ASEAN FIRST TO MARKET

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ASEAN FIRST TO MARKET

Asia Pacific Equity Research

ASEAN First to Market 25 June 2026

Top Stories

UWC (Samuel Tan) (UWC MK, OW, PT RM7.50), Malaysia

Demand-led expansion on deepening customer engagement

UWC’s 3Q26 earnings briefing was positive, with the orderbook climbing to a fresh high of RM270mn (vs. RM250mn last

quarter). This was led mainly by memory-related Customer T, where orders ramped to 25 units/week (from 20 units) ahead of

schedule. Meanwhile, WFE Customer L has laid out progressive rebates (single-digit %) contingent on a doubling of revenue —

a constructive signal that volumes could see further upside from current levels, more than offsetting the rebates given.

Customer I (US IDM), now ~13% of the orderbook, is looking to ramp up, riding the structural uplift in CPU demand as the

GPU:CPU ratio scales from 8:1 towards 8:2 and potentially 1:1 on higher inferencing workloads. Importantly, the double-

booking concern around plant expansions is mitigated by a take-or-pay clause in the customer contract, giving management

the confidence to expand and reassuring us that capacity additions are demand-led rather than speculative. Stay OW.

CapitaLand Investment Limited (Mervin Song, CFA) (CLI SP, OW, PT S$3.10), Singapore

Gathering momentum

Approaching CLI’s five-year listing anniversary in Sep-26 (link), we believe the narrative will shift towards improving operational

momentum from balance sheet drag stemming from COVID-19, China’s property downturn, and jump in interest rates. The

approval of CLI’s second C-REIT (link) accelerates the growth of its flourishing listed REIT platform, and asset recycling

initiatives. The private fund business had a slower start, but recent large mandate wins demonstrate growing traction. We also