by winston » Wed Jun 14, 2023 11:57 am
UBS - * Upgraded Malaysia to overweight
As of 13 June 2023, MSCI ASEAN Index is trading at 13.9x 12-month forward PE, a meaningful discount to its long-term average of 15.3x.
Upgraded Malaysia to overweight along with the Philippines, while maintaining neutral on Indonesia and underweight on Thailand, relative to the MSCI EM Index.
Year-to-date, MSCI Malaysia has been the worst performing index among the MSCI-based indexes in ASEAN, suggesting some of the relative weakness in its earnings sentiment could have been priced in.
* Most preferred picks for each c'try
Indonesia: Astra International, Indosat, Bank Rakyat Indonesia, Aneka Tambang, Indofood CBP, Jasa Marga, Ciputra Development
Malaysia: Mr D.I.Y., IHH Healthcare, Genting Malaysia, IOI Corp, Frontken, CIMB, Malaysia Airports
Philippines: SM Investments, Universal Robina, Bank of the Philippines Islands, Ayala Land
Singapore: CapitaLand Integrated Commercial Trust, Mapletree Logistics Trust, United Overseas Bank, Wilmar, Grab
Thailand: AIS, Bangkok Bank, CP ALL, CPN, HANA, HMPRO, MINT, TIDLOR, WHA
Vietnam: Military Bank, Vincom Retails, FPT, PNJ, Masan
Source: UBS
It's all about "how much you made when you were right" & "how little you lost when you were wrong"