ASEAN Speaks: Recent Episodes

Maybank Investment Banking Group

ASEAN Speaks by Maybank presents the views of our analysts and economists across the region, and conversations with thought leaders in business, technology and sustainability.

In this week’s episode, Seng Yeow hosts, joined by Erica and Hussaini. Seng Yeow opens the discussion with the week’s key geopolitical and macro developments — including renewed Israel–Hamas tensions and the U.S. plan to impose 100% tariffs on Chinese imports by November 1 — framing them as signs of growing strain in global markets. He notes that “markets don’t die of altitude — they die of exhaustion,” reflecting the cautious investor sentiment seen lately. Erica shares insights on China’s 15th Five-Year Plan, highlighting the country’s push for long-term self-sufficiency and structural reforms. Hussaini wraps up with a defensive view, reiterating a BUY rating on Sheng Siong for its resilient fundamentals and steady performance amid uncertainty.

In this week’s episode of ASEAN Speaks, Hussaini Saifee, our TMT analyst, introduces the emerging concept of Agentic Commerce — what it means for the future of online shopping, how it compares to existing e-commerce platforms, and the implications for key regional players such as Sea Ltd.

We then turn to Malaysia, where our host, Thilan, breaks down the state of digital banks. With five new licensees, competition is heating up, but profitability remains a distant goal.

Jarick Seet shares insights from his recent roadshow with Sanli Management, outlining key growth drivers and the rationale behind his strong BUY call on the company.

Finally, Krishna Guha discusses his upgrade on Lendlease Global Commercial Trust, highlighting company-specific drivers, the impact of falling benchmark rates, and his quick take on the overall REIT sector outlook.

In this week’s episode of ASEAN Speaks, Singapore takes center stage with a construction boom that could reshape the economy. Our Macro Team forecasts the sector to grow at more than 5% annually between 2025 and 2030—well above GDP. Hak Bin shares how this compares with past cycles, what’s fueling the surge, the potential spillover to the broader economy, and the key risks to watch.

We then move to the Telco and Internet space. Hussaini breaks down Optus’ latest outage just as a Singtel delegation meets Australian regulators, plus what Simba’s latest results mean for Singtel and StarHub. He also covers Grab’s launch of self-driving services in Punggol and what it could mean for earnings and valuations. And with Wilmar’s cooking oil case overturned by Indonesia’s Supreme Court, Hussaini explains the implications for the stock.

Tune in for these insights and more to help you navigate the week’s market moves.

Edited by Xuan Hao, Wanzhen

In this week's episode of ASEAN Speaks, out host Thilan unpacks the bullish momentum in Singapore's markets and the launch of SGX's new Next 50 indxed, as well as what they mean for small- and mid-cap investors.

Sheryl takes us through Eric's deep dive on ComfortDelGro's underperformance versus the STI, and how earnings from Copenhagen could provide a boost.

Finally, Xuan Hao shares fresh insights on Food Empire, highlighting strong earnings momentum in Vietnam, the brand's positioning in a competitive market, and how management is navigating headwinds in Russia.

In this week’s ASEAN Speaks, our host Thilan kicks off with the latest tailwinds driving Southeast Asia’s internet and telecom sectors.

Hussaini, our TMT analyst, breaks down Sea Limited’s Shopee momentum and AI-driven gaming push, then explains why he’s bullish on Singapore Telecommunications and Indosat.

Finally, Seng Yeow from our Quant team reviews Malaysia’s 2Q earnings season, highlighting positive market sentiment and key portfolio rebalancing signals.

Edited by Shaina and Sheryl

In this week’s ASEAN Speaks, our host Thilan looks at why Singapore continues to attract safe haven flows amidst regional uncertainty.

Hussaini, our TMT analyst, shares why he thinks the telco sector still has more upside, with a new BUY on StarHub and higher target price on Singtel.

Next, our transport analyst, Eric highlights ComfortDelGro’s latest CityCab deal, explaining why this could close the performance gap with other midcaps.

Across the Causeway, Desmond wraps up 1H results for Malaysian banks and explains why “no bad news is good news” for the sector heading into 2H.

Edited by Wanzhen & Shaina

In this week's ASEAN Speaks, our host Thilan goes through the many tailwinds boosting Singapore's market.

Brian comes in to talk about Singapore's recent jump in manaufacturing numbers and why the economics team is forecasting a potentially higher GDP growth for Singapore.

Hussaini, our TMT analyst talks about Singtel's recent investor day and the key takeaways that he believes supports his reiteration of a BUY on Singtel.

Focusing on Indonesia, Etta goes through why he believes GoTo share price is likely to double after GoTo posts their 1H numbers amidst the chaos happening in Indonesia currently.

Jarick also comes on to highlight ISOTeam's FY25 earnings, their future prospects and expected rebound as well as on Marco Polo Marine's interest on listing in Taiwan.

Edited by Bruce

In this week's episode Jarick Seet is stepping in for Thilan as today's host. Jarick opens today's episode by talking about how markets are currently fatigued from Trump's tariffs reflecting in investors' actions over the past week.

Krishna comes on to talk about ST Engineering and why he believed fundamentally the stock looks weak explaining his downgrade to a HOLD.

Jarick also explains his downgrade to a HOLD of Singapore Post where he believes management lacks the long-term strategy as a non-essential asset is being held on to. Jarick also goes through Marco Polo Marine and why he believes this quarter's earnings warrants the company another chance as the storm seems to have passed.

Edited by Xuan Hao, Bruce

In this week's episode, Thilan highlights several stock picks amidst earnings seasons and a lot of tariff uncertainties as well as geopolitical issues.

Jarick comes on to talk about his recent initiation Sanli Environmental which he believes will benefit largely from potential government contracts. Jarick also briefly goes through CSE Global's results and explains why it was inline with expectations.

Hussaini comes on to the show to talk about Singtel and StarHub results and how the market consolidation post M1 acquisition by Simba will benefit the two main players in Singapore's telco space. He also goes through why he remains bullish on Sea Limited amidst another quarter of earnings beat and raise.

Thilan goes through plantations and explains why despite less coverage, investors should not ignore the great set of results the sector has been seeing. He goes through First Resources, Bumitama Agri and Wilmar International.

Edited by Xuan Hao, Lucia, Bruce

In this week’s episode of ASEAN Speaks, our host Thilan kicks off with Jarick, who shares his take on Venture and how changes in the tech sector drives his upgrade to a BUY call.

The conversation then moves to Singapore’s three big banks — DBS, UOB and OCBC — where Thilan looks at the differences in their results, the pressures on net interest margins, and what might be ahead for capital returns and loan growth.

Krishna joins to discuss Sembcorp’s latest numbers and the key factors to watch going forward considering his downgrade to a HOLD.

Thilan also covers SGX’s 1H25 results, he discusses why he remains bullish on SGX and why its valuation is justified when considering growth as compared to other exchanges.

We then hear from Xuan Hao who is covering for Samuel Yin on Genting Singapore, with insights into what is driving Samuel's BUY call.

Hussaini breaks down Simba’s plan to acquire M1’s telecom business for SGD 1.4 billion and the implications it has for the telco market which has been facing aggressive competition for the past few quarters.

Edited by Xuan Hao, Lucia, Bruce

In this week’s episode of ASEAN Speaks, our host Thilan unpacks the STI’s rebound after a six-day losing streak, supported by signs that Singapore may avoid major fallout from Trump’s new tariffs. He discusses how this could revive interest in domestic sectors like construction, safe-haven flows, and capital returns.

Hussaini comes on to shares his views on Sheng Siong after a slower 2Q, and dives into Grab’s outlook, focusing on autonomous vehicles and their strategic potential across ASEAN.

From Thailand, Boonyakorn initiates on Thai Airways as it resumes trading after five years, breaking down the turnaround, competitive risks, and his bullish call. Explaining why he expects a 200% upside.

OCBC’s 2Q results come under the microscope, with Thilan explaining the cautious stance amid weakening net interest income and uncertain capital returns following the SGD1.4bn Great Eastern investment.

Finally, Thilan highlights Capitaland Ascott Trust’s major Tokyo asset divestment at a 100% premium. He goes through why Krishna, our REITs analyst remains bullish as management maintains their outlook for the year.

Edited by Lucia, Xuan Hao, Dion, Bruce

In this week’s episode of ASEAN Speaks, our host Seng Yeow welcomes Jarick to unpack MAS’s new $50bn EQDP programme and its potential to drive concentrated flows into non-index sectors.

Jarick shares five BUY calls for the week: Food Empire Holdings, ISOTeam, ComfortDelGro, CSE Global, and Frencken, explaining why each is poised to benefit from raw material trends, sector positioning, and strong customer outlooks. He also breaks down the semiconductor sector, exploring the potential impact of US–Malaysia tariff talks.

With results week approaching, Xuan Hao dives into the Singapore banking sector, previewing OCBC, DBS, and UOB regarding expected earnings and dividends.

Thilan, Lucia, and Janel wrap up with highlights from the myimpact portfolio, showcasing a six-stock portfolio of top ESG performers with a focus on social factors in sustainable investing.

Edited by Lucia, Xuan Hao, Dion, Bruce

In this week’s episode of ASEAN Speaks, our host Thilan breaks down the STI’s record-breaking 11-day rally—the longest in 20 years—and explores what could drive the next leg higher as MAS prepares to announce the first recipients of the EQDP fund.

Hussaini initiates Sheng Siong on a BUY despite the 30% rally the stock has seen this year, and he also initiates on Thai Beverage, explaining why he is more neutral towards the stock. While on the Internet side, Hussain gives his preview of Grab maintaining his BUY on the stock.

Jarick unveils his upgraded target for Frencken, which he now calls the top pick in Singapore tech. He also reiterates a BUY on CSE Global, highlighting strong order wins, margin expansion, and a compelling dividend story.

Krishna initiates on Keppel DC REIT, riding the data centre wave. He breaks down what’s behind his bullish call and how global AI policy risks might affect the outlook. - Edited by Lucia, Xuan Hao, Dion, Bruce

In this week's episode of ASEAN Speaks, our chief Economist, Hak Bin Chua talks about Trump tariffs, and what our region has in store in terms of economics for the second half of the year.

Hussaini Saifee, our TMT analyst comes in to talk about recent developments regarding the recent restriction of AI chips exports and what it would mean for data centres in Malaysia and Thailand.

Our analyst from Vietnam, Mi Nguyen, recently initiates on Masan Group (MSN VN) and she explains what the company does, what key drivers she expects to drive stock price higher and any risks that could effect the stock.

Our host Thilan also goes through takeaways from the recent investment conference held in Kuala Lumpur, Invest ASEAN, where the management for 8 Singapore companies came along to share about their respective strategies. Thilan also goes through our 10 top picks for Singapore.

Edited by Xuan Hao, Dion, Abdullah, Bruce

In this week's episode of ASEAN Speaks, our host Thilan paints the best-case scenario for ASEAN amidst all of Trump's uncertainties.

Jarick our SMIDs analyst goes through his Opportunity+ Stock, ISOTeam and why he believes there is a lot of upside potential.

Anand our regional head of research dials in, giving his input on how the six ASEAN markets will develop and what stocks investors should look out for.

Thilan also goes through Singapore and Malaysia Banks after loan growth numbers have been announced for May and why we remain Neutral as well as a few preferred stocks for both sectors.

Edited by Xuan Hao, Dion, Abdullah, Bruce

In this week's episode of ASEAN Speaks, our host Thilan discusses upgraded STI targets and why he believes the index will break through the 4000 barrier and what he believes are some of the stocks that are well positioned to benefit.

Brian Lee, our economist joins us to look at how core inflation moderated from 0.7% to 0.6% and what he believes the inflation will be like for the rest of the year.

Jarick has recently upgraded his target price for CSE Global and our host Thilan goes through why Jarick is mega bullish on this stock.

Finally we have Syifa coming in from Malaysia to talk about IGB REIT and why it's recent acquisition of Mid Valley Southkey Mall led to her upgrading her earnings and dividends forecast.

Edited by Xuan Hao, Bruce, Dion, Abdullah

In this week's episode of ASEAN Speaks, Singapore's Head of Research, Thilan Wickramasinghe gives us his take on his recent increase in target price for the SGX, given the current volatile market.

Hussaini also comes on today to speak about his recent reports on Sea Limited, Grab Holdings and Singapore Telecommunications Ltd as well as several takeaways while speaking to clients over the past week.

All the way from Indonesia, Willy Goutama talks about his recent initiation on a Opportunity+ stock, Mulia Boga Raya (KEJU IJ) and why he remains bullish on his outlook for this stock despite macro volatilities.

Edited by Xuan Hao, Dion, Bruce, Abdullah

In this week’s show our host Thilan discusses the MAS Equity Market Development Fund and the 18 screened stocks that we see benefits the most that have relatively strong corporate governance.
Our analyst from Thailand, Boonyakorn recently upgraded Airports of Thailand to a BUY and he goes through why he sees more upside now.
Hussaini also comes in to talk about his brand new survey on ASEAN Internet sellers and consumers and how that would reflect on both Grab and Sea and disucsses teh competitive landscape in Brazil, how that affects Sea and Grab’s recent convertible note issuance.
We also go through why Jarick still highlights his buy on Frencken amidst announcements of their expanding Singapore capacity.

Edited by Xuan Hao, Dion, Bruce, Abdullah

Diversify, diversify, diversify! That is the name of the game.

In today's episode, our host, Thilan bring us his review on our Macro Team's highly recommended report. We will delve in deep to explore whether the softening of the US dollar is structural or temporary as it loses its domimamce as a world reserve currency.

Next, we are joined by our Regional Strategist Anand Pathmakanthan as he brings us on an in-depth take through the ASEAN region where he believes many equity oppoportunities can be found as the US dollar softens. Find out which of the ASEAN countries feature the highest OVERWEIGHT recommendation along with Anand's top picks

Last but not least, we will also look at our top stock pick of week, Capital A, Air Asia's parent company and why now is the best time to BUY.

In today's episode of ASEAN Speaks, our host Thilan is joined by Krishna Guha our REITs analyst and Brian Lee our macroeconomist.

Krishna goes through his recent conversations with many of the REITs management and with investors going through what his key observations of the REITs subsector is and how investors are positioned as well.

Our host Thilan discusses on Singapore bank's loan growth data and how it's slowing growth is expected due to uncertainties reiterating his neutral view on the sector.

Brian talks about Singapore's manufacturing and how it might impact his GDP forecasts, he also discusses his views on the moves MAS are making on the SGD.

Thilan also summarises why our analyst in Malaysia, Natasha Ariza, is calling a big buy on one of Asia's largest private hospital groups, IHH Healthcare.

Edited by Xuan Hao, Abdullah, Bruce

In this week’s episode of ASEAN Speaks, our host Thilan reviews Singapore's Q1 GDP outperformance and unpacks selected safe-haven stock picks.

Economist Brian Lee joins us to discuss the driving factors behind Singapore's GDP growth and growth forecasts for subsequent quarters.

Thilan discusses ISO team's outlook given the anticiapted influx of HDB tenders post General Election amongst other structural tailwinds.

Eric Ong reviews LHN Ltd's H1 figures and whther the company will be able to sustain this momentum moving forwards.

Finally, Hussaini discusses Singtel's strong quarter with a focus on management's plan to increase shareholder returns. He also speaks on the current competitive landscape for ASEAN internet stocks.

Edited by Bruce, Dion, Abdullah, Xuan Hao

In this week’s episode of ASEAN Speaks, our host Thilan unpacks Moody’s downgrade of the US credit rating and the market implications of easing US-China tariffs.

Economist Erica Tay joins us to explore what this shift means for China and ASEAN economies. We break down Sea Ltd’s stellar 1Q25 results and why we’ve raised our target price.

SMID's Analyst, Jarick Seet is is optimistic about CSE Global Ltd in light of US policy changes and pessimistic on AEM despite increasing trade sentiment.

Analyst, Samuel Yin weighs in on Genting Singapore’s outlook following its inline quarter.

Edited by Xuan Hao, Dion, Bruce, Abdullah

In this week's epsiode of ASEAN Speaks our host Thilan unpacks the implications of Singapore's General Election and what it means for market stability amid global uncertainty. Once again highlighting our top 40 Singapore-First Picks.

Our REITS analyst breaks down 1Q results for most REITs, going through the risks facing the sector and why he remains positive despite a weak quarter. While our TMT analyst goes through Grab's strong first quarter earnings and his take on management's guidance upgrade.

On to the consumer sector, Wilmar reported an inline 1Q and an increasing demand in China. Our host Thilan goes through why he believes Wilmar is a resilient stock in this trade war battle.

Jumping across to Thailand a new initiation on Thai Life Insurance was recently published. Trading at 0.75x price to value, Thilan goes through why we believe it has a 30% upside.

Edited by Xuan Hao, Dion, Bruce

In this week's epsiode of ASEAN Speaks our host Thilan dives deeper into our Singapore Strategy amidst tariff uncertainty, highlighting 40 stocks that we have screened with more than 50% of revenue derived in the domestic market.

Eric Ong, one of our analysts comes on the show to talk about Raffles Medical being a local champion, explaining his upgraded target price and some catalysts for the stock.

Hussaini also comes along having published a preview on Sea Limited and Grab Holdings highlighting their relatively shielded position from tariff uncertainty and explaining his bear case sensitivity analysis in case the tariff war escalates.

Edited by Xuan Hao, Dion, Bruce

In today's episode of ASEAN Speaks, we dive deeper into the REITs sector which we believe is our best defensive pick in the ASEAN market. As well as our economist Brian Lee going across Singapore's export numbers and why his forecasts for Singapore's GDP has remained the same.

Krishna, our REITs analyst, maintains a POSITIVE view on S-REITs and goes through why after stress testing he believes the sector is our main defensive pick as well as highlights some of his top picks.

On the other side of the causeway our analyst in KL highlights Malaysia REITs, sharing her views on several catalysts and risks as well as her top 3 picks in that sector.

Hussaini once again comes back, reiterating his belief on Singtel as a top pick even in this period of tariff uncertainty. Highlighting why it has outperformed ASEAN peers and the STI year-to-date.

In this week's episode of ASEAN Speaks, our host Thilan is joined by our Economist, Brian Lee to give us new insights on MAS’s policy easing and Singapore’s GDP forecast downgrade and Senior Analyst Eric Ong shares why ComfortDelGro could be a safe haven.

Thilan unpacks the downgrade of Singapore banks to Neutral and takes a deep dive into the uncertainty of the markets.

On Behalf of Senior Analyst Jarick Seet, our host, Thilan unpacks the risk facing Venture Corpotation and also highlights our call on Grab Holdings.

Edited by Xuan Hao, Dion, Bruce.

In this week's episode of ASEAN SPEAKS, our host Thilan is joined by our Regional Equity Strategist, Anand Pathmakanthan, to unpack the equity implications of Trump’s Liberation Day tariffs, especially for ASEAN markets like Vietnam, Thailand, and Malaysia.

Our Co-Head of Macro Research, Dr Chua Hak Bin, shares his views on the economic impact, including ASEAN growth downgrades and how China’s retaliatory measures could shape the road ahead.

Zooming in on Singapore, Thilan discusses why the STI’s sharp drop could still present buying opportunities, and highlights key names in our Trump Tariff Winners portfolio.

Our Head of Sustainability Research, Jigar Shah, introduces our latest ESG portfolio for Singapore, explaining how companies with strong sustainability practices are proving more resilient amid market volatility.

Edited by Xuan Hao, Dion, Bruce

In this week's episode of ASEAN Speaks, our host Thilan invites our economist Chua Hak Bin to talk about the US's Liberation Day and how that would impact the ASEAN market.

Our SMIDs analyst, Jarick Seet goes through why he is upgrading ISOTeam's target price amidst its CEO buying ISOTeam shares.

With increased rumours of Grab merging with GoTo, our analyst from Indonesia, Etta Rusdiana Putra, goes through why believes even if the merger does not fall through GoTo has great upside potential.

Our Industrials analyst, Krishna Guha, discusses some highlights from ST Engineering's recent Investor Day and goes through some upside risks the company may have.

While looking at Data Centres and amidst Thailand's fluctuating market, Thilan briefly goes through what Hussaini Saifee, our TMT analyst, is thinking about the new data centre capacity approval in Bangkok

Edited by Xuan Hao, Dion, Bruce

In this episode, our host goes through an ASEAN Equity Overview of the ASEAN-6 (Singapore, Malaysia, Indonesia, Vietnam, Thailand and Philippines) done by Anand Pathmakanthan, Head of Regional Equity Research.

Our SMIDs analyst, Jarick Seet, also goes through why he is confident on rating Frencken as a BUY despite the recent slowing down of the semi-conductor space in Singapore, expecting a recovery soon.

Jarick also reiterates his expectance of special dividends for SingPost given the recent announcement of consolidation of SingPost's operation freeing up space at the SingPost Centre.

