ASEAN Equity Strategy ASEAN FIVE: Watch the earnings checkpoints

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ASEAN Equity Strategy ASEAN FIVE: Watch the earnings checkpoints

ASEAN Equity Strategy EquityEquitiesStrategy &

ASEAN

ASEAN FIVE: Watch the earnings checkpoints

◆ Indonesia valuation at 10-year low, but not compelling on a risk- and growth-adjusted basis Joy Wang*

Head of ASEAN Equity Research and ASEAN

◆ Tech has wobbled – 2Q results are checkpoints for the earnings upgrade cycle; we look for broader opportunities PropertyThe Hongkong and Shanghai Banking Corporation

Limited, Singapore Branch

◆ ASEAN FIVE: CIT, CPALL, GAM, GRAB, and MWG (all Buy-rated) joy.wang@hsbc.com.sg

+65 6658 0606

Herald van der Linde*, CFA

Time to revisit Indonesia? With FTSE Indonesia down 37% YTD, technology names that have seen significant re-rating YTD. Whilst the Head of Equity Strategy, Asia Pacific

making it one of the worst-performing markets in Asia, investors are tech sector remains structurally positive, we continue to highlight the The Hongkong and Shanghai Banking Corporation Limited

reassessing the market. Whilst the Indonesia valuation is 2 SD below the strong spill-over effect and see broader opportunities. heraldvanderlinde@hsbc.com.hk

10-year average on both 12-month forward P/E and P/B, earnings +852 2996 6575

Our five stock ideas: CIT, CPALL, GAM, GRAB, and MWG. We think

momentum has yet to show significant improvement. With seasonal Piyush Choudhary*, CFA

that CIT earnings have bottomed out. As one of the most rate-sensitive Head of Asia Telecoms

factors not in favour, the upcoming 2Q results season could remain The Hongkong and Shanghai Banking Corporation developers, we believe it can benefit from the decline in SORA. We like

challenging. MSCI overhang still lingers as the review of Indonesia’s EM Limited, Singapore Branch