ASEAN Equity Strategy Breathing a sigh of relief

研报英文原文证据摘录

ASEAN Equity Strategy Breathing a sigh of relief

J P M O R G A N Global Markets Strategy

16 June 2026

ASEAN Equity Strategy

Breathing a sigh of relief

ASEAN equities posted their best day in more than a year with the PSEi (+6%) and Equity Macro Research

ACJCI (+4%) jumping after the US and Iran governments announced a deal to end the Khoi Vu, CFA

conflict and reopen the Strait of Hormuz. Brent oil prices retreating to ~$80/bbl (65) 6882-8170

levels would alleviate a lot of concerns on ASEAN macro environments. At the khoi.t.vu@jpmorgan.com

sector level, we believe this would benefit Airlines, Industrials, Real Estate, and Rajiv Batra AC

Banks, while Defense, Energy, Materials, and Utilities might pull back after a (65) 6882-8151

period of outperformance. As sentiment recovers and earnings visibility rajiv.j.batra@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited

improves, we see opportunities to buy stocks that might benefit from the

reversal of: (1) earnings forecasts, (2) valuations, and (3) institutional investor

positioning (see Tables 2, 3, and 4 for the respective stock screens). Stocks with

an OW rating under JPM coverage that belong to at least 2 out of 3 screens are: ASII

IJ, ANTM IJ, ICBP IJ, BDMS TB, BH TB, BDO PM, ALI PM, AC PM, TCB VN,

and FPT VN.

• Top-down: a sigh of relief, for now. Announcement of a US-Iran peace deal

has paved the way for the Strait of Hormuz to reopen and for the oil flows to

resume. This would bring oil prices down, easing the pressure on ASEAN

energy importers, which have been seeing record trade deficits as well as

weakening tourism inflows. In terms of the government budget, we believe the

reduced oil prices would ease the need for fiscal support, leaving fiscal room