Samuel Yin is dialing in from Malaysia to talk about Genting Berhad and why he is confident in upgrading the stock to a BUY, all the while giving his two cents on Genting Singapore.

Edited by Xuan Hao, Dion, Bruce

In this episode of ASEAN Speaks, we are joined by 3 of our analysts will be talking about three key stocks that they believe will perform well in the future as earnings season comes to a close as well as our China Economist.

Hussaini, our TMT analyst talks about Sea Limited's blowout 4th Quarter performance and the key prospects he is forecasting for this year.

Jarick Seet, our SMIDs analyst, talk about SingPost's potential upcoming special dividend in May despite it's weak performance the past 3 months.

Erica, our China Economist talks about what the latest National People's Congress announcements and the ongoing trade war have for China's future.

Finally, Eric our Healthcare and Transports analyst talk about our Opportunity+ Stock, LHN and why he believes now is the perfect time to BUY.

Edited by Xuan Hao/Dion/Bruce

In this episode of ASEAN Speaks, we feature three of our analysts who give their opinions on some rating changes as earnings season is coming to a close.

Jarick Seet, our SMIDs analyst, talks about the tech manufacturing sector outlook, going into detail on whether the previous murky forecasts has given way to more positive prospects.

Thilan Wickramasinghe, our Head of Research, goes in depth into OCBC's performance and why he still prefers UOB after all three banks have reported their results.

Finally, we have Krishna Guha, our REITs and Industrials analyst, who explains why he has upgraded ST Engineering to a fresh BUY given the increase in defense spending.

Edited by Xuan Hao/Dion/Bruce

In today's episode of ASEAN Speaks our host Seng Yeow briefly discusses on the shifts in the US market highlighting Alibaba's upcoming advantage with the recovery of the Chinese Tech Market.

Our head of research, Thilan Wickaramasinghe goes through the MAS' first set of recommendations to revive Singapore's stock market which includes a S$5 billion initiative, a Market Development Fund focusing on the domestic market.

Our TMT analyst, Hussaini Saifee also discusses Grab and SingTel's earnings results talking about potential mergers between Grab and GoTo as well as SingTel's strong quarterly earnings.

Edited by Bruce/Dion/Xuan Hao

In this week's edition of ASEAN Speaks we have Thilan Wickramasinghe discussing DBS's strong performance in results and loan growth in 2025.

Brian Lee, our Economist discusses the expectations for SG Budget 2025 and the impacts on GDP expectations for 2025E.

Jarick Seet, our Head of SMIDs also discusses his new initiation in painting contractor ISOTeam and updates his coverage on SingPost.

Edited by Bruce/Dion/Xuan Hao

In this week's edition of ASEAN Speaks we have Thilan Wickramasinghe discussing SGX's strong performance the past quarter and potential benefits from an upcoming MAS review.

Hussaini Saifee, our TMT analyst discusses a potential Grab-Gojek merger that could potentially go through and how that would affect both companies.

Krishna Guha, our REITs analyst also covers his outlook for CICT after the earnings call last week, explaining why its portfolio is stabilizing.

Edited by Bruce/Dion/Xuan Hao

In today’s edition, we discuss the return of safe haven assets as Trump’s tariff agenda pressures markets. With gold and oil rising, we explore why Singapore banks are also in focus ahead of their 4Q earnings season.

Our analyst, Hussaini, breaks down the DeepSeek shockwave and its impact on ASEAN data centres. Plus, we dive into Sea and Grab’s upcoming results and what to watch for in the ASEAN Internet sector heading into 2025.

We also touch on CIMB’s 2025 outlook, as the bank gears up to unveil its new strategic plan in March.

Edited by Bruce/Dion/Xuan Hao

In today's edition, we discuss about the likely impacts of some of Trump's moves on several sectors in the ASEAN market.

Fresh off our Hong Kong Marketing Event, our analyst Hussaini delivers several key takeaways that investors are focusing on regarding the 2025 outlook of the ASEAN TMT sector.

We also discuss certain key points regarding why, our REITs analyst, Krishna remains bullish on both FCT and MLT, with yields of 5.7% and 6.3% respectively.

Lastly, our SMIDs analyst Jarick covers on why we believe CSE Global is a great company to consider, especially with Trump coming on board with looser regulations on US production of Oil and Gas.

Edited by Bruce/Dion/Xuan Hao

In this week's edition, we talk about our Feng Shui Guide to Prosperity as we usher in the Year of the Wood Sssnake.

Discover how astrological predictions, economic trends, and key sectors could shape the Year of the Wood Snake, featuring Master Ken Koh's advice for navigating 2025's challenges and opportunities.

Furthermore, three of our analysts join us today to talk more about their specific sectors around the ASEAN market.

Jocelyn is joining us today to talk about why the poultry market in Indonesia has a positive outlook and what her top picks are in that sector

Natasha will be talking about what her insights are from a site visit of IHH Healthcare and why those takeaways underscore her bullish stance on this healthcare giant.

While Eric joins us to explain more no why he believes the Healthcare sector in Singapore is a Neutral sector with growth catalysts being essential for stock re-ratings in this sector.

In this episode, we will be going through the newly signed JS-SEZ agreement and how Singapore's plan to invest money and policies behind it will make this time different.

With both Malaysia and Singapore setting up funds to develop infrastructure and subsidise companies transitioning into the JS-SEZ, as well as a joint target of 100 projects in the SEZ.

We also covered a selection of Singaporean and Malaysian companies that we believe would benefit the most from the agreement.

Two of our analyst are also joining us today. Krishna Guha who will be talking about why he thinks the outlook for REITs are getting better and Hussaini Saifee who will be talking about why he remains bullish on the ASEAN Internet sector.

Edited by Xuan Hao/Dion/Bruce

In our first 2025 podcast, we discuss whether Singapore can maintain its market momentum in 2025.

Our Singapore economist, Brian Lee, shares his outlook for 2025, discussing expected growth drivers and why he forecasts resilient economic momentum for Singapore in the year ahead.

We also feature two of our analysts Krishna Guha and Hussaini Saifee who will each give insights of what trends and drivers we can expect in 2025. Covering Telcos & Internet and REITs & Industrials.

Edited by: Xuan Hao/Bruce/Dion

In this year's wrap-up of ASEAN Speaks we cover the key drivers that led to Singapore being the best performing market in Asia and how those drivers will impact next year.

We also feature three of our analysts Krishna Guha, Hussaini Saifee and Jarick Seet who will each give an overview of what key factors and trends drove their specific sectors this year. Covering REITs and Industrials, Telcos and Internet as well as Offshore & Marine and Tech Manufacturing respectively.

Our Singapore economist, Brian Lee also covers how 2024 fared, where he thinks growth will land as well as why his recent forecast on Singapore is to expect resilient growth in the upcoming year.

Edited by: Xuan Hao/Bruce/Dion

Note: This will be the final episode for Singapore's ASEAN Speaks for 2024. We will be taking a break and resuming in January 2025. Have a happy holidays!

In today's special edition of ASEAN Speaks we start off with our SMIDs Analyst, Jarick Seet, giving us an insight into why SingPost deserves attention as the next top pick to release value despite S&P's recent move to place them on CreditWatch negative following the sale of its Australia business.

Next, we are joined by our special guest,Matt Bryson, Wedbush's Senior Enterprise Hardware Analyst. He will share his view on AI, memory, storage and where the big stocks like NVDIA and Intel are heading. So stay tuned! And do not miss out on this week's hot takes!

As Asian shares decline for the second month due to Trump 2.0 policies and slow Chinese stimulus, there’s renewed hope in ASEAN markets. Our regional strategist, Anand Pathmakanthan, highlights why ASEAN is the place to watch, with Singapore, Malaysia, and Indonesia leading the charge.

Meanwhile, Jarick Seet discusses SingPost’s sale of its Australian assets—a move that’s the “worst-kept secret” in the market but could unlock significant value for shareholders. Don’t miss these insights!

Edited by Xuan Hao/Leslie/Dion

Markets rebound as a data-packed week stirs volatility, with Singapore’s economy hitting an 11-quarter high alongside a surge in manufacturing numbers. What does this mean for a stronger SGD and key opportunities? Our Co-Head of Research, Dr. Chua Hak Bin, breaks it all down.

Meanwhile, GLC restructuring and asset monetisation are unlocking value, with SingPost leading the charge asset sales and cost optimisation, while Frencken shines in the tech sector despite challenges. Jarick Seet dives into why these stocks are ones to watch. Don't miss out on these insights!

Edited by Xuan Hao/Leslie

As inflationary concerns loom, Asia remains optimistic after Xi-Biden talks. Amidst this optimism, Grab Holdings and Sea Limited are making waves. Our telecom analyst, Hussaini Saifee, explores how these two standout companies are seizing growth opportunities in this evolving landscape.

Next, our Head of Research, Thilan Wickramasinghe, highlights how Sembcorp Industries is redefining its future with strategic divestments and a sharp focus on renewable energy, solidifying its position in the energy transition. Join us to uncover the strategies shaping tomorrow’s leaders.

Edited by Xuan Hao/Leslie

Trump’s comeback to the presidency has stirred up fresh waves of uncertainty. With inflation likely to rise, the Fed’s path to easing could face serious challenges. To break down what this means for the global and regional markets, our in-house Economist, Erica Tay, who’ll dive into the potential impacts and discuss whether China’s recent debt swap is a genuine stimulus move or more symbolic.

Meanwhile, we’re also on the lookout for regional winners in a “Trump 2.0” era. Our regional Analyst, Chak Reangsinpinya sees Thailand as particularly well-positioned, identifying three main themes: the acceleration of the "China Plus One" strategy, the impact of higher U.S. interest rates, and potential shifts in the energy market. Join us as we explore the possible ripple effects of Trump’s return on our side of the world.

Edited by Xuan Hao/Leslie

This week, our guest host, Jarick Seet, will take us through what we can expect from the Telco and SMIDs sector as we head off to the end of the year. He is first joined by Telco Analyst, Hussaini Saifee who has just reiterated his BUY call on Singtel (ST SP) explaining how its subsidiary, Simba, may the key to success. Additionally we will get to hear how its peer, Starhub (STH SP) might be affected within this Telco sphere as a result.

Next, Jarick will take us through the key picks to look out for within the SMIDs sector in this coming 3Q. Having just returned from roadshow in KL with Marco Polo Marine's (MPM SP) management, he believes that there are more bullish prospects than ever before. So don't miss out and tune in to this week's ASEAN speaks!

Edited by Xuan Hao/Leslie

In this weeks ASEAN Speaks, our guest host with the golden voice, Seng Yeow, bring along our resident Credit Analyst, Winson Phoon to shed light on the US rate curve as we head off into the penultimate week of the Trump Vs. Harris election. Tune in as he gives us his take on what the outcomes might be should either of the presidential hopefuls win.

Next, Hussaini Saifee joins us to give a sneak peek into upcoming earnings season of the ASEAN Internet Sector. He is expecting both Sea Ltd (SE US) and GoTo (GOTO IJ) to sustain its strong momentum across their business segments into the third quarter. While, Grab (GRAB US), despite on-track growth, might face some top-line momentum challenges ahead. Don't miss out on his insightful takes!

Edited by Xuan Hao/Leslie

Third quarter results season kicks off this week, and all eyes are on S-REITs. With the current interest rate and FX environment, how might they impact these key players in the market? Krishna Guha comes in to provide us with the latest insights on the sector. Will we see the first signs of stabilisation, or will the volatility continue? Join us as we find out which REITs are worth watching closely and what to expect for in the coming weeks.

Meanwhile, over in the Philippines, we have another exciting addition to our Opportunity+ portfolio—Marco Asia Corp. (MAC PM) But why now? Ronalyn La-limo joins us to break down why this aviation support services provider stands out in today’s market. With strong growth potential and a solid market position, Marco Asia seems poised for a major breakout. She teases the key drivers behind her bullish outlook and why this stock could be a game-changer. Don't miss out on these market-moving insights!

Over the weekend, China's Ministry of Finance laid out fiscal measures to support the economy. However, no new fiscal stimulus quantum was given during the announcement. Despite the teaser, our economist, Erica Tay believes that these repeated hints that a large injection was undergoing approval would unlock existing fiscal resources that have a real impact. This would give a much needed assurance that increased special government spending on top of the current 2024 quota.

Dialling it back to Singapore, our Host, Thilan Wickramasinghe, has raised the banking sector outlook, placing a BUY call on DBS, OCBC and UOB. Looking back into past Chinese stimulus in 2009 and 2015, he believes that the current incoming Chinese stimulus measure might have a similar positive impact. With the sector poised to benefit from rising regional credit demand and a host of other recent developments within the region. Don't miss out on these key takeaways and tune in to this week's ASEAN Speaks!

This week in ASEAN speaks, we are joined by Kervin Sisayan following a 52-week high in the Philippine Market, with its central bank (BSP) hinting at a potential 50bps rate cut and a 250bps reserve requirement ratio (RRR) cut by the end of the month. BSP expects inflation to settle within the 2.0-2.8% range in Sep attributed to lower food prices and peso appreciation. Kervin believes that this should positively impact the banking sector by supporting loan growth and keeping net interest margins (NIM) elevated, as the offsetting effects of the policy rate and RRR cuts suggest NIMs will remain strong despite falling interest rates. Tune in to find out what his "Magic 8" top picks are!

Flying over to Thailand, we are joined by Boonyakorn Amornsak, who will take us through his BUY call on Airports of Thailand (AOT), citing his elevation in target price to be driven by a solid recovery in inbound tourists. Along with a potential upside driven by transit-transfer passengers and higher concession revenue from the addition of a new ground and cargo service provider. Don't miss out on this opportune stock, for AOT is currently traded on the SGX as a SDR!

In the ever growing field of the data center industry, we speak with Maybank’s TMT specialist Hussaini Saifee, who expects data centre demand in ASEAN to increase at 20% CAGR till 2028 with the total addressable market estimated at USD11b/yr. Structural drivers include: 1) Under penetration: ASEAN supply is 55-70% below that of US, CN, KR & JP; 2) AI: helps ASEAN companies in the global supply chain; 3) ASEAN as a global DC hub: geopolitics, conducive upstream supply & favourable unit economics. Additionally, Hussaini believes the risk of over-supply is overhyped: build commitment is just 40% of announcements. This podcast also highlights key opportunities & stock picks across entire DC value chain.

Read the full report here

Timestamps for the podcast:

01:33 - Maturity of data center markets in developed countries vs ASEAN

03:43 - Data center capacity supply/demand dynamics

09:30 - Tiering ASEAN data center market segments

14:27 - Geopolitics and the relevance of ASEAN's positioning as data center hub

18:40 - Moore's Law and data center economics

30:32 - Renewable energy infrastructure

31:57 - Picking winners in ASEAN

🔑For other reports, stock ideas, and market flows, access the Research/Insight Tab on the Maybank Trade SG/MY App today! Now available on the Apple Store, Google Play and the Huawei App Gallery.

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Wong Chew Hann, Head of Equity Research, Maybank Investment Bank, shares key highlights from the 2024 Invest ASEAN conference that put Penang at the forefront of dynamic transformation.

Suhaimi Ilias, Chief Economist, Maybank Investment Banking Group, gives an update on Malaysia’s fiscal reforms so far, with comments on the latest diesel subsidy cut.

Despite inflation creeping up, exports and industrial output see strong growth – Vietnam’s May economic data shows that hope shines bright for its Q2 GDP growth. Brian Lee, economist at Maybank Securities, shares his take on the numbers.

While year-to-date SET is down almost 5%, Chak Reungsinpinya, Head of Equity Research Thailand, Maybank Investment Banking Group, maintains year-end index target of 1,600 – a 17% upside from the index current level. He shares his note of confidence.

Despite interventions, the JPY remains under pressure against the US dollar. What more can be done to strengthen the JPY and what’s the impact of a weak JPY on regionalcurrencies? Saktiandi Supaat, Head of FX Strategy, Maybank, explains why recent interventions haven’t worked their magic and what’s on the road ahead for the JPY.

With accelerated industrial production growth and at the same time, a fizzling of consumer spending, what lies ahead for the Asian dragon? As well, will introducing new property measures lift the sector? Erica Tay, economist at Maybank IBG, explains.

Maybank Securities’ analyst Hussaini Saifee says the merger could be a potential catalyst for growth for the telco sector in Singapore. He also gives his read on the earnings results from SEA and Grab.

Chua Hak Bin, Regional Co-Head for Macro, Maybank Investment Banking Group, discusses how the Johor-Singapore Special Economic Zone will spur growth for both Johor and Singapore in areas such as connectivity, trade, labour, investments, and renewable energy transition.

Anand Pathmakanthan, Head of Regional Equity Research, Maybank Investment Banking Group, rounds up ASEAN equities’ performance over the past four months, giving a forecast on the key markets and stocks to watch, going deeper into 2024.

The Fed left rates unchanged as widely expected, with chair Powell saying they need more confidence that the economy is on track and to meet the 2% inflation target. Suhaimi Ilias, Maybank Group Chief Economist, shares his takeaway from last week’s FOMC meeting.

Thilan Wickramasinghe, Head of Research, Maybank Securities, maps the themes, identifies the sectors, and picks the stocks that may be the biggest winners from the establishment of this highly-anticipated economic project.

Thilan Wickramasinghe, Head of Research, Maybank Securities, maps the themes, identifies the sectors, and picks the stocks that may be the biggest winners from the establishment of this highly-anticipated economic project.

Erica Tay, economist at Maybank Investment Banking Group assesses the impact of China's industrial push on ASEAN exports at a time when ASEAN is seeing increased FDI and post-pandemic export recovery.

Even as EV growth is forecasted for a slowdown in 2024 with weak Q1 2024 sales reported by leading EV companies, plus news that Apple has just put its EV project to the ground, there is still room for robust EV growth for investors in ASEAN, says Jigar Shah, Head, Sustainability Research, Maybank Investment Banking Group.

In this episode, Chak Reungsinpinya, Head of Research, Maybank Securities Thailand discusses what’s ahead for Thai equities amid challenges that the market is facing, and highlights his favourite stocks at the moment.

Anand Pathmakanthan, Head of Regional Equity Research, Maybank Investment Banking Group, shares the latest global and ASEAN ESG developments and trends, as well as updates on Malaysia’s sustainability scores and ESG portfolios.

Amid Thailand's bid to pass a bill that will legalise casinos, what's the scenario when the bricks are laid, and the impact on gaming companies in other regional markets? Samuel Yin, analyst at Maybank IBG, gives his insights.

Saktiandi Supaat, Head of FX Research at Maybank, assesses currencies performances in the past easing cycles, putting in perspective how central banks actions are impacting various currencies today, and shares his top 3 Asian currency picks.

Desmond Chng, Analyst, Maybank IBG, explains his positive outlook on Malaysia's banking sector and the stocks that he's maintaining buy calls for at the moment.

Maybank IBG Regional Co-Head for Macro, Chua Hak Bin, re-caps how major central banks' interest rate policies last week, are moving markets.

With a 125 billion peso capitalisation plan for the Philippines sovereign Maharlika Investment Fund in place, which sectors are the fund targeting and why, and how will their growth accelerate the country’s economic development? Dr Zamros Dzulkafli, Economist at Maybank Investment Banking Group, shares his latest research on the fund.

Anand Pathmakanthan, Head of Regional Equity Research, Maybank Investment Banking Group, is optimistic on ASEAN markets for 2024. He shares his ideas on the sectors and stocks that are under his radar.

Hosted by Thilan Wickramasinghe, Maybank Investment Bank Research speaks with Dan Ives, Managing Director Equity Research of Wedbush Securities on Nasdaq's recent performance and the Magnificent 7.

Saktiandi Supaat, Head of Forex Research at Maybank explainshow the weak economy and rising inflation are reasons behind his forecast revisions on the Thai Baht, while looming uncertainties surrounding the US elections in November are weighing on his outlook for the RMB. He also highlights the currencies to watch in the region.

Rising disposable income, positive pre-sales guidance, and the incoming Prabowo-Gibran administration’s pledge to continue with Jokowi administration policies, will be beneficial for Indonesia’s real estate sector. William Jefferson, analyst with Maybank Sekuritas Indonesia, shares his insights.

The Red Sea Crisis has caused significant disruption in global shipping and freight rates. Loh Yan Jin, analyst at Maybank Investment Banking Group, explains the impact of the crisis on Malaysia and her outlook on freight rates.

Brian Lee, economist at Maybank Securities, gives an update on how the Singapore economy has been faring so far this year, and how will Budget 2024 address the economic concerns of businesses, given the high inflation and operating costs.

Come 16 February, Singapore will be announcing Budget 2024. Chua Hak Bin, our regional co-head of macro, gives a preview on fiscal balance, possible measures to support inclusivity and green transition, updates on the global minimum tax and what other initiatives can individuals and corporates look forward to.

