brand strategy, full-service positioning, and prudent hedging insulate it from the full brunt

of the fuel shock. The latest traffic stats reinforce resilient demand across passenger and cargo, with capacity redeployment to

high-demand networks capturing spillover. That said, fuel remains the key swing factor on profitability. Maintain OW.

Thailand Life Insurance (MW Kim)

Resilient 1Q26 premiums point to improving NBV momentum

1Q26 premium data for Thailand’s life insurance industry points to resilient sales execution despite a demanding base of 1Q25.

Industry first-year premium, or FYP, was Bt48.6B, down only 4% oya, mainly due to slower whole life and individual rider sales.

We view this as a mild correction, given 1Q25 benefited from strong pre-sales demand ahead of the co-payment introduction in

Mar-25. For 2Q26, we see three positives: improving life sales momentum, upside risk to new business value, or NBV, following