ASEAN Equity Strategy and Economics: Strong dollar, high oil, selective allocations – Marketing feedback from Hong Kong

研报英文原文证据摘录

ASEAN Equity Strategy and Economics: Strong dollar, high oil, selective allocations – Marketing feedback from Hong Kong

J P M O R G A N Economics Research & Global

Markets Strategy

28 July 2026

ASEAN Equity Strategy and

Economics

Strong dollar, high oil, selective allocations – Marketing

feedback from Hong Kong

We concluded our marketing trip in Hong Kong last week with a focus on ASEAN Equity Macro Research

ACequity strategy and economics. As the macro backdrop for ASEAN continuing to Khoi Vu, CFA

face multiple headwinds from high oil prices, a strong USD, El Niño, and uncertain (65) 6882-8170

political developments, investors are focusing on themes and bottom-up drivers to khoi.t.vu@jpmorgan.com

allocate capital in ASEAN markets. Key topics of equity strategy discussions:(1) J.P. Morgan Securities Singapore Private Limited

Country/sector allocation with a defensive tilt against macro headwinds Rajiv Batra

(Singapore, Malaysia, Energy/Utilities, USD earners). (2) Idiosyncratic themes (65) 6882-8151

rajiv.j.batra@jpmorgan.com

(Thailand recovery, market value-up reforms, broadening from AI trade). (3) J.P. Morgan Securities Singapore Private Limited

Identifying selective opportunities for flow reversal in ASEAN in 2H26. Economics and Policy Research

Economic discussions revolved around: (i) Thailand’s outlook following our

non-consensus view on investment-led growth; (ii) prospects for further tech Charnon Boonnuch

(65) 6807 5086

growth in Singapore/Malaysia; (iii) currency headwinds and policy implications charnon.boonnuch@jpmorgan.com

amidst potential Fed hikes. We reiterate our cautious view on ASEAN equities JPMorgan Chase Bank, N.A., Singapore Branch

going into 2H26: OW Singapore and Malaysia; Neutral Thailand, Vietnam

and Indonesia; and UW Philippines equities.