Will the Dragon year be good for the economy from a fengshui perspective, and which zodiac animals will be lucky in love? Master Ken Koh from the House of Fengshui demystifies the year ahead with investing tips based on this ancient belief.

The latest Maybank thematic report on ASEAN tourism showed an underwhelming recovery of China tourist arrivals in 2023. What happened, and will the story be different this year? Chua Hak Bin, Regional Co-Head, Macro Research at Maybank, gives his outlook.

Krishna Guha, REIT analyst at Maybank Securities, gives his picks for investors looking at the S-REIT space.

The latest set of China economic data sent shudders through the markets, with China-related stocks falling nearly 4 percent on Wednesday. Erica Tay, economist at Maybank IBG discusses how policymakers can raise GDP growth in 2024.

The year started on a good note underpinned by policy thematics. Chua Hak Bin, our regional Co Head of Macro speaks to our analysts on their market outlook.

02:01 – Macro intro – Chua Hak Bin

03:08 – ASEAN markets to watch – Anand Pathmakanthan

08:02 – Malaysia-Singapore’s MOU – Wong Wei Sum

10:39 – Key themes for gaming sector – Yin Shao Yang

15:10 – Thailand consumer finance sector outlook – Jesada Techahusdin

17:23 – Philippines market investment themes – Rachelleen Rodriguez

Producer:Esther Phua, Maybank IBG

Some Asean markets are off to a positive start, what’s driving them and which markets are foreign investors looking to position in 2024? Anand Pathmakanthan, Head of Regional Equity Research at Maybank shares his thoughts.

Wong Chew Hann, Head of Equity Research, Maybank Investment Bank, discusses the outlook and investment strategy for the Malaysian market.

What are some 2024 equity outlook and strategies for Asean markets? Suhaimi Ilias, our Chief Economist, speaks to our analysts from Singapore, Malaysia, Thailand and Vietnam. He also chats with our ESG analysts on the latest ESG findings in Asean and Indonesia. 02:27 Roundup – Suhaimi Ilias08:05 Singapore investment strategy – Thilan Wickramasinghe11:20 Thailand market outlook – Chak Reungsinpinya15:13 Vietnam market outlook – Hoang Huy19:37 Malaysia equities market outlook – Wong Chew Hann29:37 Update on decarbonisation in Asean – Jigar Shah32:28 EV market in Indonesia – Etta Rusdiana Putra

Moving into 2024, Singapore’s economysees green shoots in export and manufacturing, with overall recovery in Asean markets, says Chua Hak Bin, Maybank’s regional co-head for Macroeconomics.

In our first episode for 2024, our economists and analysts give an overview of their outlook for Asean economies – Singapore to Malaysia to the Philippines, Indonesia, Thailand, Vietnam, as well as China. Tune in to find out what are some exciting forecasts to look forward to in the regional markets.

00:20 - Roundup - Chua Hak Bin

02:05 - Green shoots themes - Chua Hak Bin

05:08 - Singapore - Chua Hak Bin

07:59 - Malaysia - Suhaimi Ilias

12:59 - China - Erica Tay

18:44 - Bonds - Winson Phoon

21:22 - Forex - Saktiandi Supaat

25:13 - Indonesia - Brian Lee

28:25 - Philippines - Zamros Dzulkifli

32:27 - Thailand – Erica Tay

38:53 - Vietnam - Brian Lee

Producer:Esther Phua, Maybank IBG

In this week’s highlight, Jeremie Yap, our analyst, outlines the beneficiaries of Petronas as it decides how to strike a balance between capital expenditure, dividend commitment and balance sheet preservation. He speaks with Chua Hak Bin. For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

This week, we consider the reasons for China's delayed Economic Plenum, assess Indonesia's inflation jump, consider multi-year market trends in Singapore, and outline our equities strategy for the Philippines.

00:20 - Roundup - Chua Hak Bin

04:36 - CN PMI - Erica Tay

06:38 - CN Economic Plenum postponed - Erica Tay

08:12 - TH interest rate - Erica Tay

10:39 - VN GDP - Brian Lee

13:18 - ID inflation - Brian Lee

15:03 - SG strategy - Thilan Wickramasinghe

19:03 - ASEAN strategy - Anand Pathmakanthan

22:44 - Petronas 3Q results - Jeremie Yap

24:44 - PH strategy - Rachelleen Rodriguez

Producer: Noelle Lim, Group Global Banking, Maybank

Malaysian banks are expected to deliver weaker second half earnings compared to the first half this year. Why and what’s our earnings forecast for 2024 and top stock picks? Winson Phoon discusses with Desmond Ch’ng, our Banking Analyst. For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

As the year is concluding, we highlight our expectations for Malaysia's 2024 economic reforms amidst the runway to the next General Elections, while exploring the impact of subsidies rationalization on inflation. Additionally, we examine Thailand's lower than expected Q3 GDP, and share insights from our Thai Bank Day, as well as discuss our equities strategy for Indonesia.

00:33 - Roundup - Winson Phoon

03:56 - MY 2024 - Suhaimi Ilias

08:52 - MY balance of payments - Zamros Dzulkafli

10:26 - MY inflation - Zamros Dzulkafli

13:24 - SG inflation - Brian Lee

15:45 - SG GDP - Brian Lee

17:58 - ID interest rate - Brian Lee

19:33 - TH GDP - Erica Tay

23:35 - MY banks - Desmond Ch’ng

25:48 - TH Bank Day - Jesada Techahusdin

27:18 - ID strategy - Jeffrosenberg Chenlim

Producer: Noelle Lim, Maybank

Indonesia’s general elections will take place on the 14th of February next year. Who is likely to win in what we expect to be a prolonged contest? Brian Lee, our Economist, discusses with Chua Hak Bin. For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

Towards the year end, ASEAN markets are expected to do better on the back of more resilient economic data. Our analysts discuss this including the outcome of President Joe Biden and Xi Jinpings’ meeting. Meanwhile, Indonesia’s general elections will take place on the 14 February next year - who is likely to lead in what we expect to be a prolonged contest?

00:25 - Roundup - Chua Hak Bin

04:07 - MY 3Q GDP - Suhaimi Ilias

09:35 - PMX at APAC - Suhaimi Ilias

11:32 - CN 4Q GDP - Erica Tay

14:34 - CN property - Erica Tay

16:45 - Biden-Xi - Erica Tay

18:14 - USD/Yuan - Saktiandi Supaat

21:57 - ID elections - Brian Lee

24:48 - PH rate hikes - Zamros Dzulkafli

26:51 - ASEAN equities - Anand Pathmakanthan

29:23 - CPO prices - Ong Chee Ting

Producer: Noelle Lim, Maybank

In our highlight today, Erica Tay, our Economist discusses with Suhaimi Ilias on the outlook for China’s growth as export weaknesses continue while imports pick up. For the full conversation with her on China and other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

Is China’s economy propped up by policy support or demand? In the other large economy, Indonesia - GDP growth moderated to the lowest since the third quarter of 2021. Will growth be firmer towards the end of the year and in the lead up to the presidential elections in 2024? Meanwhile in Thailand, the Prime Minister had announced its largest stimulus in the form of cash handout via the digital wallet.

00:29 - Roundup - Suhaimi Ilias

06:49 - CN trade, GDP - Erica Tay

13:33 - PH GDP, interest rate - Zamros Dzulkafli

17:30 - ID GDP - Brian Lee

21:17 - Policy actions, reserves - Saktiandi Supaat

28:27 - PH equities - Rachelleen Rodriguez

31:45 - TH equities - Chan Reungsinpinya

Producer: Noelle Lim, Maybank

Trade and manufacturing data in the ASEAN-6 markets are showing nascent signs of recovery. Suhaimi Ilias speaks to Chua Hak Bin, our co-Head of Macro on Maybank’s outlook. For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

Given events over the weekend, the Middle East conflict may escalate, impacting currencies and other assets, and risk spurring inflation again. Meanwhile, the US's robust GDP growth, backed by deficit spending and subsidies for semiconductor, will help drive ASEAN export growth. How might these different developments affect ASEAN and central banks' decisions on interest rates?

00:30 - Roundup - Suhaimi Ilias

06:45 - Regional green shoots - Chua Hak Bin

11:28 - PH interest rate - Zamros Dzulkafli

14:20 - TH macro - Erica Tay

18:52 - FX - Saktiandi Supaat

24:16 - ID property - William Jefferson

25:49 - SG telco - Kelvin Tan

Producer: Noelle Lim, Maybank

Why did the Ringgit drop to a record low? Chua Hak Bin speaks to Saktiandi Supaat, the Head of Forex Research at Maybank. For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

Amidst geopolitical tensions and higher for longer interest rates, we unpack Malaysia’s maiden GDP advanced estimate for the third quarter, the better than expected growth in China, the outlook of the Ringgit and Rupiah, and if there is more downside to Singapore REITs.

00:24 - Roundup - Chua Hak Bin

05:15 - MY 3Q GDP, inflation - Suhaimi Ilias

10:03 - CN GDP - Erica Tay

14:31 - Ringgit - Saktiandi Supaat

17:29 - Rupiah - Saktiandi Supaat

19:57 - FX opportunities - Saktiandi Supaat

21:46 - ASEAN picks - Anand Pathmakanthan

23:44 - SG REITs - Krishna Guha

25:26 - PH rice price - Daphne Sze

Producer: Noelle Lim, Maybank

The highlight for this week is the beneficiaries of Malaysia’s Budget 2024. Wong Chew Hann, our Malaysian Head of Equity Research discusses. For the full analysis on Budget and updates from other analysts at Maybank, go to the latest Weekly Briefing episode on ASEAN Speaks.

For Asia this week, watch for China’s growth data and central bank decisions in Indonesia. We also provide further analysis on Malaysia’s Budget 2024, the oil and gas sector, and Thailand’s renewable energy expansion.

00:24 - Roundup - Chua Hak Bin

05:25 - MY Budget 2024 - Suhaimi Ilias

11:18 - MY Budget 2024 (markets) - Wong Chew Hann

15:27 - MY Budget 2024 (bonds) - Winson Phoon

20:31 - CN trade, GDP - Erica Tay

25:25 - ID interest rate - Brian Lee

27:21 - Oil and gas - Jeremie Yap

31:19 - TH renewables - Natchaphon Rodjanarowan

Producer: Noelle Lim, Maybank

Our Economist Erica Tay takes stock of what happened over China’s Golden Week and the spillover benefits to ASEAN. Suhaimi Ilias speaks with her. For the full conversation with other analysts at Maybank, go to the latest Weekly Briefing episode on ASEAN Speaks.

The latest Middle East conflict has caused oil prices to soar, and US macro factors continue to drive markets. In view of this, what should investors watch out for this week?

00:21 - Roundup - Suhaimi Ilias

05:32 - CN Golden Week - Erica Tay

12:06 - SG macro - Brian Lee

14:30 - VN macro - Brian Lee

19:20 - VN markets - Hoang Huy

22:44 - PH consumer - Daphne Sze

23:52 - PH conglomerates - Jacqui de Jesus

25:55 - Currencies - Saktiandi Supaat

29:19 - ASEAN equities - Anand Pathmakanthan

Producer: Noelle Lim, Maybank

This Highlight is on Maybank’s expectations of Malaysia Budget 2024. Winson Phoon gets the details from Suhaimi Ilias, our Group Chief Economist. For the full conversation with other analysts at Maybank, go to the latest Weekly Briefing episode on ASEAN Speaks.

We highlight expectations of Malaysia’s Budget to be tabled on 13 Oct, and our outlook on Singapore as manufacturing slumped by the most since November 2019. Meanwhile in Thailand, watch for non-performing loans and government incentives. Also as the US government averts a shutdown, what is the immediate term for the US dollar? And how will the Chinese Yuan hold up during this super Golden Week?

00:35 - Roundup - Winson Phoon

04:45 - MY Budget 2024 - Suhaimi Ilias

12:06 - MY fuel subsidy - Suhaimi Ilias

14:34 - TH GDP - Erica Tay

18:23 - TH banking - Jesada Techahusdin

19:52 - SG manufacturing - Brian Lee

24:57 - Dollar outlook - Saktiandi Supaat

27:56 - CNH, Ringgit - Saktiandi Supaat

29:54 - TH equities - Chak Reungsinpinya

Producer: Noelle Lim, Maybank IBG

What is Maybank’s revised forecast for the Fed Funds Rate? Winson Phoon discusses with Dr Chua Hak Bin, our Co-Head of Macro. For the full conversation with other analysts at Maybank, go to the latest Weekly Briefing episode on ASEAN Speaks.

We discuss our revised forecast in light that the FOMC has guided for one more 25 basis point hike this year. Additionally for ASEAN equities, specifically the Thai market, why did it experience a pullback despite the resolution of political uncertainty? We also look at different industries - the outlook for large scale solar projects in Malaysia, the cement industry in Indonesia, and retail in Thailand.

00:34 - Roundup - Winson Phoon

04:28 - FOMC - Chua Hak Bin

06:55 - SG NODX - Chua Hak Bin

08:59 - ASEAN, ESG calls - Anand Pathmakanthan

14:59 - KLCI - Anand Pathmakanthan

15:45 - MY Solar - Nur Farah Syifaa

18:33 - ID cement - William Jefferson

21:35 - TH consumer - Suttatip Peerasub

Producer: Noelle Lim, Maybank IBG

What is the outlook for the Thai Baht? Chua Hak Bin speaks with Saktiandi Supaat, Head of Forex Research at Maybank on his latest ASEAN Macro report. For the full conversation with other analysts at Maybank, go to the latest Weekly Briefing episode on ASEAN Speaks.

Our analysts do a deep dive of data that came out last week and what to expect - China macro, GDP growth in Malaysia, Indonesian trade numbers, REITs in Thailand and Malaysia, and crude palm oil prices. Chua Hak Bin, our Co-Head of Macro, speaks with our teams across the region.

00:22 - Roundup - Chua Hak Bin

03:16 - CN macro - Erica Tay

06:22 - MY GDP - Zamros Dzulkafli

10:54 - ID trade - Brian Lee

15:14 - TH Baht - Saktiandi Supaat

19:59 - TH REITs - Wasu Mattanapotchanart

22:48 - MY REITs - Nur Farah Syifaa

25:11 - CPO - Ong Chee Ting

Producer: Noelle Lim, Maybank IBG

While we remain constructive on Malaysian equities and maintain our year end KLCI target at 1,520, what are the pressure points in the near term? Suhaimi Ilias, our Chief Economist, speaks with Wong Chew Hann, Head of Research in Malaysia. For the full conversation with other analysts at Maybank, go to the latest Weekly Briefing episode on ASEAN Speaks.

We unpack our analysis on China as we downgrade its GDP growth to 4.8% in 2023 from 5%, and 4.4% in 2024 from 4.6%, and consider the pressure points on earnings in Malaysia and ASEAN including the banks.

00:20 - Roundup - Suhaimi Ilias

05:19 - China macro - Erica Tay

9:21 - TH macro - Erica Tay

11:42 - PH macro - Zamros Dzulkafli

16:24 - MY earnings - Wong Chew Hann

24:05 - ASEAN banks - Thilan Wickramasinghe

26:11 - ASEAN catalysts - Anand Pathmakanthan

28:58 - TH energy - Chak Reungsinpinya

ASEAN’s share of world foreign direct investments had climbed to 17% in 2022, almost triple its 6% share in 2016. The next wave of investments are expected to boost the green sector as governments announce concrete measures to transition to net zero. Chua Hak Bin, Co-Head of Macro discusses his report.

For the full conversation with other analysts at Maybank, go to the latest Weekly Briefing episode on ASEAN Speaks.

We round up key data and events in Southeast Asian economies against the backdrop of major central banks across the world continuing to battle rising risks to growth.

00:19 - Roundup - Suhaimi Ilias

05:00 - Green manufacturing - Chua Hak Bin

09:54 - VN GDP - Brian Lee

13:46 - USD, Renminbi changes - Saktiandi Supaat

20:50 - Bonds - Winson Phoon

24:50 - PH banks - Rachelleen Rodriguez

27:03 - MY banks - Desmond Ch’ng

After months of political deadlock, a Prime Minister is finally chosen in Thailand. How well could markets rebound? Chak Reungsinpinya, Head of Research at Maybank Securities Thailand speaks with Chua Hak Bin.

For the full conversation with other analysts at Maybank, go to the latest Weekly Briefing episode on ASEAN Speaks.

Deep diving into our stock picks as ASEAN markets continue to lag North Asia. We also consider the beneficiaries of the LRT project in Penang and developments in Iskandar, Johor, as Country Garden’s Forest City becomes a special financial zone. Meanwhile, what is ahead for REITs in Singapore?

00:27 - Roundup - Chua Hak Bin

04:01 - MY inflation, interest rate - Zamros Dzulkafli

07:55 - TH GDP - Erica Tay

11:50 - TH equities - Chak Reungsinpinya

14:36 - ASEAN equities - Anand Pathmakanthan

16:29 - Penang LRT - Wong Wei Sum

17:39 - Forest City, Iskandar - Wong Wei Sum

19:45 - SG REITs - Krishna Guha

22:02 - ID consumer - Willy Goutama

24:24 - ID GDP - Brian Lee

Malaysia’s 2Q GDP growth fell below consensus, Singapore’s non-oil domestic exports (NODX) fell at a steeper pace in July, while Indonesia exports remained soft. Will it get better or worse?

00:22 - Roundup - Winson Phoon

03:17 - MY 2Q GDP - Suhaimi Ilias

09:02 - SG NODX, GDP - Chua Hak Bin

11:34 - ID trade, interest rates - Brian Lee

15:01 - PH interest rate - Zamros Dzulkafli

17:44 - CN slowdown - Erica Tay

20:58 - USDCNY, GBPMYR - Saktiandi Supaat

27:17 - MY bonds - Se Tho Mun Yi

29:35 - TH retail - Suttatip Peerasub

In this week’s highlight, we unpack China’s July data that showed a slowdown enveloping China’s economy. Is the worst yet to come? Erica Tay, our Economist, speaks with Winson Poon.

For the full conversation with other analysts at Maybank, go to today's Weekly Briefing episode on ASEAN Speaks.

In this week’s highlight, we review how Malaysia’s New Industrial Master Plan could be a gamechanger. Anand Pathmakanthan, Head of Regional Equity Research, speaks with Winson Phoon. For the full conversation with other analysts at Maybank, go to the latest Weekly Briefing episode on ASEAN Speaks.

Our analysts unpack the economic numbers in China, Indonesia and the Philippines and also the downgrade in GDP forecast for Singapore. Over in Malaysia, we expect business as usual after the state elections, and look forward to new policy announcements including any updates on the KL-Sing apore High Speed Rail project. Meanwhile, youth unemployment and under-employment rates remain sticky while informal jobs are at record high. While there were broad-based increases in employment growth across sectors, manufacturing jobs and income growth trended lower.

00:27 - Roundup - Winson Phoon

04:04 - SG GDP downgrade - Chua Hak Bin

07:15 - SG monetary - Chua Hak Bin

08:22 - MY unemployment - Suhaimi Ilias

11:31 - MY 2Q GDP - Suhaimi Ilias

12:49 - MY post-state elections - Suhaimi Ilias

14:28 - CN easing? - Erica Tay

17:00 - PH 2Q GDP - Zamros Dzulkafli

19:27 - PH monetary - Zamros Dzulkafli

20:06 - ID 2Q GDP - Brian Lee

22:35 - ASEAN stocks - Anand Pathmakanthan

24:10 - MY industrial plan - Anand Pathmakanthan

25:59 - MY plantation - Ong Chee Ting

28:56 - KL-SG high speed rail - Ong Chee Ting

31:33 - Shipping - Loh Yan Jin

It’s been a rocky time for the property sector in China, and the Politburo has elevated its risk as the top concern for the economy. Erica Tay, an economist at Maybank Investment Banking Group discusses the wider implications and another risk to watch out for.

Producer: Noelle Lim, Maybank IBG

How will Malaysians benefit from the MADANI economic blueprint? Suhaimi Ilias, our Chief Economist, speaks with Chua Hak Bin.

In today’s Weekly Briefing, we discuss our key reports: outcomes of the discussion with the Ministry of Finance in Malaysia about the MADANI Economy blueprint; and whether China is experiencing a deflation; and Indonesia’s 2Q GDP forecast.

00:23 - Roundup - Chua Hak Bin

02:38 - MY MOF Dialogue - Suhaimi Ilias

09:55 - CN trade - Erica Tay

12:18 - CN deflation - Erica Tay

14:12 - ID inflation - Brian Lee

16:33 - ID GDP - Brian Lee

Last week, Malaysian Prime Minister Dato’ Seri Anwar Ibrahim launched MADANI Economy plan to address the most pressing challenges facing the Malaysian economy. The National Energy Transition Roadmap Part 1 was also launched to outline the opportunities towards a greener nation. Suhaimi Ilias, Chief Economist, and Anand Pathmakanthan, Head of Regional Equity Research speak with Winson Phoon. For the full conversation with other analysts at Maybank, go to the latest Weekly Briefing episode on ASEAN Speaks.

