ASEAN High-Conviction Picks: Best stock ideas in ASEAN – July 2026

研报英文原文证据摘录

ASEAN High-Conviction Picks: Best stock ideas in ASEAN – July 2026

Asia Pacific Equity Research

ASEAN First to Market 01 July 2026

ASEAN High-Conviction Picks (Khoi Vu, CFA/Rajiv Batra), Global

Best stock ideas in ASEAN – July 2026

In June 2026, the two best-performing sector/country picks were: (1) Thailand (stock: MRDIY TB); and (2) the Philippines

(stock: ICT PM); while the worst-performing sector/country picks were: (1) Indonesia (stock: ANTM IJ); and (2) Industrials

(stock: STE SP).

Indonesia Equity Strategy (Khoi Vu, CFA/Rajiv Batra/Benny Kurniawan, CFA), Indonesia

Feedback from the streets of Jakarta

What is happening on the ground in Indonesia? We traveled to Jakarta last week to have discussions with local investors

and business leaders. Most of our meetings concluded on a cautious note, as policy uncertainties and the risk of a market

downgrade have de-rated Indonesian equities to one of the lowest points in history. On the one hand, pressures from high oil

prices and fiscal imbalances are easing, which leaves room for the government to find a balance between supporting social

policies and maintaining fiscal/macro prudence. On the other hand, investors are finding it increasingly difficult to forecast and

navigate the policy landscape. The upcoming 2027 draft budget is frequently mentioned as a key signpost to determine

the medium-term policy trajectory. What are investors looking for? A reset in policy priorities to (1) hedge against external

uncertainties (stabilize currency, enhance budget efficiencies); and (2) enhance the private business environment (maintain

regulatory stability, deepen foreign trade integration) would be favored by investors over state-led investment measures, given

the near-term volatilities in global economies.