ASEAN Speaks

As we ring in the new year, Maybank Kim Eng’s research team digs deep to sift through the best themes on our clients’ minds. Malaysia has just implemented movement control order 2.0 so we ask our strategists if the economic cost of MCO 2.0 will be greater than the last one. Commodity prices have also been in focus and like crude oil, palm oil prices have rallied since 3Q 2020. Will tight supplies keep CPO prices elevated and when will the cycle reverse? In the Philippines, it was one of the hardest hit economies last year but as fortunes reverse, we now see resilience and evaluate the value plays that will stand out this year. Lastly, our Thai utilities team shares on their top picks for renewables and ESG investing.

AC Health was established in 2015 as a wholly owned subsidiary of Ayala Corp (AC PH). Although the entity contributes less than an estimated 5% of AC’s RNAV, AC Health is a hidden gem in AC’s portfolio as it is positioned in the fast growing healthcare sector with exposure in drugstores, medicine delivery, clinics, hospitals and tele-health services. In this episode of Captains Speak, Maybank Kim Eng hosts AC Health’s Chief Digital Officer Christian Besler and its Strategy & External Affairs associate, Dr Nikki Bautista, on the company’s business strategy.

For our first podcast of 2021, Maybank Kim Eng’s strategists will assess the drivers behind the current reflationary cycle and whether ASEAN central banks may be tempted to bring forward interest rate normalisation. As governments prepare to stockpile COVID-19 vaccines and execute on immunisation programs, COVID cases are back on the rise. How will these developments impact brittle economies like Thailand and its stock market? Will the strong Baht complicate its recovery? Lastly, given the steepening of the 10year treasury yield curve, do Singapore REITs still offer value? Tune in to find out.

In this final podcast episode for 2020, our strategists will share on their preferred markets and how you can position for 2021. Currencies is also an equally important criterion when investing in foreign markets, so find out how ASEAN currencies will benefit amidst a low USD environment, and firming commodity prices. ASEAN banks have been trending well of late as compared to the medical gloves sector. Will banks’ performance persist, and based on the latest 1QFY21 results of the gloves sector, is the best yet to come?

In today’s podcast, our conversations on the ASEAN capital markets will cover Fitch’s latest downgrade on Malaysia’s sovereign credit rating, Malaysia’s 3Q earnings season and our portfolio positioning strategy going into 2021. We will also go to Thailand and ask why our strategists have turned bullish on the Thai banking and property sectors despite student protests, slow tourism recovery and high household debt.

With Singapore’s manufacturing data still weak and the country being a proxy to global trade and demand, what does this say about the trajectory of recovery? Thailand’s export numbers are also similarly weak and the strength of the Thai Baht doesn’t help. This week, our equity and macro strategists will give their perspectives on these key developments, and what it means for different asset classes. We will also give a run down of Maybank Kim Eng's top calls for ASEAN banks as well as the Indonesian Property & Mining sectors.

Our specialists will speak on Malaysia’s 2021 Budget and how the construction sector is faring in this climate. We will also discuss about Bank Indonesia's latest rate cut and also why Maybank Kim Eng's technology analysts are overweight tech stocks in Singapore and Malaysia. Finally, we find out which countries are the biggest winners from the RCEP trade agreement and the implications for the FX market.

Welcome to the ASEAN Speaks’ podcast. This week, we will be speaking with Maybank Kim Eng’s Chief economist, Suhaimi Ilias, to get the lay-of-the land on key macro and policy trends. With our market strategists, Suhaimi will then assess if the positive market vibes over the last 1-2 weeks signal a silver lining in the skies for corporate earnings recovery in Malaysia, and how this sentiment may influence US treasury and ASEAN government bond yields.

Today’s conversation is with Maybank Kim Eng’s strategists on several major events and their impact on Asia’s capital markets. Topics include the implications of Joe Biden’s presidential election win and the USD; Malaysia’s 2021 budget and the read through on the country’s equities and fixed income markets; and lastly, whether the bounce in Singapore bank shares is a foreshadow of more positive developments to come.

Welcome to the ASEAN Speaks podcast. Today, the conversations will feature Maybank Kim Eng Research where our specialists will speak on four important themes: 1) a preview of Malaysia’s budget; 2) the industrial sectors where the V-shaped recovery is most evident in ASEAN; and 3) implications for the plantation and energy sectors if Biden wins the US presidential election.