On this morning’s call, we stay current on ASEAN’s electric mobility transition; the implications of China’s Politburo’s shift towards a more accommodative stance towards the property sector; if Bank of Japan is likely to raise interest rate further; and if manufacturing downturn has bottomed in Singapore.

00:24 - Roundup - Winson Phoon

03:31 - MY MADANI - Suhaimi Ilias

08:50 - IMKL Series - Anand Pathmakanthan

12:36 - ASEAN e-mobility - Jigar Shah

16:56 - Fed hike - Suhaimi Ilias

19:44 - CN property - Erica Tay

23:13 - ID interest rate - Brian Lee

24:43 - SG downturn - Chua Hak Bin

25:59 - BOJ interest rate - Saktiandi Supaat

28:38 - SG REITs - Krishna Guha

Producer: Noelle Lim, Maybank IBG

In this week’s highlight, Saktiandi Supaat, Maybank’s Head of Forex Research, discusses how investors could position themselves for the end of the Fed’s tightening cycle. He speaks with Chua Hak Bin. For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

Looking ahead to this week, we discuss expectations of FOMC’s meeting, and what to watch for in Bank of Indonesia’s statements given the decline in exports. In terms of equities, we look into projections for the Philippines, and 2Q bank earnings in Singapore and indications of China’s growth.

00:27 - Roundup - Chua Hak Bin

03:02 - FOMC - Suhaimi Ilias

04:15 - MY 2Q GDP - Suhaimi Ilias

06:56 - ID exports - Brian Lee

08:56 - ID interest rate - Brian Lee

11:02 - FX post hiking - Saktiandi Supaat

15:55 - SG banks - Thilan Wickramasinghe

18:44 - PH markets - Jacqui de Jesus

Maybank IBG

Last week, we saw Pita Limjaroenrat fail in his bid to become Prime Minister of Thailand. What is ahead for the markets? Winson Phoon speaks with Chak Reungsinpinya, our Head of Equity Research in Thailand. For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

In Thailand, who will become the next Prime Minister? Why did Singapore avert a technical recession? What can we expect from China’s 2Q GDP number which will be out today? We also look at Malaysia’s second half prospects and stock picks in view of the upcoming state elections.

00:26 - Roundup - Winson Phoon

03:33 - TH politics - Chak Reungsinpinya

09:12 - SG GDP - Chua Hak Bin

12:01 - CN macro - Brian Lee

15:39 - MY 2H macro - Suhaimi Ilias

21:03 - MY 2H equities - Anand Pathmakanthan

24:55 - ASEAN calls - Anand Pathmakanthan

26:27 - USD, MYR, SGD - Saktiandi Supaat

30:29 - Plantations - Ong Chee Ting

Maybank IBG

Maybank has downgraded its ASEAN-6 GDP growth forecast to +4.2% in 2023 from +4.5% at the start of the year. Chua Hak Bin, Co-Head of Macro, speaks with Suhaimi Ilias about the ten post-pandemic realities and downside risks going forward. For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

El Nino is expected to peak from now till the first quarter of next year across ASEAN. How will warmer and drier conditions affect agriculture, food production as well as inflation?

00:21 - Roundup - Suhaimi Ilias

05:51 - ASEAN macro - Chua Hak Bin

11:09 - ID, TH inflation - Lee Ju Ye

13:14 - TH minimum wage - Lee Ju Ye

13:58 - El Nino impact - Lee Ju Ye

14:46 - PH inflation - Zamros Dzulkafli

15:55 - PH minimum wage - Zamros Dzulkafli

17:17 - PH El Nino impact - Zamros Dzulkafli

18:26 - Plantations outlook - Ong Chee Ting

21:21 - El Nino plantations - Ong Chee Ting

23:20 - El Nino agricultural - Daphne Sze

25:10 - PH telco - Rachellen Rodriguez

27:34 - MY banking - Desmond Ch’ng

In this week’s Highlight, we look into Indonesia consumer stocks and feedback from investors at our recent marketing trip in Singapore. Willy Goutama, Analyst at Maybank Sekuritas, speaks to Winson Phoon. For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

Singapore’s manufacturing worsened in May indicating a technical recession is probable. Vietnam’s 2Q GDP gathers pace but is still lackluster. Meanwhile for equities, Indonesia continues to be a bright spot, based on feedback at Maybank’s Invest ASEAN conference. We look at positioning for further growth, and our stock picks in other markets without re-rating catalysts yet.

00:31 - Roundup - Winson Phoon

04:37 - SG technical recession - Brian Lee

07:36 - VN GDP, interest rate - Brian Lee

11:55 - FX forecast revisions - Saktiandi Supaat

19:21 - ASEAN equities - Anand Pathmakanthan

21:37 - MY equities, state elections - Anand Pathmakanthan

23:05 - ID equities - Jeff Chen Lim

24:39 - ID consumer - Willy Goutama

28:36 - PH retail picks - Daphne Sze

Inflation has been easing in Malaysia and Singapore - is this enough to pause further central bank actions? And for ASEAN, the elephant in the room question - does China need more measures to turbo charge its economy? Meanwhile, looking at the top currency trades - will the USDJPY continue to move higher? Also, will the Ringgit continue to slide?

00:30 - Roundup - Suhaimi Ilias

04:56 - SG inflation - Chua Hak Bin

08:49 - MY inflation, OPR - Zamros Dzulkafli

12:34 - PH interest rate - Zamros Dzulkafli

15:45 - CN interest rate - Brian Lee

17:45 - CN stimulus - Brian Lee

20:00 - CN GDP - Brian Lee

23:23 - MY bonds - Winson Phoon

27:01 - USDJPY - Saktiandi Supaat

30:26 - USDMYR - Saktiandi Supaat

33:23 - PH equities (Invest ASEAN) - Jacqui de Jesus

Producer: Noelle Lim, Maybank IBG

The Federal Reserve has decided to hold interest rates steady at its policy meeting. What would this mean for Malaysia and the other regional markets? Chua Hak Bin, Co-Head of Macro speaks with our analysts. 00:20 – Roundup – Chua Hak Bin 03:06 – Fed dot plot - Suhaimi Ilias 05:25 – BNM OPR, GDP – Suhaimi Ilias 09:44 – China economics – Brian Lee 15:15 – Indonesia economics – Lee Ju Ye 17:56 – Regional equities – Anand Pathmakanthan 22:21 – PH malls - Miguel Several Producer: Noelle Lim, Maybank IBG

In today’s Highlight, banking analyst, Desmond Ch’ng discusses if we should still stay invested in Malaysian banks as interest rates fall. Co-Head of Macro, Chua Hak Bin moderates the call. For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

Headline inflation rates in ASEAN-6 economies appear to have peaked and are moderating. Latest monetary policy actions by ASEAN central banks except for Vietnam indicate they are still cautious.

00:22 - Roundup - Chua Hak Bin

02:33 - ASEAN inflation - Suhaimi Ilias

07:38 - ASEAN interest rate - Suhaimi Ilias

09:15 - ASEAN monetary policy - Suhaimi Ilias

10:40 - BNM governor - Suhaimi Ilias

11:13 - TH inflation - Lee Ju Ye

13:42 - TH China impact - Lee Ju Ye

14:49 - MY banks - Desmond Ch’ng

Producer: Noelle Lim, Maybank IBG

In today’s Highlight of our Weekly Briefing, Anand Pathmakanthan, Head of Equity Research in Malaysia unpacks the first quarter earnings, which have been disappointing. Will the second half of the year be better? Suhaimi Ilias speaks with him. To learn more, download the Malaysia 1Q23 Results Roundup report from our trading platform. For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

Producer: Noelle Lim, Maybank IBG

Our analysts present forecast revisions - Vietnam’s GDP, US dollar, our year end KLCI target - and also consider undervalued plays in Thailand’s energy and retail sectors.

00:20 - Roundup - Suhaimi Ilias

06:53 - TH interest rate - Lee Ju Ye

09:17 - ID inflation - Lee Ju Ye

11:28 - VN GDP - Brian Lee

14:10 - USD, Euro, CNY - Saktiandi Supaat

19:00 - USDMYR - Saktiandi Supaat

21:48 - MY 1Q earnings - Anand Pathmakanthan

25:46 - TH energy - Chak Reungsinpinya

29:22 - TH retail - Suttatip Peerasub

As momentum builds up towards COP28 that will take place in the UAE, we discuss with Robert Stavins, A.J. Meyer Professor of Energy & Economic Development, at the Harvard Kennedy School, on the realities of climate talks, and what could take centrestage, and the progress of the loss and damage fund. We also discuss how ASEAN could elevate its voice in climate negotiations. Stavins was in Singapore and gave the inaugural Albert Winsemius Lecture at the Nanyang Technological University. Presenter & Producer: Noelle Lim, Maybank IBG

In the Highlight of our Weekly Briefing, Saktiandi Supaat, our Head of Forex Research shares his findings on what may happen to currencies when the Fed cuts rates. To learn more, go to our ASEAN x Macro report, The Pivot Play and an Event Risk That Looms. And for the full conversation with other Maybank analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

A tentative agreement has been reached between the Republicans and Democrats that will help avoid a debt default. Over in ASEAN, we review a slew of indicators - inflation and interest rate expectations - and how selected sectors are doing. On currencies, we analyse why the Ringgit has been weakening against the US dollar. Also based on past US interest rate cycles, how will the US dollar do when the Fed starts cutting rates?

00:32 - Roundup - Winson Phoon

03:44 - SG GDP, inflation- Chua Hak Bin

06:58 - MY inflation, foreign reserve - Suhaimi Ilias

11:05 - ID interest rate, GDP - Lee Ju Ye

14:03 - VN interest rate - Brian Lee

15:25 - CN interest rate - Brian Lee

16:38 - USDMYR, SGDMYR - Saktiandi Supaat

23:23 - ID property - William Jefferson

26:44 - PH equities - Jacqui de Jesus

28:20 - TH telco - Wasu Mattanapotchanart

Here is the highlight from today’s Weekly Briefing. Non-oil domestic exports or NODX extended its decline in April as exports to China contracted sharply, offsetting the rebound to the US and Europe. What is the probability of a recession in Singapore? Suhaimi Ilias speaks with Chua Hak Bin. For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

While the US debates on raising its debt ceiling, we discuss our projections for Thailand post-elections, ASEAN equities as investors stay on the sidelines, China’s economy and the Renminbi, and the effects on palm oil output if El Nino arrives.

00:22 - Roundup - Suhaimi Ilias

06:44 - SG NDOX - Chua Hak Bin

09:31 - TH GDP - Lee Ju Ye

12:04 - TH markets - Chak Reungsinpinya

14:59 - TH retail - Suttatip Peerasub

16:53 - CN economy - Brian Lee

20:37 - Renminbi - Fiona Lim

23:05 - PH interest rate - Zamros Dzulkafli

24:49 - PH banks - Rachellen Rodriguez

26:29 - ASEAN equities - Anand Pathmakanthan

29:09 - El Nino effects - Ong Chee Ting

Here is the highlight from our Weekly Briefing. The election results in Thailand show that the Move Forward Party is leading, with Pheu Thai a close second so far. What are the implications for the economy and markets? Winson Phoon, Head of Fixed Income Research, speaks with Lee Ju Ye, our economist, and Chak Reungsinpinya, Head of Equity Research in Thailand. For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

Producer: Noelle Lim, Maybank IBG

Bringing you the latest highlights about ASEAN - economic data in China, Malaysia and the Philippines; Singapore bank earnings; Thailand’s election results; and the impact of geo-economic fragmentation as President Joe Biden signs an executive order this week to further limit tech investments in China.

00:32 - Roundup - Winson Phoon

03:57 - TH elections - Lee Ju Ye

07:17 - TH markets - Chak Reungsinpinya

09:37 - MY GDP - Suhaimi Ilias

14:14 - PH GDP - Zamros Dzulkafli

17:59 - China economy - Brian Lee

22:10 - Geoeconomic fragmentation - Chua Hak Bin

26:36 - SG banks - Thilan Wickramasinghe

In the highlight of our Weekly Briefing, we discuss what markets are pricing in, and data to look out for this week that is more important than the CPI. Chua Hak Bin, Co-Head of Macro speaks with Winson Phoon, Head of Fixed Income Research. For the full conversation with other analysts, go to this week's episode on Weekly Briefing.

A range of issues from the Fed and Bank Negara Malaysias’ move to raise interest rates by 25 bps, as well as our revisions to major currencies outlook, and our ASEAN including Singapore REITs and Vietnam strategy.

00:22 - Roundup - Chua Hak Bin

02:08 - Fed policy rate - Suhaimi Ilias

05:14 - Fed fund futures - Winson Phoon

08:24 - MY OPR - Suhaimi Ilias

11:19 - MY GDP - Suhaimi Ilias

12:28 - ID GDP - Lee Ju Ye

14:56 - Currency revisions - Saktiandi Supaat

19:25 - ASEAN picks - Anand Pathmakanthan

23:03 - SG REITs - Krishna Guha

25:19 - VN strategy - Hoang Huy

The highlight from our Weekly Briefing is the looming US debt ceiling crisis. Over the weekend, Janet Yellen had warned that the US Treasury could run out of cash by 1st of June. Chua Hak Bin, Co-Head of Macro discusses with Saktiandi Supaat, Head of Forex Research on the possible scenarios ahead.

For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

Over the weekend, JP Morgan announced that it will acquire First Republic Bank. And Janet Yellen said that the US Treasury could run out of cash by 1st of June and will have to raise the debt ceiling. We expect the process to be prolonged due to political differences, and expect market choppiness. We also review if the dust has settled for AT1s following Credit Suisse’s write-off last month.

00:31 - Roundup - Chua Hak Bin

03:11 - AT1 bonds - Winson Phoon

05:10 - AT1 & MY banks - Winson Phoon

07:22 - AT1 legal suit - Winson Phoon

08:23 - MY inflation, interest rate - Zamros Dzulkafli

11:52 - US debt ceiling - Saktiandi Supaat

16:36 - Currency shields - Saktiandi Supaat

20:11 - ASEAN picks - Anand Pathmakanthan

23:39 - VN economy - Brian Lee

26:54 - VN banks, property - Quan Trong Thanh

31:17 - PH property - Miguel Sevidal

The highlight from our Weekly Briefing is whether the US dollar would end its dominance by the end of this decade, and the emerging beneficiary as central banks re-balance their currencies portfolio. Chua Hak Bin, Co-Head of Macro, speaks to Suhaimi Ilias, Group Chief Economist. For the full conversation with other analysts, go to the latest Weekly Briefing episode on ASEAN Speaks.

We kick off our conversation if the US dollar will end its dominance by the end of this decade. We also make sense of the economic data that was released in China, Malaysia and Singapore, and beneficiaries of Chinese tourists visiting ASEAN.

00:21 - Roundup - Chua Hak Bin

03:20 - USD vs CNY dominance - Suhaimi Ilias

10:47 - MY GDP - Suhaimi Ilias

12:37 - China GDP - Brian Lee

16:31 - SG GDP - Lee Ju Ye

19:14 - Cambodia GDP - Brian Lee

21:23 - ASEAN tourism - Samuel Yin

24:14 - PH banks - Rachellen Rodriguez

26:39 - CPO outlook - Ong Chee Ting

Producer: Noelle Lim, Maybank IBG

In this episode, we take a closer look at the ambitious goal of "Improving the lives of 1 million households across ASEAN by 2025," as seen through the lens of Maybank.

Chief Sustainability Officer Shahril Azuar Jimin expands on this goal as well as outlines Maybank’s mission of “Humanising Financial Services”. Speaking with our guest, is esteemed moderator and interviewer, Nadia Azmi.

Here’s what you will learn:

Maybank's mission to "Humanise Financial Services" has driven us to identify the needs of the communities in ASEAN. Through the goal of improving the lives of 1 million households across ASEAN by 2025, various initiatives and programmes were launched to promote financial literacy and inclusion. By incorporating ESG factors as well as the UN Sustainable Development Goals into our operations and decision-making, we are committed to being transparent and accountable in our sustainability journey. The ‘coffee shop bank’ is set to be a driving force for good in the ASEAN region.
Thank you for joining us on our journey to learn about the goodwill of others.

Check out other amazing stories by listening to our show, ‘The Social Circle’ on ASEAN Speaks by Maybank.

In this insightful episode, we explore the innovative concept of social enterprise; a model that combines the noble intention of doing good with the practicality of sustaining a living. Host Sam Yeow is joined by Kim Lim, the Co-Founder of Pichaeats which provides food delivery services with dishes cooked by refugees. We discuss the unique challenges and opportunities that social enterprises face, highlighting how they balance profit and purpose while advocating for the causes they support.

Here’s what you will learn:

Understanding the Social Enterprise model: We provide an in-depth look at this hybrid approach that merges business and karmic impact, explaining how it offers a sustainable way to give back to the community.
The hidden challenges of social enterprises: We delve into the lesser-discussed challenges faced by social enterprises, including defining 'profit,' recognising different scales of impact, and their role as advocates for the causes they support.
Balancing good and business: We explore the complex process of navigating the balance between purpose and profit in social enterprises, discussing strategies for success and long-term sustainability.

Listen to the inspiring story from ‘The Social Circle’ on ASEAN Speaks by Maybank.

In this thought-provoking episode, we delve into the world of social advocacy, moving beyond the traditional approach of providing handouts to the needy and disadvantaged. Host Sam Yeow is joined by our guest, Heidy Quah, who leads Refuge for the Refugees, a movement that campaigns for basic human rights such as education and healthcare for refugees. We'll hear from a passionate social advocate, exploring their focus, challenges, and how we as a society can navigate effective advocacy for those in need.

Here’s what you will learn:

Rethinking the approach to helping the disadvantaged: We discuss the limitations of handouts and donations and explore more sustainable solutions like education, opportunities, and tailored programmes that empower people in need.
The power of social advocacy: We deep dive into Heidy’s cause, challenges she faces, and how she’s using her passion to create meaningful change
Overcoming the challenges of social advocacy: We explore the obstacles that social advocates face and discuss strategies for overcoming them in order to create a more effective and lasting impact.

Listen to the inspiring story from ‘The Social Circle’ on ASEAN Speaks by Maybank.

In this uplifting episode, host Sam Yeow interviews two individuals who share their unique experiences and perspectives on acts of goodwill for thecommunity. We delve into the challenges, barriers, and motivations that drive them to make a difference, demonstrating that no matter your circumstances, you can make a positive impact in your own way.

Our first guest, Charis Ding, Co-Founder of MYReaders, shares her journey in empowering children through literacy and providing more opportunities for upcoming generations. We are then joined by Yu Ren Chong, Dep. Executive Director of WAO Malaysia who advocates for women’s rights.

Here’s what you will learn:

Inspiring stories from those actively working to better the lives of others, highlighting their unique reasons and experiences.
Overcoming challenges and barriers: We discuss the distinct obstacles faced in their pursuit of goodwill, and how they overcame these challenges to make a meaningful impact.
The power of will and tenacity: This episode emphasises on the point that regardless of circumstance, the will to make a difference can lead to remarkable change.

Listen to these inspiring stories from ‘The Social Circle’ on ASEAN Speaks by Maybank.

From our Weekly Briefing, we highlight our ASEAN+ note and outlook on the KLCI.

Host: Winson Phoon, Head of Fixed Income Research

Guest: Anand Pathmakanthan, Head of Regional Equity Research

For the full conversation with other analysts, go to the Weekly Briefing episode on ASEAN Speaks.

Our analysts across ASEAN examine the inflation data in Indonesia, Thailand and the Philippines, and weigh in on the impact of Thai’s elections on its stock market and China’s slower than expected recovery. We also discuss despite the surprise decision by OPEC+ to cut crude oil production, we are maintaining our oil price estimate at $100/barrel for 2023.

00:31 - Roundup - Winson Phoon

04:23 - ID inflation - Lee Ju Ye

07:22 - TH inflation - Lee Ju Ye

09:53 - PH inflation - Zamros Dzulkafli

13:56 - FX outlook - Saktiandi Supaat

19:38 - ASEAN strategy - Anand Pathmakanthan

22:40 - KLCI forecast - Anand Pathmakanthan

23:46 - OPEC cut - Liaw Thong Jung

25:11 - TH banks - Jesada Techahusdin

27:12 - VN strategy - Hoang Huy

A monetary review of Malaysia, Singapore, Thailand and Vietnam following new data and interest rate increases, and also the resilience of ASEAN banks vis-a-vis Silicon Valley Bank. Something we might not be able to escape is El Nino which has a 50% chance of surfacing in July and its impact on currencies and palm oil output.

