James Cheo, CFA, CAIA, FRM

Sharing AIA Group Sustainability Report 2025 and Sustainable Investment Subsection. Honoured to lead the stewardship and engagement strategy at AIA. Greatly appreciate all our research and stewardship analysts’ efforts; and our investee companies’ response and progress as we continue to strive towards our investment and sustainability objectives together. https://lnkd.in/gJnRanrP https://lnkd.in/gjdSzYvK

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Maybank’s head of equity research, Mr Thilan Wickramasinghe, suggested that the correlation between DBS’ and STI’s performance might be attributed to the perception of the bank as a proxy for safe haven flows into Singapore. #markets #maybank #sgx #research #dbs https://lnkd.in/g_A5Zrhv

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Leaning onto ASEAN's resilience amid geopolitical uncertainty Geopolitical tensions are reshaping investor priorities — and ASEAN’s five major equity markets (Singapore, Indonesia, Malaysia, Thailand, Philippines) are emerging as resilient plays and potential risk diversifiers from Developed Markets. Recent research from leading houses highlights both resilience and divergence across the ASEAN region: 🔹 DBS: sees ASEAN equities entering a re-acceleration phase with accommodative monetary and fiscal measures to support domestic economic growth. 🔹 Macquarie: Despite tariff headwinds, ASEAN remains a compelling destination for capital flows, supported by reforms and productivity gains from AI-related capital expenditure. 🔹 Julius Baer: Singapore stands out as a 'safe harbour' and high dividend yields in ASEAN markets will limit downside risk. 🔹 Consensus: Supply chain shifts + domestic demand = structural strength. Across the board, most analysts point to ASEAN’s structural strengths: supply chain shifts, continued domestic demand, and digitalisation themes. The newly launched UOBAM Ping An FTSE ASEAN Dividend ETF — listing on 29 Jan 2026, is the only dividend-focused ASEAN ETF on SGX. With a projected ~6% yield and diversified exposure across the ASEAN equity markets, it offers: • Lower volatility relative to global markets • Income appeal for yield-seekers • Cross-border access via SGX-SZSE ETF link With quality income + resilience, this ETF could be the timely vehicle investors need to anchor a position in their portfolios. #SGXSecurities, #ETF, #Investments, #UOBAssetManagement

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The recently concluded results season underscored a soft growth environment across emerging ASEAN in 1H25, with 41% of companies missing estimates. Three central banks in the region, namely Indonesia, Thailand and Philippines, cut rates by 25bp each in August. But with risk to growth remaining a key concern, central banks in ASEAN are likely to stay dovish. Accommodative monetary policy, together with a better disbursement of fiscal budget, should help to restore some growth, especially in markets such as Indonesia and Thailand, though near-term event risks are to persist. What does this mean for the consumer? After a challenging 1H, will we see the consumer sector recovering? We’re already seeing some recovery on the back of improving sentiment in 2H on the back of positive surprises from GDP growth and strong real estate and stock markets – but will that help Vietnam’s equities continue their lead in the region? What are our preferred stocks to buy in ASEAN this month? Find out by reading our latest ASEAN Equity Strategy note, out now 👉 http://grp.hsbc/6046fChJq (available to HSBC Research subscribers) #HSBCResearch #ASEAN

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In global macro portfolio management, the macro story is the driver, but an equivocal approach to risk management (timing and position sizing) can throw one off-course. So it is with political events. Sanae Takaichi wins the LDP leadership race in Japan and this has provided a welcome boost to our overweight in Japanese equities. In our note last week we argue that domestic-oriented cyclical sectors such as retail, travel and leisure and consumer services are still seeing strong earnings growth, with their profits margins at a decade high in aggregate. Exporters have chosen to absorb some of the US tariffs increases, putting pressure on profit margins. However, consensus expectations have fallen sharply leaving room for upside surprises following the trade deal. We have seen the confluence of these two favourable dynamics play out today, along with a market timing boon. Clients can read our report here --> https://lnkd.in/e5BAt5AH

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