J.P.Morgan Asia Pacific Equity Research ASEAN First to Market

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J.P.Morgan Asia Pacific Equity Research ASEAN First to Market

Asia Pacific Equity Research

ASEAN First to Market 21 July 2026

Top Stories

Malaysia Hospitals (Yen Voo, CFA, CA), Malaysia

2Q26 preview – The second half matters

Malaysia-listed hospitals should deliver another quarter of defensive growth, with sector revenue/EBITDA rising 13/12% y/y in

2Q26 (Fig. 1). A stronger sequential recovery after a softer festive 1Q should leave 1H26 earnings tracking ~45% of our

FY26E, broadly in line with historical seasonality. Revenue intensity remains firm at 4-8% y/y (Fig. 3), while bed occupancy has

improved to 63-73% (Fig. 4). With 2Q earnings likely largely tracking expectations, we think investor focus will shift from

quarterly delivery to who can sustain earnings quality into 2027, by converting capacity into higher-value case mix, revenue

intensity and brownfield execution.

Philippine Equity Strategy (Jeanette Yutan/Khoi Vu, CFA), Philippines

Not all storms sink all ships: Where to find resilience and manage risks

MSCI Philippines is up by 8.6% YTD in USD terms, outperforming MSCI ASEAN by ~3%pt. The market would have been

weaker if not for the market breadth nuance due to the performance concentration in ICT. This masks the weak macro, which is

saddled by the slowdown of GDP and earnings growth. Unresolved public governance issues and ongoing political events have

also raised the risk premium. However, expectations of further declines in energy prices and an easier 2H26 base are tailwinds.

We advocate being selective and picking stocks that provide earnings resilience, relative yield support, and a strong valuation

buffer. Our top OWs: ICT, MER, BDO, AC, and ALI.

| Indonesia Energy (Arnanto Januri), Indonesia