00:31 - Roundup - Suhaimi Ilias

02:41 - MY GDP - Zamros Dzulkafli

06:08 - MY monetary review - Zamros Dzulkafli

07:24 - SG monetary review - Lee Ju Ye

08:59 - TH inflation, interest rate - Lee Ju Ye

11:23 - VN GDP - Brian Lee

14:04 - ASEAN banks - Thilan Wickramasinghe

16:47 - MY banks - Desmond Ch’ng

19:15 - commodities, FX, climate patterns - Saktiandi Supaat

27:12 - US corn, plantation picks - Ong Chee Ting

Looking at the likely outcomes and implications as Thais vote at their General Elections on the 14th of May - what is the likelihood of Pheu Thai founded by former Prime Minister Thaksin Shinawatra coming into power? We also consider the potential depth of Singapore's recession as manufacturing drops more than expected in February. And as banks in the US and Europe continue to dominate headlines, what has been the impact on ASEAN markets, and what are the undervalued stocks?

00:29 - Roundup - Suhaimi Ilias

05:22 - SG macro - Chua Hak Bin

08:05 - CN recovery - Brian Lee

11:13 - TH elections - Lee Ju Ye

14:52 - TH economics - Lee Ju Ye

16:57 - TH banks - Jesada Techahusdin

18:49 - PH economics - Zamros Dzulkafli

22:01 - PH picks - Jacqui de Jesus

24:01 - ASEAN picks - Anand Pathmakanthan

27:01 - Plantations - Ong Chee Ting

Producer: Noelle Lim, Maybank IBG

We review possible contagion and currency scenarios, and cut our forecast for Singapore’s non-oil domestic exports (NODX) after it extended a double-digit decline in February. Looking ahead, we evaluate the Belt & Road plans for ASEAN that were tabled by the National Development and Reform Commission (NDRC) at China’s recent National People’s Congress.

00:20 - Roundup - Winson Phoon

04:05 - Bank of Indonesia updates - Lee Ju Ye

06:54 - ID trade - Lee Ju Ye

08:12 - SG NODX cut - Chua Hak Bin

10:13 - Belt & Road - Chua Hak Bin

14:28 - Contagion, currency scenarios - Saktiandi Supaat

20:46 - PH banks exposure - Rachellen Rodriguez

23:15 - SG REITs - Krishna Guha

24:30 - Plantation - Ong Chee Ting

Producer

We look into Bank Negara Malaysia’s decision to keep the OPR unchanged at 2.75%, and our expectations of Bank Indonesia’s policy meeting on Thursday. We also assess the potential impact of the collapse of Silicon Valley Bank on Malaysia and Singapore banks. We issued a seminal report on sustainability and found that ASEAN companies under our coverage expanded their ESG adoption despite geopolitics and anti-ESG propaganda had hurt ESG flows and performance.

00:25 - Roundup - Winson Phoon

04:13 - MY OPR, inflation - Suhaimi Ilias

08:14 - PH inflation, interest rate - Zamros Dzulkifli

11:03 - TH inflation - Lee Ju Ye

13:24 - ID interest rate - Lee Ju Ye

14:18 - MY banks - Desmond Ch’ng

15:53 - SVB failure on MY - Desmond Ch’ng

17:19 - SG banks downgrade - Thilan Wickramasinghe

19:11 - SVB failure on SG - Thilan Wickramasinghe

20:36 - ESG performance - Neerav Dalal

26:24 - ASEAN strategy - Anand Pathmakanthan

28:33 - MY properties - Wong Wei Sum

Producer: Noelle Lim, Maybank IBG

As latest data shows that inflation in the US remains elevated while China is focused on growth, our analysts dissect its implications on ASEAN economies and earnings. We also watch for China’s National People’s Congress this week, as well as headwinds slowing Vietnam’s GDP growth as a result of bond defaults.

00:26 – Roundup - Suhaimi Ilias

04:55 - ID interest rate - Lee Ju Ye

06:15 - ID earnings repatriation - Lee Ju Ye

08:04 - TH external trade - Lee Ju Ye

09:42 - VN GDP - Brian Lee

15:35 - Sustainable bonds - Mun Yi Se Tho

18:45 - USD outlook - Saktiandi Supaat

21:46 - China NPC - Saktiandi Supaat

23:56 - ASEAN 4Q earnings - Anand Pathmakanthan

26:22 - MY banking - Desmond Ch’ng

28:56 - PH banking - Rachellen Rodriguez

30:45 - MY EV, Tesla - TJ Liaw

Producer: Noelle Lim, Maybank IBG

Our analysts discuss Malaysia's retabled Budget 2023 and its implications on the economy, bonds and equities.

00:15 - Roundup - Chua Hak Bin

02:27 - MY Budget 2023 - Suhaimi Ilias

10:51 - MY bond markets - Winson Phoon

15:31 - MY equities - Anand Pathmakanthan

18:14 - ASEAN equities - Anand Pathmakanthan

19:22 - VN property bond defaults - Anand Pathmakanthan

21:21 - MY inflation - Zamros Dzulkifli

24:13 - SG inflation - Chua Hak Bin

Producer: Noelle Lim, Maybank IBG

This Friday, on the 24 February, Malaysia will be re-tabling its Budget 2023. We expect it will set the budget deficit to GDP ratio at -5% versus the original Budget at negative 5.5%. We also look at the impact of Singapore’s Budget that was released last week.

00:29 - Roundup - Winson Phoon

04:04 - MY Budget 2023 - Suhaimi Ilias

09:15 - SG Budget - Chua Hak Bin

13:54 - SG Budget on equities - Thilan Wickramasinghe

16:14 - SG exports - Lee Ju Ye

17:47 - TH GDP - Lee Ju Ye

19:15 - ID interest rates - Lee Ju Ye

20:56 - PH interest rate - Zamros Dzulkifli

23:20 - MY plantation - Ong Chee Ting

27:02 - PH consumer - Daphne Sze

Producer: Noelle Lim, Maybank IBG

Our analysts dovetail into the effects of China’s re-opening and the impact on Singapore’s bank earnings to be released this week. We also discuss our first reports of the year on Singapore REITs and China’s inflation; revisit property developers in Penang; and consider the policy stance of Kazuo Ueda, expected to be the next governor of the Bank of Japan.

00:23 - Roundup - Chua Hak Bin

02:37 - MY GDP - Suhaimi Ilias

04:46 - MY employment - Suhaimi Ilias

07:21 - ASEAN strategy - Anand Pathmakanthan

10:21 - Kazuo Ueda appointment - Saktiandi Supaat

14:06 - China inflation - Brian Lee

16:33 - TH hikes - Lee Ju Ye

18:29 - SG banks - Thilan Wickramsinghe

21:56 - SG REITs - Krishna Guha

24:12 - MY property - Wong Wei Sum

25:55 - TH healthcare - Yuwanee Prommaporn

Producer: Noelle Lim, Maybank IBG

At the FOMC meeting last week, the Fed hiked rate by 25bp, and recognised that the disinflationary process has started. Our analysts project what’s ahead for more hikes, implications on bonds and our forex strategy for ASEAN. Singapore will also be unveiling its Budget on 14 February - we examine how it will be a Valentine’s gift for Singaporeans.

00:29 - Roundup - Suhaimi Ilias

05:13 - US rates - Winson Phoon

07:07 - ASEAN bonds - Winson Phoon

07:23 - SG Budget - Chua Hak Bin

10:55 - ID inflation - Lee Ju Ye

13:19 - VN & Cambodia economics - Brian Lee

16:36 - USD, Yen, MYR, Peso - Saktiandi Supaat

22:53 - ASEAN currencies - Saktiandi Supaat

25:01 - PH conglos - Jacqui de Jesus

26:54 - PH telco - Rachellen Rodriguez

Producer: Noelle Lim, Maybank IBG

Our analysts discuss the impact of China’s re-opening across ASEAN in terms of growth and inflation; what we need to watch as the US hits its debt ceiling, and structural issues of Malaysia’s oil palm sector.

00:21 - Roundup - Suhaimi Ilias

04:50 - MY banks - Desmond Ch’ng

06:58 - ID interest rate outlook - Lee Ju Ye

08:38 - TH interest rate outlook - Lee Ju Ye

09:40 - PH GDP - Zamros Dzulkifli

12:17 - SG GDP, inflation - Chua Hak Bin

16:26 - MY, ID bond markets - Winson Phoon

19:29 - FX report - Saktiandi Supaat

23:27 - US debt ceiling - Saktiandi Supaat

24:55 - MY plantation - Ong Chee Ting

28:43 - ASEAN markets - Anand Pathmakanthan

Producer: Noelle Lim, Maybank IBG

While fading re-opening tailwinds and interest rate hikes will weigh on growth in 2023, balanced by China’s Covid easing, our analysts discuss undervalued beneficiaries in ASEAN, and Indonesia electric vehicle (EV) stocks to watch.

00:19 - Roundup - Chua Hak Bin

02:16 - ASEAN highlights - Anand Pathmakanthan

07:15 - Gloves - Wong Wei Sum

08:22 - TH picks, elections - Yuwanee Prommaporn

10:51 - TH banks - Jesada Techahusdin

13:19 - PH picks - Jacqui De Jesus

15:40 - PH consumer - Daphne Sze

18:25 - ID EV - Richard Suherman

Producer: Noelle Lim, Maybank IBG

The Indonesian equity market was one of the best performing in Asia Pacific but may not be so in 2023 despite China’s re-opening and pre-election goodies. Jeffrosenberg Chen Lim, Head of Equity Research at Maybank Sekuritas explains.

Producer & Presenter: Noelle Lim, Maybank IBG

While ASEAN has been a defensive harbour for investors, the fortunes of individual markets would vary. Our analysts discuss supportive factors and potential headwinds.

00:14 - Roundup - Suhaimi Ilias

01:14 - SG growth - Chua Hak Bin

04:52 - ID, TH inflation - Lee Ju Ye

07:32 - PH inflation - Zamros Dzulkifli

09:32 - Credit outlook - Winson Phoon

13:34 - MY equities - Anand Pathmakanthan

15:32 - SG equities - Thilan Wickramasinghe

16:40 - ID equities - Jeff Lim

18:11 - VN equities - Hoang Huy

20:33 - Crackdown - Huy

22:34 - Fengshui - Thilan

24:11 - Plantation - Ong Chee Ting

Producer: Noelle Lim, Maybank IBG

Master Ken Koh, founder of the House of Fengshui in Singapore discusses the fengshui outlook for the markets and businesses in 2023 - the good and the bad.

Producer & Presenter: Noelle Lim, Maybank IBG

Chan Han Chin, Portfolio Strategist at Maybank Investment Bank discusses the model portfolios that his team has created and how best investors should position themselves in a year of two halves (volatility followed by recovery) and the possible scenario of a continuing permacrisis (permanent crisis).

Presenter & Producer: Noelle Lim, Maybank IBG

As the Federal Reserve and European Central Bank meet respectively this week to decide on rates, our analysts look at what’s in store for ASEAN inflation, markets and investment themes for 2023 including our top Malaysia and Singapore ESG stock picks.

00:17 - Roundup - Chua Hak Bin

02:20 - FOMC - 4 things - Suhaimi Ilias

04:02 - ECB expectations - Suhaimi Ilias

05:10 - TH inflation drop - Lee Ju Ye

06:30 - PH inflation up - Zamros Dzulkafli

09:09 - ASEAN inflation peak - Lee Ju Ye

11:05 - ASEAN stocks, picks - Anand Pathmakanthan

14:51 - MY earnings, picks - Anand Pathmakanthan

17:46 - SG ESG - Thilan Wickramasinghe

19:57 - MY ESG - Anand Pathmakanthan

24:00 - Oil prices, picks - TJ Liaw

25:47 - PH giants - Jacqui De Jesus

27:20 - TH healthcare picks - Yuwanee Promaporn

Producer: Noelle Lim, Maybank IBG

Southeast Asia is expected to be ahead in the adoption of Web 3.0 and metaverse-related tools and technologies. We discuss the catalysts with Dhruv Vohra, who is the Managing Director of Meta (formerly known as Facebook) Business Group, Southeast Asia. For more info, check out Meta’s study with Bain & Co on Southeast Asia Digital Consumers here

Producer and presenter: Noelle Lim, Maybank IBG

Our analysts unpack their 2023 Year Ahead: Defensive Harbour report—forecasting a mild global recession with ASEAN-6 markets emerging as a defensive play, delivering yet again higher GDP growth than China.

00:15 - Roundup - Ong Seng Yeow

00:56 - Fed moves - Suhaimi Ilias

07:40 - ASEAN inflation - Chua Hak Bin

09:45 - ASEAN interest rate - Chua Hak Bin

11:12 - Bonds outlook - Se Tho Mun Yi

15:13 - ASEAN economic - Chua Hak Bin

18:18 - TH current account - Lee Ju Ye

21:31 - THB - Saktiandi Supaat

22:38 - Yen, RMB, USD - Saktiandi Supaat

27:40 - MYR outlook - Saktiandi Supaat

Producer: Noelle Lim, Maybank IBG

Appointed as President & Group CEO of Petronas in 2020, Datuk Tengku Muhammad Taufik Tengku Kamadjaja Aziz felt a huge sense of national responsibility and “amanah” coming into the job. One of the first things he did was to announce Petronas' ambition to reach net zero carbon emissions by 2050, the first oil and gas company in Southeast Asia to declare this commitment. He speaks with Dato’ Fad’l Mohamed, CEO of Maybank Investment Bank, on how he is making a difference steering Petronas towards a bigger cause and his thoughts about the outcomes of COP 27.

Producer: Noelle Lim, assisted by Shirley Ann Lau

Singapore’s final third quarter GDP growth came in lower than advance estimate due to a downgrade in manufacturing, mainly the electronics cluster. Meanwhile Thailand’s GDP growth of the same quarter accelerated to its fastest pace in five quarters, supported by rebound in tourism and private consumption. Finally, we turn to bonds, ASEAN equities and currencies heading into 2023.

00:29 - Roundup - Suhaimi Ilias

03:25 - SG GDP - Chua Hak Bin

05:55 - SG inflation - Hak Bin

06:33 - ID min wage, inflation - Lee Ju Ye

08:55 - ID monetary policy - Ju Ye

11:43 - TH monetary policy - Ju Ye

12:27 - MY inflation - Zamros Dzulkafli

15:33 - MY, US yields 2023 - Winson Phoon

19:56 - MY ratings - Winson

20:48 - ASEAN equities - Anand Pathmakanthan

24:58 - ASEAN currencies - Saktiandi Supaat

27:15 - US dollar - Saktiandi

28:02 - RM outlook - Saktiandi

Producer: Noelle Lim, Maybank IBG

Dato’ Ami Moris, the outgoing CEO of Maybank Investment Banking Group shares her extraordinary journey of leading a regional investment bank, and her life experiences that shaped her values. As a prominent advocate of sustainability and diversity, equity and inclusion (DEI), Ami is also Chair of the 30% Club Malaysia. Dato’ Fad’l Mohamed, the CEO of Maybank Investment Bank speaks with her.

Producer: Noelle Lim, assisted by Shirley Ann Lau

Malaysia’s general elections ended in hung parliament with no majority winner, while Singapore’s non-oil exports contraction points to a recession in 2023. Tune in to the conversation.

00:20 - Roundup - Winson Phoon

04:28 - MY elections - Suhaimi Ilias

08:14 - MY markets - Anand Pathmakanthan

10:25 - SG non-oil exports - Chua Hak Bin

12:34 - ID GDP - Lee Ju Ye

16:23 - PH interest rate - Zamros Dzulkafli

18:47 - Fed rates - Suhaimi Ilias

22:16 - MY tourism, Chinese tourists - Samuel Yin

24:25 - Voluntary carbon markets - Jigar Shah

Producer: Noelle Lim, Maybank IBG

The fourth episode of our series 'Exploring Sustainable Values' explores the future of sustainable impact and effective integration between ESG principles and Islamic Finance. Dato’ Rafique Merican, Group CEO of Islamic Banking, Maybank, talks about the future of sustainable Islamic Finance, the initiatives, and technologies to look forward to.

US inflation data came in lower than expected. Our analysts discuss the broader trend, and if the US will slow rate hike. And as Malaysia goes to the polls this Saturday, we look into the impact on markets in this tight race.

00:22 - Roundup - Chua Hak Bin

04:21 - US bond yields - Winson Phoon

06:42 - ASEAN bonds - Winson

07:34 - USD inflection - Saktiandi Supaat

10:05 - MYR appreciation - Saktiandi

11:47 - MY GDP drivers - Suhaimi Ilias

14:42 - MY GE - Suhaimi

16:11 - ID GDP - Lee Ju Ye

18:22 - ID interest rate - Ju Ye

19:12 - PH GDP - Zamros Dzulkafli

22:56 - ASEAN picks - Anand Pathmakanthan

25:54 - MY picks, GE - Anand

26:49 - CPO prices - Ong Chee Ting

30:04 - Plantation picks - Chee Ting

Producer: Noelle Lim, Maybank IBG

The third episode of our series 'Exploring Sustainable Values' focuses on implementing Systems Thinking into Sustainable Finance. James Vaccaro, CEO of RePattern shares his perspectives on current trends in the sustainable financial sector, challenges to tackle, and introduces a systems thinking perspective on the notion of sustainability.

Our analysts unpack a slew of economic data in the region as well as earnings of Singapore banks with DBS Bank as our top pick.

00:15 - Roundup - Chua Hak Bin

03:59 - US interest rate - Suhaimi Ilias

05:38 - MY interest rate - Suhaimi

06:57 - ID inflation rate - Lee Ju Ye

08:33 - PH inflation rate - Zamros Dzulkafli

10:13 - TH foreign reserves - Ju Ye

12:39 - Cambodia economy - Brian Lee

13:57 - Myanmar, Laos economy - Brian

14:58 - Fed, USD relationship - Saktiandi Supaat

17:47 - ASEAN currencies - Andi

19:01 - SG banks - Thilan Wickramasinghe

22:08 - TH tourism - Yuwanee Promaporn

Producer: Noelle Lim, Maybank IBG

The second episode of our series 'Exploring Sustainable Values' aims to explore and understand the role of leaders when it comes to leading a value-based organisation. We spoke to Dr. Aamir A. Rehman, founder of Fajr Capital where he provides insights on the struggles, barriers and attributes that makeup a leader when implementing sustainability values.

Our analysts review what’s going on in the region - will there be a stagflation in Singapore, can we anticipate more interest rate hikes in Vietnam following two jumbo ones, and how should we get more defensive in ASEAN as central banks further tighten.

00:24 - Roundup - Suhaimi Ilias

04:38 - SG stagflation? - Chua Hak Bin

09:20 - VN interest rate - Brian Lee

12:56 - TH outlook - Lee Ju Ye

15:06 - USD outlook - Saktiandi Supaat

20:51 - ASEAN downgrades - Anand Pathmakanthan

24:38 - ID retail, neutral - Willy Goutama

27:19 - PH REITs - Miguel Sevidal

Producer: Noelle Lim, Maybank IBG

The Chinese Communist Party’s 20th National Congress came to a close on Sunday, and President Xi Jinping extended a rare third term as the Party’s leader. We discuss the economic outlook for China and its impact on ASEAN in the event of a re-opening, and if the USD has peaked.

00:26 - Roundup - Suhaimi Ilias

04:25 - China - Chua Hak Bin

11:28 - ID macro - Lee Ju Ye

14:43 - VN Dong, reserves, rates - Brian Lee

19:25 - USD view - Saktiandi Supaat

24:15 - Currency support - Andi

26:00 - MYR view - Andi

28:04 - TRUE-DTAC - Wasu Mattanapotchanart

32:05 - TH ESG - Suttatip Peerasub

Producer: Noelle Lim, Maybank IBG

The first episode of our series 'Exploring Islamic Values' aims to introduce the uninitiated to the world of sustainability, Islamic Finance, and the relationship between the two fields. We spoke to the general public to understand their point of view and address any misconceptions they might have.

Malaysia’s upcoming General Elections will be the most exciting with multi cornered fights, and a 40% jump in new voters, mainly the young. Meanwhile Singapore avoided a technical recession but inflation risk remains elevated and another tightening is forecasted. Over at the best performing equity market in ASEAN, Indonesia, our analysts recommend to take profit now. MY GE Scenario 1 win: UMNO-led BN but short of a simple majority of 112. Scenario 2: UMNO-led BN secure better than simple majority. Scenario 3: Anwar-led PH or in some form of a bigger Opposition alliance. Scenario 4: Unchartered waters with a new coalition government. 00:26 - Roundup - Winson Phoon 04:26 - MY GE scenarios - Suhaimi Ilias 11:23 - MY monetary policy - Suhaimi 12:14 - MY equities - Wong Chew Hann 18:05 - MY aviation - Yin Shao Yang 20:57 - SG economy - Chua Hak Bin 23:54 - ASEAN markets - Anand Pathmakanthan 26:20 - CPO price - Ong Chee Ting 29:50 - PH sugar - Daphne Sze Producer: Noelle Lim, Maybank IBG

Our analysts round up their thoughts on Malaysia’s Budget 2023 record spending of RM372 bil in view of the Prime Minister announcing a dissolution of Parliament and the general elections to be held within 60 days.

00:25 - Intro - Ong Seng Yeow

00:58 - USD support - Saktiandi Supaat

03:29 - Plaza Accord 2.0? - Andi

05:58 - MY Budget 2023 - Suhaimi Ilias

09:46 - Oil price, politics - Liaw Thong Jung

13:27 - MY fuel subsidies - Suhaimi

15:26 - MY Budget picks - Anand Pathmakanthan

21:53 - MY debt, ratings - Se Tho Mun Yi

Producer: Noelle Lim, Maybank IBG

Amid relentless selloff in the markets, our analysts discuss the opportunities in fixed income, Indonesian and Philippines equities, and “must haves” in a Malaysian ESG stock portfolio that offers low ESG risks balanced with core business diversity.

00:20: Roundup - Suhaimi Ilias

04:32 - SG recession - Chua Hak Bin

09:27 - TH interest rate - Lee Ju Ye

12:09 - TH elections - Ju Ye

14:16 - VN GDP - Brian Lee

16:41 - VN Dong - Brian

18:25 - Fixed income - Winson Phoon

22:35 - MY ESG stocks - Anand Pathmakanthan

26:20 - ID equities - Jeff Chenlim

28:37 - PH equities - Jacqui de Jesus

Producer: Noelle Lim, Maybank IBG

Central banks in Indonesia, the Philippines and Vietnam have raised interest rates higher than expected to fight inflation and manage the currency. Our economists consider the impact on economic growth including a look ahead into Malaysia’s Budget 2023 and the possibility of a technical recession in Singapore while the Sing dollar remains a safe haven currency. We also review the uptick in Singapore’s medical tourism, and Malaysia’s new automotive roadmap.

00:33 - Roundup - Winson Phoon

03:45 - Fed hike - Suhaimi Ilias

05:36 - MY Budget 2023 - Suhaimi

12:25 - ID interest rate - Lee Ju Ye

14:49 - PH interest rate - Zamros Dzulkafli

17:39 - VN interest rate - Brian Lee

21:04 - SG inflation, SGD - Chua Hak Bin

24:24 - USD, Yen, Pound, SGD - Saktiandi Supaat

27:53 - SG Medical tourism - Eric Ong

29:25 - MY auto roadmap, EVs - Liaw Thong Jung

Producer: Noelle Lim, Maybank IBG

Our analysts assess how ASEAN markets would react to the Federal Open Market Committee’s (FOMC) huge decision on Wednesday if it raises the interest rate by 75 or 100 basis points.

00:20 - Roundup - Chua Hak Bin

03:13 - ID growth, inflation - Lee Ju Ye

06:17 - ASEAN markets - Anand Pathmakanthan

11:07 - ASEAN bond yields - Winson Phoon

15:25 - RMB - Saktiandi Supaat

18:35 - UK Budget, Pound - Saktiandi

20:50 - Palm oil prices - Ong Chee Ting

Producer: Noelle Lim, Maybank IBG

How many more interest rate hikes could we expect from Bank Negara Malaysia following the third hike last week? And what can we expect from Malaysia’s Budget 2023? We also unpack our ASEAN X report on China and the direction of the Renminbi (RMB) and which ASEAN currency is most sensitive to a RMB sell-off, and what the Chinese Communist Party might focus on at its Congress on the 16th of October.

00:37 - Roundup - Chua Hak Bin

03:02 - MY OPR - Suhaimi Ilias

05:41 - MY Budget - Suhaimi

08:12 - RMB - Saktiandi Supaat

11:16 - CCP meeting - Fiona Lim

13:52 - ASEAN currencies vs RMB sell-off - Saktiandi

15:06 - PH inflation - Zamros Dzulkafli

17:42 - PH conglomerates - Jacqui de Jesus

19:12 - PH telcos downgrade - Rachelleen Rodriguez

21:13 - VN policy catalysts, picks - Hoang Huy

Producer: Noelle Lim, Maybank IBG

Our analysts unpack the implications of US non-farm payrolls data, and major currency movements in Asia as well as the outlook on Malaysian banks, and follow the money of foreign investors.

00:22 - Roundup - Ong Seng Yeow

01:23 - US non-farm payroll, inflation - Suhaimi Ilias

04:56 - US interest rates - Winson Phoon

09:18 - MY, SG government bonds - Winson

10:42 - Yen, Euro, MYR, RMB - Saktiandi Supaat

18:32 - TH deficit - Lee Ju Ye

21:18 - PH economy, Peso - Zamros Dzulkafli

25:35 - PH top picks - Jacqui de Jesus

27:08 - MY banks - Desmond Ch’ng

29:44 - MY foreign picks - Anand Pathmakanthan

Producer: Noelle Lim, Maybank IBG

As the Fed warned that it is likely to impose large interest rate hikes in coming months to tame inflation, our analysts discuss the extent of ASEAN decoupling from a potential US recession, a likely technical recession in Singapore in 3Q, and when Malaysia might hold its general elections now that the tabling of Budget 2023 has been brought forward to 7th October.

00:18 - Roundup - Winson Phoon

03:31 - ASEAN decoupling - Chua Hak Bin

09:41 - SG technical recession - Hak Bin

11:19 - ID interest rate - Lee Ju Ye

15:39 - MY Budget earlier, GE15 - Suhaimi Ilias

18:31 - MYR/USD outlook - Saktiandi Supaat

22:36 - TH equities - Chan Han Chin

24:40 - TH portfolio pick - Han Chin

26:24 - Higher TP for Grab - Samuel Tan

Producer: Noelle Lim, Maybank IBG

As sentiment on Chinese property stocks lifted last week, we discuss our outlook for bonds. We also unpack our special reports on Philippines remittances, ASEAN equities strategy, Thailand’s telco spectrum, and our forecast on Vietnamese banks.

00:22 - Roundup - Chua Hak Bin

02:17 - CNY bonds, property - Winson Phoon

06:33 - TH GDP, THB - Lee Ju Ye

10:02 - PH interest rates, remittances - Zamros Dzulkafli

14:52 - ASEAN strategy - Anand Pathmakanthan

17:36 - TH telco - Wasu Mattanapotchanart

21:43 - VN banks - Quan Trong Thanh

Producer: Noelle Lim, Maybank IBG

Following the US markets’ spectacular performance on Friday where the S&P closed at 4,280, our analysts at Maybank IBG highlight what we need to look out for in ASEAN this week. We also peek into our brand new ASEAN ESG Alpha report for top ESG picks.

00:20 - Roundup - Ong Seng Yeow

01:59 - MY GDP - Suhaimi Ilias

07:35 - GE stocks - Anand Pathmakanthan

09:43 - Yield curve flattening - Winson Phoon

11:46 - Bond picks - See Tho Mun Yi

13:15 - TH interest rate - Lee Ju Ye

15:18 - TH banks - Jesada Techahusdin

16:35 - TH tourism - Yuwanee Promaporn

17:32 - TH telco - Wasu Mattanapotchanart

22:00 - ASEAN ESG Alpha - Jigar Shah

23:16 - ESG picks - Chan Han Chin

Producer: Noelle Lim, Maybank IBG

Our analysts at Maybank IBG unpack Singapore’s bank earnings, stock call upgrades for ASEAN, and consider if Vietnam’s slowing exports are a warning sign for the rest of Asia, and how much more legs will the ASEAN bond rally have, and should investors subscribe to Singapore’s 50 year sovereign green bond.

00:21 - Roundup - Chua Hak Bin

03:02 - SG banks - Thilan Wickramasinghe

06:07 - ASEAN bonds rally - Winson Phoon

10:15 - PH BSP moves - Suhaimi Ilias

13:27 - ID GDP - Lee Ju Yen

17:27 - VN exports slow - Brian Lee

20:09 - ASEAN fortnightly - Anand Pathmankanthan

22:33 - VN earnings - Hoang Huy

Producer: Noelle Lim, Maybank IBG

Tan Sri Shahril Ridza Ridzuan, Chairman of Axiata, and former Managing Director of Khazanah Nasional and Chief Executive Officer of Employees Provident Fund (EPF) discusses leadership, the real value of a digital bank license, nurturing innovation and picking the right talent, and the path of transformation in Malaysia. Dato’ Fad’l Mohamed, CEO of Maybank Investment Bank speaks with the self-confessed science geek and gamer on C-Suite Talks.

Shahril’s top three recommended books:

1) The First Law Trilogy, by Joe Abercrombie (fiction)

2) Alexander Hamilton, by Ron Chernow (history)

3) The Immortal Life of Henrietta Lacks, by Rebecca Skloot (science)

Producer: Noelle Lim, assisted by Shirley Ann Lau, Maybank IBG

As the US enters a technical recession but with strong jobs data, how will this affect the Fed’s decision on interest rates in September? And in a slower growth environment, how resilient are banks and REITs?

00:21 - Roundup - Ong Seng Yeow

01:15 - FOMC expectations - Chua Hak Bin

06:36 - Bond outlook - Winson Phoon

10:35 - TH interest rate - Lee Ju Ye

11:54 - SGD/MYR - Saktiandi Supaat

14:20 - Chinese manufacturing - Saktiandi

15:41 - MY market bottoming - Chan Han Chin

17:50 - MY GE - Han Chin

19:55 - SG, MY, ID banks - Thilan Wickramasinghe

21:38 - MY bank picks - Desmond Ch’ng

22:30 - SG REITs - Chua Su Tye

Producer: Noelle Lim, Maybank IBG

Our analysts discuss if institutional investor sentiment will be holding up in Indonesian markets, the best performing in the region year-to-date; will Laos and Myanmar face a mini crisis mirroring Sri Lanka, and pre-election plays for alpha in Malaysia, and discounted stocks and sectors in the Philippines, among others.

00:24 - Roundup - Chua Hak Bin

05:17 - ID interest rate, inflation - Lee Ju Ye

07:14 - ID insti investors sentiment - Lee Ju Ye

08:20 - Cambodia - Brian Lee

10:08 - Laos, Myanmar risks - Brian Lee

12:17 - MY pre-GE alpha - Chan Han Chin

16:32 - MY bank provisions - Desmond Ch’ng

18:45 - TH healthcare downgrade - Yuwanee Prommaporn

21:10 - PH diamonds - Jacqui de Jesus

23:24 - PH banks - Rachel Rodriguez

Producer: Noelle Lim

Maybank analysts discuss MAS’ off-cycle policy move to contain inflation and how it’ll affect economic growth in Singapore, and also the direction of currencies, and other market moving updates during a recession-inflation.

00:35 - Roundup - Suhaimi Ilias

04:02 - SG tightens - Chua Hak Bin

07:35 - PH tightens - Zamros Dzulkafli

11:14 - FOMC 26/7 - Winson Phoon

15:05 - ID macro - Lee Ju Ye

19:00 - Trading Recession-Inflation - Saktiandi Supaat

24:20 - PH Consumer - Daphne Sze

26:20 - PH REITs - Miguel Sevidal

28:04 - CPO outlook - Ong Chee Ting

Producer: Noelle Lim, Maybank IBG

Our analysts discuss how many more interest rate hikes are in store for Malaysia, the Philippines and Thailand to tame inflation. They also look into Vietnam’s rise as Asia’s next digital tiger and stocks that play into this theme. And with the situation in Russia-Ukraine, what is the outlook for coal prices?

00:36 - Roundup - Winson Phoon

04:29 - MY OPR, GDP - Suhaimi Ilias

10:03 - PH CPI, interest rate - Zamros Dzulkafli

13:00 - TH CPI, interest rate - Lee Ju Ye

16:00 - FX strategy - Saktiandi Supaat

19:59 - VN digital economy - Brian Lee

26:15 - VN equities - Hoang Huy

28:51 - ID coal - Richard Suherman

Producer: Noelle Lim, Maybank IBG

A chemical company listed on the Stock Exchange of Thailand, Indorama Ventures (IVL) is the leading manufacturer of polyethylene terephthalate (PET or polyester) and fibers, with more than 100 operating sites across over 30 countries. We speak to Yash Lohia, IVL’s second generation leader, Executive Director and Chief Sustainability Officer about building an infrastructure for a circular economy end-to-end.

Building on the theme of weaker growth, our analysts discuss their outlook - outperformance for the next 6 months within Asia Pacific, emerging market currencies and Yen, and Malaysia’s economy and equities strategy in the second half of this year.

00:21 - Roundup - Ong Seng Yeow

01:38 - Potential for outperformance in Asia - Chan Han Chin

06:39 - MY: S&P revision - Winson Phoon

13:27 - EM FX outlook - Saktiandi Supaat

17:02 - Yen forecast - Saktiandi

18:21 - ID government bonds - Winson

21:01 - MY 2H strategy - Anand Pathmakanthan

25:01 - MY 2H macro - Suhaimi Ilias

Producer: Noelle Lim

In the current bearish market, what type of stocks and portfolio would lead? Has the US markets priced in all possible rate hikes? What is the likelihood of a recession? We ask Chan Han Chin, portfolio strategist at Maybank Investment Banking Group (Maybank IBG).

Presenter & Producer: Noelle Lim, Maybank IBG

As inflation accelerates in some key markets of ASEAN, our analysts at Maybank Investment Banking Group (Maybank IBG) discuss their broader implications on banking asset quality, policy rate moves, and ASEAN equities strategy.

00:29 - Roundup - Winson Phoon

04:07 - MY inflation - Suhaimi Ilias

07:56 - PH inflation - Suhaimi Ilias

09:06 - SG inflation - Lee Ju Ye

13:00 - ID interest rate - Lee Ju Ye

15:22 - MY banks - Desmond Ch’ng

17:58 - PH banks - Rachelleen Rodriquez

20:56 - ASEAN equities - Anand Pathmakanthan

23:40 - PH strategy - Jacqui de Jesus

26:00 - Favour quality stocks - Chan Han Chin

30:00 - MY auto without SST - TJ Liaw

Producer: Noelle Lim

The Fed hiked interest rate by 75bps, the largest increase at a meeting since 1994. What can we expect in the remaining four FOMC meetings this year? As ASEAN are largely food exporters, what are the opportunities and risks as a result of food inflation? And what’s the likelihood of Laos defaulting on its debts?

00:31 - Roundup - Winson Phoon

04:20 - Fed ups 75bps - Suhaimi Ilias

10:51 - Food inflation, crisis - Chua Hak Bin

18:25 - ID interest rate - Lee Ju Ye

20:50 - Laos to default? - Brian Lee

25:52 - S-REITs winners, losers - Chua Su Tye

28:47 - PH property drivers - Miguel Sevidal

30:28 - ID plantations - Ong Chee Ting

Producer: Noelle Lim, Maybank IBG

We highlight some key conversations that took place at Invest ASEAN 2022, starting from understanding the biggest issues that will affect us in the next five years to thriving in an uncertain environment. We see sustainability as the way forward, supported by inclusive and equitable growth. The podcast features:

00:29 - Rodger Baker, SVP of Strategic Analysis, Stratfor

05:00 - Tensie Whelan, Clinical Professor of Business & Society, NYU Stern Center for Sustainable Business

12:50 - Peter Grauer, Chairman, Bloomberg & Founding Chair, US 30% Club

20:06 - Dr Soraphol Tulayasathien, Head of Sustainable Market Development, The Stock Exchange of Thailand

22:13 - Dr Ken Yeoh, Vice-President of Governance & Sustainability, Bursa Malaysia

24:24 - Low Chin Loo, Strategic Advisor APAC, EDGE Strategy

27:43 - Dato’ Ami Moris, CEO of Maybank Investment Banking Group (Maybank IBG) & Chair, 30% Club Malaysia

Producer: Noelle Lim, Maybank IBG

Our economists do a deep dive on interest rate expectations; how ASEAN remains the cleanest dirty shirt as developed markets struggle; while it is land of smiles again for Thai tourism; and if it's time to return to Vietnam's markets.

00:32 - Roundup - Chua Hak Bin

04:17 - MY 2Q GDP forecast - Suhaimi Ilias

09:48 - ID interest rate forecast - Lee Ju Ye

11:39 - TH interest rate - Lee Ju Ye

13:57 - ASEAN cleanest dirty shirt - Anand Pathmakanthan

17:50 - MY banking earnings - Desmond Ch’ng

20:05 - TH tourism - Yuwanee Prommaporn

23:07 - VN strategy - Hoang Huy

Producer: Noelle Lim, Maybank IBG

Analysts based in Singapore, Manila and Ho Chi Minh City—vastly different economies—discuss their outlook for the rest of the year due to headwinds, emerging trends such as shophouses in Singapore, data centres in the Philippines, and satellite townships in Vietnam, and segments that are resilient in the real estate sector.

00:20 - Leonard Tay, Head of Research, Knight Frank Singapore

14:05 - Sevidal Miguel, Analyst, Maybank IBG, Philippines

21:45 - Tyler Nguyen, Analyst, Maybank IBG, Vietnam

Presenter & Producer: Noelle Lim

Maybank’s analysts interpret the slew of economic data that came out from Singapore, Bank of Indonesia’s decision to hold interest rate, Malaysia’s inflation that remains relatively low, Vietnam’s economic data, and the broad based recovery of hoteliers in Thailand.

00:22 - Roundup - Suhaimi Ilias

06:11 - SG GDP, inflation - Chua Hak Bin

11:05 - ID interest rate - Lee Ju Ye

14:35 - MY consumer prices - Zamros Dzulkifli

18:28 - VN economy - Brian Lee

23:08 - US treasury yield - Winson Phoon

27:15 - TH hoteliers - Yuwanee Prommaporn

Producer: Noelle Lim

We unpack Singapore’s slowing growth in non-oil domestic exports (NODX) in April since February, and examine the effects of the wheat export ban by India on Indonesia’s consumer companies, and the risk of re-imposition of Indonesia’s palm oil export ban, and if it is time to bottom-fish regional tech champions, Grab and SEA, ending with what will lift the Renminbi.

00:17 - Roundup - Suhaimi Ilias

05:22 - SG NODX - Chua Hak Bin

08:32 - TH, ID outlook - Lee Ju Ye

13:49 - ID consumers - Willie Goutama

16:20 - Palm oil exports ban - Ong Chee Ting

19:28 - PH monetary policy - Zamros Dzulkifli

23:01 - PH property policies - Miguel Sevidal

25:57 - SEA, tech - Lai Gene Lih

28:02 - RMB weaknesses - Saktiandi Supaat

Producer: Noelle Lim

Amidst global markets coming under pressure on the back of US economic woes, interest rate hikes, and soaring inflation, is ASEAN proving to be the “cleanest dirty shirt”?

00:38 - Roundup - Chua Hak Bin

04:27 - OPR hike - Suhaimi Ilias

10:14 - Impact on banks - Desmond Ch’ng

12:02 - Bond yields - Winson Phoon

16:02 - ASEAN strategy - Anand Pathmakanthan

18:57 - Marcos Jr’s win - Jacqui de Jesus

20:46 - PH GDP - Zamros Dzulkifli

23:16 - VN market correction - Hoang Huy

Producer: Noelle Lim

Unpacking the headlines moving markets and ASEAN tailwinds, and casting our eyes to Cambodia, Laos, Myanmar and Vietnam (CLMV) on the impact of global supply chain disruptions, favoured markets as ASEAN outperforms, and impact of Indonesia's palm oil export ban.

00:27 - Roundup - Winson Phoon

04:25 - Headwinds, crosswinds - Chua Hak Bin

09:14 - CLMV - Brian Lee

16:14 - USD, Asian currencies, RMB - Saktiandi Supaat

21:46 - ASEAN stars - Anand Pathmakanthan

24:40 - SG banks - Thilan Wickramasinghe

26:13 - MY digital banks - Desmond Ch’ng

29:40 - ID palm oil export ban - Ong Chee Ting

Producer: Noelle Lim

Preparing you for the week ahead with a slew of updates and analysis.

00:28 - Roundup - Chua Hak Bin

05:56 - MY exports, RM - Suhaimi Ilias

11:00 - ID GDP - Lee Ju Ye

13:26 - ID palm oil exports ban - Ong Chee Ting

15:54 - MY stocks - Anand Pathmakanthan

20:36 - Potential MY bond downgrades - See Tho Mun Yi

23:42 - TH property - Vanida Geisler

27:15 - PH property & mobility - Miguel Sevidal

28:54 - Regional utilities, ESG - Jigar Shah *

Maybank IBG Sustainability Research team’s first sector report.

Producer: Noelle Lim

With candour and humour, in his final interview as Maybank Group President & CEO, Dato’ Sri Abdul Farid Alias recounts pivotal moments at the bank, and discusses topics close to his heart: leadership, culture, digitalisation and sustainability, adding life lessons from his humble background.

Dato’ Fad’l Mohamed, CEO of Maybank Investment Bank speaks to him in the inaugural episode of our C-Suite Talks series.

Producer: Noelle Lim, assisted by Shirley Ann Lau

In a series of conversations, we discuss the game changing opportunities, notably for solar industry players, as presented by Malaysia’s Renewable Energy (RE) Roadmap. If things go according to plan, RE contribution could increase from 23% of the total energy mix to 31% in 2025, and 40% in 2035.

Apart from its environmental benefits, RE increases energy diversity and lowers energy security risk, which is often overlooked until the Russia-Ukraine conflict. We explore how ASEAN could strategically increase its own energy security via an ASEAN power grid linking the Indochina region to Malaysia, and down to Singapore.

00:48 - RE Roadmap - Nur Farah Syifaa’, Analyst, Maybank

03:06 - Opportunities, listing plans - Ko Chuan Zhen, GCEO & Co-Founder, Plus Xnergy

11:44 - Call on Cypark, Solarvest - Syifaa’

13:31 - Russia-Ukraine, China lockdowns, new growth drivers, green hydrogen - Davis Chong, GCEO, Solarvest

20:50 - ASEAN power grid - Dr Philip Andrews-Speed, Senior Principal Fellow, Energy Studies Institute, NUS

Acronyms mentioned:

PPA - Power purchase agreements

EPCC - Engineering, procurement, construction and commissioning

LCOE - Levelised cost of energy

FiT - Feed-in-tariff

NEM - Net energy metering

Presenter & Producer: Noelle Lim

In response to rising inflation, the Monetary Authority of Singapore (MAS) has tightened its monetary policy by re-centering the midpoint of its exchange rate policy band to the prevailing level and steepening the slope, allowing the Singapore dollar to strengthen against currencies of its trading partners. Our analysts discuss the far-reaching implications of this move, as well as their updates for the region.

00:34 - Roundup - Suhaimi Ilias

06:17 - MAS tightening, inflation - Chua Hak Bin

11:16 - SG interest rates and bonds - Winson Phoon

13:50 - SGD, USD - Saktiandi Supaat

19:30 - SG banks - Thilan Wickramasinghe

21:34 - ID higher fuel prices, Bank of Indonesia moves - Lee Ju Ye

26:10 - Positive on TH consumer finance - Jesada Techahusdin

28:30 - Plantations update - Ong Chee Ting

Producer: Noelle Lim

Maybank has cut Vietnam’s GDP forecast for 2022 to 5.8% from 6.7% due to the impact of the Russia-Ukraine war and supply chain disruptions from lockdowns in Shanghai. What are the specific challenges investors should take note of although recovery is expected to remain on track in Vietnam? Brian Lee, our Economist, drills down the details.

Presenter & Producer: Noelle Lim

Singapore’s Q1 2022 GDP will be released this week. We cover Maybank’s expectations of growth and interest rate policy responses as inflation grows the fastest in this decade. Also, top of today’s research is ASEAN X Macro thematic report on inflation drivers and risks, and our model portfolio strategy for Thailand.

00:26 - Roundup - Winson Phoon

04:17 - SG 1Q GDP - Chua Hak Bin

07:40 - SGD if re-centering - Saktiandi Supaat

10:51 - ASEAN inflation drivers - Suhaimi Ilias

15:01 - PH inflation - Zamros Dzulkifli

17:17 - TH inflation - Lee Ju Ye

20:00 - TH banks - Jesada Techahusdin

21:36 - TH tourism - Yuwanee Prommaporn

24:25 - TH portfolio strategy - Chan Han Chin

27:11 - More soybean, CPO outlook - Ong Chee Ting

Producer: Noelle Lim

To prepare you for the week, our analysts breakdown the latest economic data and reports from Malaysia, Indonesia and Vietnam, and consider their broader implications on markets, revision to outlook and the banking sector.

00:24 - Round-up - Chua Hak Bin

04:52 - MY economics - Suhaimi Ilias

10:09 - MY banks - Desmond Ch’ng

13:12 - Curve inversion - Winson Phoon

16:54 - ASEAN strategy - Anand Pathmakanthan

19:24 - USD, EUR, CNY, ASEAN, JPY - Saktiandi Supaat

23:19 - ID inflation - Lee Ju Ye

25:53 - ID banks - Rahmi Marina

28:23 - VN economy - Brian Lee

30:05 - VN picks - Hoang Huy

Producer: Noelle Lim

One of the largest public listed companies in Thailand and one of the oldest conglomerates in ASEAN, established in 1913 by a royal decree, SCG is future-proofing and staying competitive by making sustainability a business case. Pertinently so when cement manufacturing is one of the top sources of greenhouse gas emissions in the world. CEO of SCG, Roongrote Rangsiyopash, and the CEO of SCG Chemicals, Tanawong Areeratchakul discuss the group’s sustainability plans, potential game-changers, and new opportunities that could emerge and whether the Russian-Ukraine war might delay or accelerate global transition to net zero. SCG Chemicals is going for IPO - date is not fixed yet at the time of recording. Producer & Presenter: Noelle Lim

Our analysts discuss the implications of fuel subsidies more than doubling in Malaysia and exports outlook in view of oil and commodities prices; would the Renminbi emerge as a viable alternative to the USD as the US weaponises the global settlement system; impact of Russia-Ukraine war on the Philippines and Thailands’ economies and policy decisions; earnings risks and high conviction buys in Thailand; and expectations of any policy changes in the Malaysia’s plantations sector following Indonesia’s.

00:22 - Round-up - Chua Hak Bin

06:46 - MY fuel subsidies - Suhaimi Ilias

14:21 - RMB as alternative to USD - Saktiandi Supaat

19:16 - PH policy hike forecast - Zamros Dzulkifli

22:24 - TH GDP downgrade - Lee Ju Ye

25:27 - TH earnings - Maria Lapiz

28:36 - ID, MY plantations policy - Ong Chee Ting

Producer: Noelle Lim

Our analysts across the region discuss recent economic data, outlook and investment strategy in view of global inflation, growth headwinds, and China’s flash lockdowns. 00:21 - Round-up - Winson Phoon 03:32 - MY outlook, EPF withdrawal - Suhaimi Ilias 08:33 - SG GDP forecast - Chua Hak Bin 13:59 - SG exposure to Europe - Thilan Wickramasinghe 17:08 - ID GDP forecast - Lee Ju Ye 22:16 - ASEAN fortnight highlight - Anand Pathmakanthan 25:10 - PH oil-driven downside - Jacqui de Jesus 27:56 - MY 5G rollout update - Tan Chi Wei Producer: Noelle Lim

Our analysts look ahead to the collateral damage of the Russia-Ukraine war on ASEAN, and what Barisan Nasional’s win in Johor means for Malaysian markets, adding views on favoured stocks. Tune it to the conversation to prepare for the week.

00:36 - Round-up - Suhaimi Ilias

07:14 - Economics, trade risks - Chua Hak Bin

12:57 - Forex impact - Saktiandi Supaat

18:19 - MY resilience - Chan Han Chin

21:33 - Early GE15 impact - Anand Pathmakanthan

24:20 - MY banks - Desmond Ch’ng

26:22 - MY aviation - Samuel Yin

29:08 - TH tourism - Yuwanee Prommaporn

30:41 - Plantation downgrade - Ong Chee Ting

Producer: Noelle Lim

Inflation, Russia-Ukraine tensions and climate change are piling pressure on global food systems. ASEAN as a major food producing and agriculture region is ripe for innovation to bolster its own food security. Ho Ren Hua, CEO of Thai Wah, discusses how he wants to transform agrifood in the region, including where he sees a right to win in the challenging agritech sector. Listed on SET, Thai Wah is one of the largest starch and starch-related food companies in Asia, and is taking up stakes in early stage companies, and expanding into new, high-growth businesses such as bioplastic packaging. Using tapioca as its raw material input, derived from the cassava plant, it could replace Western wheat-based products. Ho, a graduate of Wharton School and former management consultant at Bain & Co, comes from a family of entrepreneurs. His paternal grandfather established Thai Wah in the 1940s, while his parents founded the Banyan Tree hotels. Producer & Presenter: Noelle Lim

Chua Su Tye, our Head of REITs Research discusses his recommendations on S-REITs (real estate investment trusts) for yields in light of rising interest rate and inflation, the Russia-Ukraine crisis and risk of recession in Europe. Terms mentioned: DPU (distribution per unit), Revpar (revenue per available room), and WALE (weighted average lease expiry). Producer & Presenter: Noelle Lim

Dr Yuhyun Park, Founder of DQ Institute, Harvard graduate and former BCG management consultant, speaks about her journey battling skepticism in South Korea to starting a global movement for digital intelligence or DQ from Singapore. Together with her team, she created the world’s first standard for DQ that is also endorsed by IEEE Standards Association, Organisation for Economic Co-operation & Development (OECD), and the World Economic Forum. This interview is in conjunction with International Women’s Day. Producer & Presenter: Noelle Lim

Russia’s invasion of Ukraine and talks of sanctions have triggered market fears of a brutal supply crunch of oil and other commodities. Our analysts monitor the impact on ASEAN, and where investors can potentially find shelter and outperformance.

00:32 - Round-up - Chua Hak Bin

06:16 - MY economy - Suhaimi Ilias

12:10 - MGS outlook - Winson Phoon

17:02 - 4Q earnings - Anand Pathmakanthan

20:21 - Forex themes - Saktiandi Supaat

23:04 - Petronas, energy trilemma - Liaw Thong Jung

27:34 - SG REITs - Chua Su Tye

32:14 - SG tech stocks - Lai Gene Lih

Producer: Noelle Lim

Tan Sri Nazir Razak, Chairman of Bank Pembangunan Malaysia discusses his plans to create a super development financial institution, including if listing and a merger with MIDF are on the cards; as well as his idea of Better Malaysia Assembly to reshape national discourse; and the desire to protect his father’s legacy. Nazir is the former Chairman and prior, CEO of CIMB Group, and the youngest son of the second Prime Minister Tun Razak Hussein, and the brother of the sixth, Dato’ Sri Najib Razak.

Russia’s full scale invasion of Ukraine has already cost more than 200 civilian lives and triggered global condemnation. Maybank's analysts discuss the implications. 00:24 - Round-up - Chua Hak Bin 07:03 - Impact on inflation - Suhaimi Ilias 13:47 - Lessons from past crisis - Saktiandi Supaat 17:31 - Shrinking demand for MY Coal IPP Bonds - Winson Phoon 22:48 - SG bank highlights - Thilan Wickramasinghe 26:21 - Maybank’s portfolio update - Chan Han Chin 30:47 - New tax measures on PH properties - Miguel Sevidal Producer: Noelle Lim

Riding on surging oil prices, Maybank has a strong buy call on Hibiscus Petroleum, Malaysia’s first listed SPAC (Special Purpose Acquisition Company) that has now transitioned to become a full-fledged oil and gas company. Dr Kenneth Pereira, the Managing Director discusses the reason for Hibiscus’ longevity, and how it will continue to grow in a more ESG-oriented environment when bankers are becoming more discerning about lending. Producer & Presenter: Noelle Lim

Dennis Zamora, scion and President of Nickel Asia Corporation (NAC), one of the largest nickel producing companies in the world, discusses the prospects of the metal as it trades at a 11 year high, and his ambition for the company to become one of the top 25 on the Philippine Stock Exchange. Producer & Presenter: Noelle Lim

On Friday, Singapore released its Budget 2022 that includes a slew of higher taxes to redistribute wealth while improving resilience through healthcare spending and green projects. Meanwhile foreign buying has returned to ASEAN markets. What sectors might continue to outperform and underperform as interest rates and inflation increase? Maybank's research teams across the region discuss.

00:34 - Round-up - Suhaimi Ilias

05:53 - Singapore Budget 2022 - Chua Hak Bin

14:07 - Singapore markets - Thilan Wickramasinghe

15:56 - ASEAN markets - Anand Pathmakanthan

20:13 - Indonesia trade - Lee Ju Ye

22:26 - Indonesia retail - Willy Goutama

24:17 - Plantations, La Nina - Ong Chee Ting

27:57 - Philippines earnings - Jacqui de Jesus

30:01 - Gaming - Samuel Yin Shao Yang

Producer: Noelle Lim

Stewardship Asia Centre (SAC), established by Temasek in Singapore, advocates the practice of steward leadership across Asia. The principle of balancing profits, people and the planet is not new, yet many organisations pay lip service. How can we accelerate meaningful change and make this a way of business and life? We speak to Rajeev Peshawaria, CEO of SAC, to learn more.

On Valentine’s Day, we cast our eyes on the timing of rate hikes, CPO price rally, MY aviation, and PH e-commerce and property segments. 00:35 - Round-up - Chua Hak Bin 04:34 - BI, BOT timing - Lee Ju Ye 09:19 - BNM timing - Suhaimi Ilias 14:15 - Inverted yield curve - Winson Phoon 18:53 - CPO price rally - Ong Chee Ting 21:38 - Watching AirAsia X - Samuel Yin Shao Yang 24:12 - PH e-commerce - Daphne Sze 26:02 - More love for PH property - Miguel Sevidal Producer: Noelle Lim

The most prominent and oldest conglomerate in the Philippines of more than 180 years old, Ayala Corporation is future-proofing by gearing up for a low carbon economy. We get into the mind of the group’s Chief Financial & Chief Sustainability Officer, Alberto de Larrazabal about the rigorous approach in achieving their ambition, about new technologies, and the project close to his heart, Kasibulan reforestation for carbon credits.

Producer & presenter: Noelle Lim

Amidst global volatility, what is the market outlook and central banks' policy direction in ASEAN? Our research teams deep dive.

00:26 - Round-up - Chua Hak Bin

03:40 - Indonesia and Thailand inflation, interest rate - Lee Ju Ye

06:52 - Euro; BOE, RBA signals - Saktiandi Supaat

10:59 - ASEAN stocks - Anand Pathmakanthan

14:10 - Singapore tech over-sold - Lai Gene Lih

18:23 - Malaysia loans, banks - Desmond Ch’ng

20:24 - Thai tourism downgrade - Yuwanee Prommaporn

22:20 - India budget highlights - Jigar Shah

Producer: Noelle Lim

Here are highlights from our research teams in their Monday Briefing. As inflation dominates the agenda of central banks, how should investors position themselves in the bond markets, and what forex strategies apply? Where can we seek shelter from inflation in Singapore equities? Our analysts also dig into the Thai healthcare and property sectors for opportunities.

00:36 - Round-up - Suhaimi Ilias

5:58 - Treasury yield curve prediction - Winson Phoon

11:00 - Forex strategies - Saktiandi Supaat

16:34 - Raising inflation forecast - Chua Hak Bin

21:22 - Inflation on Singapore equities - Thilan Wickramasinghe

23:27 - Thai healthcare upgrades - Yuwanee Prommaporn

25:05 - Thai property picks - Vanida Geisler

Producer: Noelle Lim

In conjunction with World Wetlands Day on 2 February, we celebrate how biophilia—human’s innate tendency to connect with nature—led two individuals to make conservation their lifelong career: Irshad Mobarak, Langkawi-based naturalist at Junglewalla, and former Maybanker; and Dr A Aldrie Amir, Head of the Environmental, Economic and Social Sustainability Research Centre, under LESTARI at Universiti Kebangsaan Malaysia. They talk about their passion, what must be done to save coastal wetlands or mangroves, adding their views about carbon offset mechanisms to fund regeneration. Producer & Presenter: Noelle Lim Crested serpent eagle sound credit: Rejoice Gassah, XC461263. Accessible at xeno-canto.org/461263

Tunku Alizakri Alias, former CEO of EPF, and now Chairman of MAVCAP (Malaysia Venture Capital Management), and independent director of several boards, discusses the difficulties of change and persuading boards of directors to make sustainability-first a business imperative. He says the differences are mainly generational. How can the gap be bridged? This is his first interview since leaving EPF close to a year ago.

Producer & Presenter: Noelle Lim

The VN Index has risen close to 32% over the last 12 months buoyed by peak retail trading. Maybank expects the index will hit 1,800. What will continue to drive the Vietnamese markets in the longer-term? What are the downside risks, top investment picks, and the government’s plans to ease foreign investments? Quan Trong Thanh, our Head of Research in Vietnam discusses. Producer & Presenter: Noelle Lim

Presenting our Monday insights to prepare investors for the week ahead before the Lunar New Year.

04:25 - Bank Indonesia signals - Lee Ju Ye

07:26 - Bank Negara Malaysia signals - Suhaimi Ilias

11:25 - China rate cuts, bond markets - Winson Phoon

15:05 - USD, RMB, IDR, MYR outlook - Saktiandi Supaat

18:00 - ASEAN strategy picks - Anand Pathmakanthan

21:40 - Philippines strategy - Jacqui de Jesus

24:10 - Malaysia aviation - Samuel Yin Shao Yang

27:08 - Thai tourism - Yuwanee Prommaporn

Producer: Noelle Lim

Thilan Wickramasinghe, Head of Research in Singapore discusses potential re-rating catalysts for Singapore equities led by 3Rs—rising rates, re-opening, and restructuring—and also considers ESG risks and decarbonisation costs.

Producer & Presenter: Noelle Lim

Singapore tech hardware stocks like AEM, UMS and Frencken are expected to sustain earnings growth and are still trading at attractive valuations - a proposition for investors looking for both value and growth in the tech sector. Lai Gene Lih, our Analyst, presents his case, and also discusses SEA Ltd’s prospects and if a semiconductor glut is around the corner.

Producer & Presenter: Noelle Lim

In today’s Briefing, we bring you up to date on global news as the US Federal Reserve shifts to a more hawkish tone, and what to look out for in Singapore’s upcoming Budget, and property outlook in Thailand, the Philippines and Malaysia, and CPO prices and production output. Commentators: Suhaimi Ilias, Chua Hak Bin, Thilan Wickramasinghe, Vanida Geisler, Miguel Sevidal, Wong Wei Sum, Jesada Techahusdin, Ong Chee Ting Producer: Noelle Lim

What is ahead for the Water Tiger year? Here is a fengshui forecast for the Malaysian stock market and the economy by Kenny Hoo, Fengshui Master. He discusses the good and bad months, favourable sectors, disasters and illnesses, and the general elections.

Producer & presenter: Noelle Lim

Maybank IBG has created 24 model portfolios to guide retail investors in picking stocks that match their risk-return profile and market outlook. We speak to portfolio strategists, Ong Seng Yeow and Chan Han Chin on how these portfolios are constructed, and how investors can position themselves in this market cycle in 2022.

Presenter & Producer: Noelle Lim

The first Monday call of 2022 with our economists and analysts on investment themes including sustainability, what will repeat and change from 2021, and actionable ideas across key markets in ASEAN.

Commentators: Suhaimi Ilias, Chua Hak Bin, Maria Lapiz, Thanh Quan Trong, Kaushal Ladha, Liaw Thong Jung, Ong Chee Ting, Tan Chi Wei

Producer: Noelle Lim

After years of intense negotiation, the railway connecting Kunming in China to Vientiane, the capital city of Laos is finally completed making it vastly faster and easier for goods to be moved between both countries. This is part of China’s Belt & Road ambition that might eventually see a linkage through Thailand and into Malaysia and Singapore. Thailand-listed logistics players Kerry Express, Wice Logistics, and Sonic Interfreight are set to be beneficiaries.

Commentator: Maria Lapiz, Head of Institutional Research, Thailand

Presenter & Producer: Noelle Lim

Note: Maybank Securities (Thailand) may be involved in some deals with Wice Logistics.

Maybank upgrades the tourism sector in Thailand to Neutral on the back of share price corrections and the expectation that the Omicron impact is short-lived. How are major players like Airports of Thailand (AOT), and Minor International (MINT) with a portfolio of over 500 hotels, recalibrating to survive the pandemic, and why is 2024 the magical year we expect normalcy to return. Listen to the conversation with our analyst.

Analyst: Yuwanee Prommaporn

Presenter: Noelle Lim

Analyst, Daphne Sze initiates coverage on Monde Nissin and discusses its prospects as the market leader of instant noodles and cracker biscuits in the Philippines, and its foray into the alternative meat market in the UK and US. Buy call, target price PHP19.00.

00:50 - Highlights

04:50 - Malaysia: Markets to be better?

11:04 - Philippines: Banking normalising

14:24 - Philippines: Conglomerate action

16:44 - Philippines: Consumer holding up

18:13 - Thailand: Healthcare growth drivers

19:55 - Singapore: Fengshui prediction

Analysts: Winson Phoon, Anand Pathmakanthan, Rachelleen Rodriquez, Jacqui de Jesus, Daphne Sze, Yuwanee Prommaporn, Thilan Wickramasinghe

Producer: Noelle Lim

00:52 - Economic outlook

09:59 - Fixed income strategy

14:56 - Forex strategy

17:30 - Malaysia: Themes & Top Calls

22:02 - Singapore: Top Stock Calls

Commentators: Chua Hak Bin, Suhaimi Ilias, Winson Phoon, Saktiandi Supaat, Anand Pathmakanthan and Thilan Wickramasinghe

Producer: Noelle Lim

00:34 - Malaysia: Omicron impact on rubber gloves

02:50 - Thailand: Omicron impact on STGT (Sri Trang Gloves).

04:32 - Thailand: Omicron on tourism

07:00 - Vietnam: Production and exports strengthen

Analysts: Wong Wei Sum, Maria Lapiz, Yuwanee Prommaporn, Linda Liu

Produced and presented by Noelle Lim

00:47 - Impact of Omicron on oil prices.

4:39 - Malaysia: Alliance Bank - Target Price Raised.

Analysts: Kaushal Ladha, Desmond Ch’ng.

Produced and presented by Noelle Lim.

00:28 - Malaysia: Interest rate hike prediction.

03:46 - Genting Malaysia - When to break even?

4:56 - Ayala Corp - Foray into end-to-end logistics.

Analysts: Winson Phoon, Samuel Yin, Jacqui de Jesus.

Produced and presented by Noelle Lim.

00.50 - Singapore: What would support growth to 2022

02:10 - Maybank’s Model Portfolio changes

05:40 - Spotlight - Vietnam: Another boom year for Gemadept

Economist & Analysts: Chua Hak Bin, Chan Han Chin, Le Nguyen Nhat Chuyen

Produced and presented by Noelle Lim

00:52 - Singapore: Forecast inflation raised

3:45 - Singapore: Growth for Mapletree Logistics Trust?

4:54 - Thailand: 3Q21 weak, momentum picks

Analysts: Chua Hak Bin, Chua Su Tye, Maria Lapiz

Presented and produced by Noelle Lim

00:30 - Malaysia: Is a price tag of $1 billion for IHH’s China business realistic?

04.02 - Malaysia: Is the worst over for AirAsia?

05:20 - Thailand: Why Chularat Hospital is Maybank’s pick now?

Analysts: Shafiq Kadir, Samuel Yin, Yuwanee Prommaporn

Presented and produced by Noelle Lim

00:48 - Malaysia: Potential market sentiment over Barisan Nasional’s win in Melaka state elections, and year end KLCI target?

03.10 - Singapore: How will tech stocks continue to perform in light of shortages, and top picks?

06.17 - Thailand: Update from Retailer’s Day for investors, and top consumer retail picks.

09:33 - Vietnam: Banks are outperforming their regional peers. Can this momentum be sustained?

Analysts: Anand Pathmakanthan, Lai Gene Lih, Maria Lapiz, Quan Trong Thanh

Produced & presented by Noelle Lim

01:30 - The signposts to watch if inflation is transitory

07:00 - BoT holds policy rate and its view on energy markets

08:40 - Philippines: ASEAN’s fastest growing market in 2022

11:50 - Philippines equity strategy

14:28 - Is COP26 the biggest finance greenwash event in history?

18:50 - Maybank’s CPO price upgrade

01:04 - FOMC gets on with taper program

04:13 - ASEAN credit markets’ drip test

13:45 - Vietnam’s economic metrics back in growth mode

16:58 - ASEAN market strategy

18:57 - Singapore banks 3Q review

01:17 - Malaysia Budget 2022 Review

07:09 - Budget implications on credit markets

10:23 - Budget impact on Malaysia equity market

15:06 - Energy prices and FX markets

18:05 - Malaysia aviation sector

22:52 - Thai property sector

25:48 - Mega Lifesciences initiation

Anand Pathmakanthan speaks on the 3Q earnings season to date and how funds flow is rotating. MKE’s energy research team has revised Brent crude assumptions to US$75/bbl for 2022 and discuss scenarios for an energy super cycle. Indonesia, Thailand and Singapore banking sector is flush with liquidity - is loans growth finally back on track?

What are the signposts to watch now that CPO markets have rallied above MYR5000/mt? Monetary Authority of Singapore tightens S$NEER policy band slope earlier than expected. MKE’s Philippines’ banks research team shares their best picks given that loans growth data has troughed with evidence of activity pickup.

Kaushal Ladha briefs on this energy cycle’s supply shock. Key reforms to go green in the 12th Malaysia Plan will also give CPO planters a tailwind for higher pricing power. Vietnam risks falling into a technical recession, is the silver lining in the skies?

China Evergrande (3333 HK) has missed bond interest payments as of last week. Will this event spiral into a contagion? The Fed will officially kick off the asset purchase tapering at the next FOMC meeting in November, Suhaimi Ilias discusses the implications on ASEAN central banks. Thailand’s banking sector turned in strong performances last week on SCB’s restructuring announcement; time to pay attention to banking laggards.

Asian governments prefer a dovish fiscal stance vs the hawks in US and Europe. Malaysia’s Ministry of Finance has instructed banks to waive interest on loans under moratorium with immediate effect while Bank Indonesia is forcing banks to boost loan disbursement to MSMEs.

Could ECB’s recent recall of its pandemic monetary support pressure the US Fed to signal tapering by Sep? MKE’s portfolio strategist presents his case for improving sell-side sentiment for ASEAN equity markets and his convictions why downside will be limited even in the event of taper tantrums. MKE has just initiated coverage on Singapore-based SEA Ltd with a buy call.

US non farm payrolls missed consensus expectations by a long shot stoking stagflation fears. Will Malaysia's maiden pre-budget meeting boost investor confidence in how the country manages its finances. MKE's Malaysia banks analyst Desmond gives the lowdown on Malaysia banks and his positioning strategy. With China's slowdown, MKE's FX head Saktiandi discusses about the risk of RMB devaluation.

Winson Phoon shares on what the bond futures market imply about risks following the Fed’s signal that tapering could occur as early as late 2021. Malaysia has announced its new cabinet lineup; will this announcement improve overall market sentiment for FBMKLCI? Semiconductor industry has been facing pressure because of supply chain bottlenecks. Is now the time to take profit on ASEAN chip testers and contract manufacturers?

Malaysia has appointed Datuk Seri Ismail Sabri as its 9th Prime Minister. Will the change bring about the much needed political stability? As the Fed heads into its Kansas City annual conference on Thursday, markets will be watching for clues what the Fed will do about tackling higher inflation. MKE makes the case for 4 risk factors that will delay the pace of ASEAN’s economic recovery. Thailand will face its first twin deficit since 2013. MKE’s Thai strategists assess the economy and their portfolio strategy.

Chua Hak Bin argues that ASEAN’s economic outlook will continue to diverge at the country level, well into 2022. MKE launch model portfolio baskets to help clients invest through market cycles. What is priced into FX and credit markets as markets weigh in on the timing of US Fed tapering? Finally, MKE is long CPO sector despite near-term headwinds.

Indonesia ESG push does not get enough credit from markets. MKE Research downgrades Vietnam as the country loses it grip on containing the Delta variant. Is the anomaly between 10y UST and inflation trends expected to last and what is MKE’s call on USD and ASEAN FX? Anand Pathmakanthan shares his top picks for ASEAN and Thilan Wikramasinghe discusses MAS’ latest move to uplift dividends for Singapore Banks.

Despite the Fed’s assurance that higher prices are merely transitory, the uncertainty of its duration leads to higher volatility in the market. Maybank downgrades the Thai property sector; ASEAN Speaks panelists dissect the drivers and explain how property developers are resorting to technology to sustain sales. Stay tuned for these highlights and more.

US 10 year treasury yields continue to compress; Maybank's fixed income team addresses the factors that are driving compression. With political headwinds rising in Malaysia and EMCO impacting labour supply, which industries are least vulnerable? Thailand's hospitality sandbox kicks off in Phuket but reopening plans hang in the balance following the discovery of COVID-19 cases from inbound tourists.

Amidst a strong US jobs market, low US treasury yields and VIX, ASEAN equity markets’ performance was relatively weak last week, especially Malaysia. Maybank’s strategists focus on the Delta variant’s impact on the timeline to recovery and where smart money is flowing.

G7 landmark accord on corporate tax reform aims to end the race to the bottom since the 1980s in which countries have slashed corporate tax rates and provided generous exemptions to attract MNCs. How will ASEAN stay competitive? Maria Lapiz, MKE's Thai Head of Research shares with us the ESG investment landscape in Thailand and her top picks within this category. The Philippines equity market continues to fall further into deep value territory. MKE Phil research desk shares on 8 of their favourite undervalued gems.

As Fed shift resets markets, Maybank Kim Eng’s FX strategists discuss about the sensitivity of ASEAN currencies. ASEAN equity markets mostly ended down last week except for Malaysia and Vietnam. Our Singapore REITs and Malaysia property research desks discuss where value can be found.

KL Kepong has launched a RM1.5b cash offer to buy IJM's 56% stake in IJM Plantations. Is the deal accretive and are there other noteworthy acquisition targets left within the sector? Thailand's stock market has performed well despite sluggish economic data and concerns over rising covid cases. Maria Lapiz, Maybank's Thai Research Head shares her insights and her top 3 picks for the remainder of 2021.

Malaysia has announced a RM40bn economic stimulus package to mitigate the impact of its latest lockdown. Malaysian government securities staged a mini rally last week, is it sustainable and should investors sell into strength? Our ASEAN tech team gives the lay of the land for semiconductor suppliers in Malaysia and the global chip shortage. What are insiders doing with ASEAN tech listcos?

U.S. next jobs report on Fri June 4 will signal if employment data is trending above the 3M moving average of 520k monthly additions, potentially fuelling inflation concerns and impacting outcome of June 17 FOMC meeting. Back in ASEAN, with Thailand’s central bank rates at almost zero, what else can Thailand do to pump prime its economy in the wake of another COVID breakout? As Malaysia enters into a nationwide total lockdown, will the government impose loan moratorium extensions?

Malaysia makes the difficult choice of accepting the stricter MCO 3.5 vs a total lockdown. Bond markets was relatively steady despite the 92bp m/m increase in US core CPI but Huarong’s de-rating remains a persistent cause for concern for the offshore debt markets. Malaysia’s CPO sector is losing price competitiveness as Indonesia’s revamped progressive tax rates are giving palm oil refiners a comparative cost advantage. Will a repeat of 2012 low utilisation and high CPO inventories lead to a 30% collapse in CPO prices?

As inflation data accelerates, the US central bank will have to decide if it is to change its monetary policy stance to control inflation. Asset dislocations will likely rise; what are the key signposts to watch for ASEAN capital markets? Among regional peers, Singapore’s stock market performance has been stellar. How will rotations flow?

ASEAN’s stock market performance continues to diverge. What are the determinants that will change this narrative for fund flows? Malaysia just wrapped up its OPR meeting on May 6. What effect does the re-imposition of mobility restrictions have on its policy rate outlook. Singapore's banking sector has just concluded its Q1 earnings season, are Sing banks still in pole position relative to regional peers?

USD could see temporary support in the interim as a new mutant wave of COVID-19 resurgence threatens India and Asia. This podcast will also explore migrant worker flows and its impact on real estate markets, crude oil trends and Thailand’s petrochemical sector, and Malaysia’s construction sector.

Inflation trends in Singapore are increasingly visible from the properties segment. The spectre of property cooling measures may lead to risks of premature tightening by regulators. Thailand’s property measures on the other hand are more supportive, which underpins Maybank Kim Eng’s positive view of the sector. Philippines stock market is the worst performing ASEAN market, but deep value is emerging.

Following the recent ratings cut in Huarong’s bonds, credit markets are unnerved by the possibility that China may actually let the state-backed distressed debt manager go into default. Over in Singapore, with the impending announcement of a cabinet reshuffle, will SGX’s strong performance and momentum come to an abrupt halt? Join us in this week's ASEAN Speaks podcast.

Today we focus on ESG investing and find out what the scorecard looks like for Malaysian corporates and says about its ESG readiness. We also get a preview of MAS’s inflation stance and what our FX strategist is forecasting for the Sing dollar. In technology, Applied Materials just held its investor day and the group remains positive over the wafer fab equipment industry. With Intel and TSMC recently making announcements to invest in capacity, what are the key risk parameters to watch and is it too early to take profit on wafer fab equipment manufacturers in ASEAN? Philippines’ Financial Institutions Strategic Transfer (FIST) Act was recently signed into law, enabling financial institutions to free up assets for lending by allowing the transfer of NPL/NPAs to asset management firms. Who are the beneficiaries?

As the fallout from Archegos Capital appears contained and with US strong macro fundamentals hogging the limelight, capital markets moved to risk on environment, at least temporarily. This week, we assess if Malaysia’s central bank will likely tighten given their higher inflation outlook for 2Q21. With US 10 year treasuries closing out last Fri unchanged, will it continue to consolidate in this range and do we anticipate the current credit environment to re-attract ringgit bond flows? With strong news flow on electric vehicles, which manufacturing bases in ASEAN will benefit the most from this theme?

As markets brace after Archegos' fire sale of $20b worth of stocks last Friday, Asian markets seem to have held up well on Mon’s open. Malaysia’s Ministry of Finance has revised Malaysia’s budget deficit to 6% of 2021 GDP; will this lead to the introduction of capital gains tax as market grapevine suggests? As the Federal Reserve prepares to do away with restrictions on bank dividends and buybacks, are there signs that Singapore banks will follow suit? Intel announced that it will spend $20b to build 2 fabrication plants in Arizona, including a plan to serve third party and fabless chip designers. Will this swing the balance with TSMC and who are the supply chain winners in ASEAN?

With bitcoins hogging so much limelight, Maybank's FX team joins the debate if Bitcoin and equity price moves will continue to remain positively correlated and the drivers of this relationship. Thailand’s equity market valuations are lofty, which suggests that the market is ripe for profit taking. We see tactical rotations into laggards such as Petrochemicals, Autos, Consumer Finance & banks. Singapore REITs are not impervious to rising rates. How low will valuations go and where does value lie?

With the FOMC minutes due on Wed (2pm Eastern standard time), market expectations and particularly, the distribution of the FOMC’s dot plot, are likely to diverge sharply. Whether the signal for a lift-off in interest rates comes now or later, it is prudent to take stock of the current rotation in funds flow. This week, we discuss about Top Glove’s changing fundamentals, Malaysia’s NFO sector, finding value in Thai healthcare and our top picks in the Philippines that may double returns in 5 years time.

We continue with our analysis how capital markets are expected to trend as we rotate out of a Goldilocks environment with the apparent bottoming of interest rates. Key of which, we ask ourselves what new observations can we infer from the last taper tantrum in 2013 when the fed funds rate started to reflate? Sector wise, our strategists review their picks for medical gloves, banks, property and tourism sectors as these are most sensitive to a market cycle that is transitioning out of its recovery phase.

With the spectre of rising interest rates and market volatility, we look at past episodes of taper tantrums and the vulnerability of ASEAN’s capital markets. As the earnings season comes to a close, we investigate what surprised our Singapore banks and Philippines conglomerates analysts. Finally, we also look at Malaysia’s decision to bring forward its 5G plans for commercial use by 2021. Who are the winners and losers because of their exposure to this development?

The lunar year of the ox is said to bring success in many ways for all zodiac signs. It is no coincidence that markets are bearing witness to firmer bond yields, which we interpret as investor expectations of a strong economic recovery. As of last Fri, the 10y UST benchmark yield stood at 1.344%, up from 1.157% just 5 trading sessions earlier. Maybank’s strategists will focus on the implications that inflation might have on the ASEAN bond markets, commodity markets, and cyclical sectors like banks and high growth tech stocks.

Singapore Budget 2021 was announced on Feb 16 by Deputy Prime Minister Heng Swee Keat. With an overall budget deficit projected at 2.2% of GDP, this estimate is much lower than the consensus median range of 4%. What are the risks of a fiscal cliff and implications on MAS’ FX policy? Are there material changes to Maybank Kim Eng’s investment outlook for the Singapore market?

We assess the impact of Myanmar’s coup on its economy as the country reverts to its past with the Lady detained and military back in charge. Malaysia has extended its MCO by 2 weeks, which was scheduled to end on Feb 4. The key question here is if MCO becomes protracted, given how fast government debt is rising, is there still room for even more stimulus? The bull run in ASEAN bank shares is showing no signs of abating - we now ask the big question which country poses the most risk and why. Over in the Philippines, we ask which sectors will be the biggest beneficiaries from the passage of the Create Act and corporate income tax cuts. Last but not least, we do some crystal ball gazing what palm oil benchmark futures signal with the recent selldown.

Today our economics team shares on their latest outlook for Singapore. With the recent suspension of reciprocal travel bubbles with Malaysia, South Korea and Germany, how large an impact will this have on migrant workers as more than 30% of Singapore’s workforce is non resident. Lockdowns or not, Vietnam’s exports and manufacturing activity is humming. We explain the drivers behind this economic resilience and why we still think Vietnam’s stock market will go from strength to strength. ASEAN Banks have outperformed by 30% since 4Q last year. Despite this, our banks research team remains positive and shares their high conviction ideas for 2021.

As US Democrats push for US$1.9tn in stimulus, the prospects of easy monetary and fiscal policies continue to underpin ebullient conditions for global equity markets. Central banks in Malaysia and Indonesia left policy rates unchanged last week, we get a pulse check from Maybank’s economics team on the likelihood of further rate cuts and which Asian currencies are the most undervalued. On growth themes, is it premature to rotate out of Singapore and Malaysia’s semiconductor equipment sector? Finally, the Thai Healthcare sector has been hit as hard as the tourism industry. Has the sector’s risk reward improved for investors to accumulate select names?

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.

Domestic politics in the US have been making headlines of late, but how often do we hear about China’s internal factionalism? What do we understand about President Xi Jinping, and the enigma behind the man?

Dr Tan Kong Yam, former Chief Economist of Singapore and World Bank Senior Economist in Beijing, has spent much of his career engaging China on its economic policies. This podcast covers both sides of the equation how local polemics impact US-China relations.

The goal of developing sustainable business practices is to preserve the long-term viability of People, Planet and Profits. This podcast interview is with Datuk Abdul Farid Alias (Maybank's Group President & Chief Executive Officer), Dato' Mohamed Rafique Merican (Group Chief Executive Officer, Maybank Islamic), and Ami Moris (Chief Executive Officer, Maybank Kim Eng Group).

Stricken by the COVID-19 shutdown, China is now among the fastest to recover. The burning issue is: What happens to all of China's Belt and Road Initiative (BRI) projects in ASEAN countries, many of which have closed their borders to contain the pandemic?

From new ports and hydropower projects to railroads criss- crossing Asia, China’s massive infrastructure projects under the BRI have left awe and controversy in their wake.

Find out what’s next for the BRI at our Captains Speak session with Mukhtar Hussain, Head of Belt and Road Initiative for Asia Pacific at HSBC, and Chairman of HSBC Singapore PLC.

SM Investments is one of Philippines' largest conglomerates with interests in consumer retail, property development and banking. Tim Daniels speaks with Maybank Kim Eng about his company’s business performance, strategy and sustainability initiatives.

In this episode, our guest speakers are Dr Le Anh Tuan, Deputy CIO and Head of Research for Dragon Capital & Dr Nguyen Duc Khuong, Economist and Member of the Consulting Group for Vietnam’s Prime Minister. Our conversation will focus on what the private & public sectors view as the optimal macro policy prescription for Vietnam to weather the pandemic.

This is a recording with Mr Lim Cheong Guan, Executive Director of Finance and Head of the Sustainability Steering Group at Top Glove - the world’s largest manufacturer of surgical gloves. The conversations centred around Top Glove’s sustainability policies and the latest developments between the US Customs and Border Protection (US CBP) and the group.

The Covid-19 pandemic, dubbed by investors as the 21st century’s first “sustainability” crisis, is not only reshaping how businesses operate but could prove to be a major turning point for ESG investing. Find out how Ayala Corp, the Philippines’ oldest conglomerate, navigates and overcomes these unprecedented times by leveraging on its 360° Sustainability Framework. TG Limcaoco, CFO, Chief Risk Officer and Chief Sustainability Officer of Ayala Corp discusses all these and more in this episode of Maybank's Captains Speak series.

Maybank Kim Eng’s Captains Speak series features thought leaders from market regulators and corporate sectors. In episode 1, our conversation with Bursa Malaysia’s Chairman will focus on Bursa’s strategy in staying competitive and engaging capital market participants .