ASEAN Speaks

Uncertainty is the upside 06.07.2026 15min

In this episode, our host and Head of Research, Thilan Wickramasinghe, shares Maybank's latest outlook for the Singapore market, explaining why the team continues to see upside for the Straits Times Index despite recent earnings downgrades. He discusses how easing energy prices, improving market liquidity, the expected deployment of institutional funds under the Equity Market Development Programme (EQDP), and accelerating enterprise AI adoption could support earnings upgrades and drive stronger market performance in the second half. Thilan also highlights the key risks to watch, including weak IPO sentiment, while sharing Maybank's preferred sectors and top stock picks, as well as details of the upcoming Engineering the Future second-half market outlook event.The episode also features Analyst Hussaini, who discusses Maybank's latest research on Physical AI and why it could become the next major growth driver for the telecommunications sector. He explains how AI-powered robots, autonomous vehicles and smart factories will create demand for ultra-low latency, high-reliability networks, opening up new monetisation opportunities through AI training traffic, machine coordination and premium network services. Hussaini also identifies the key beneficiaries across Asia, highlighting Singtel as ASEAN's leading beneficiary and China's major telecom operators as well positioned to benefit as industrial AI and machine networking continue to scale.

Looking Beyond the AI Bubble 29.06.2026 21min

In this episode, our host and Head of Research, Thilan Wickramasinghe, discusses how easing tensions between the US and Iran are helping stabilise global markets, even as concerns over AI valuations continue to weigh on Asian equities. He explores why Singapore's resilient macroeconomic outlook continues to stand out, supported by stronger-than-expected growth, benign inflation and improving domestic fundamentals.We begin with Head of Macro Economics, Chua Hak Bin, who explains why Maybank has upgraded Singapore's 2026 GDP forecast and shares his outlook on inflation, monetary policy and the key risks facing the economy in the second half of the year.Next, our Analyst, Hussaini Saifee, discusses Singtel's latest capital recycling initiatives and why the stock remains a BUY despite recent weakness. He also highlights how AI, data centres and disciplined capital management continue to support the group's long-term growth outlook.We then turn to Thilan Wickramasinghe, who explains why OUE REIT's divestment of Crowne Plaza Changi Airport strengthens its balance sheet, enhances financial flexibility and supports continued upside despite near-term revenue dilution.Finally, Thilan examine Malaysia's banking sector ahead of a potential General Election, discussing why macro fundamentals remain more important than election timing and highlighting Maybank's preferred banking picks as investors position for the next phase of the cycle.-Edited by Ibrahim H

From Fed Shifts to AI Bets: Navigating the Next Market Regime 22.06.2026 11min

In this episode, our host Seng Yeow, explores whether global markets are entering a new monetary regime as investors reassess the outlook for interest rates, political risk and the growing role of artificial intelligence in corporate strategy.We begin with US and Asian fixed income markets, where our Head of Fixed Income, Winson Phoon, discusses whether the era of easy money has come to an end following recent developments at the US Federal Reserve. He examines whether investors are underestimating the potential structural changes that could emerge under the influence of former Fed Governor Kevin Warsh, and assesses whether Asian credit duration remains attractive as regional central banks are forced to maintain tighter monetary policy than domestic economic conditions may warrant.Next, turning to the palm oil sector, our Plantations Analyst, Ong Chee Ting focuses on Indonesian producers following a prolonged period of underperformance driven by export restrictions and policy uncertainty. He explains why political risks may now be more than fully priced in, underpinning his recent upgrade of First Resources, and discusses the outlook for BUMI amid evolving government policies.Stay Tuned!Edited by Victoria Zhou

From Hormuz to the World Cup: Finding Market Winners 15.06.2026 22min

In this episode, our host and Head of Research, Thilan Wickramasinghe, discusses how optimism surrounding a US-Iran peace deal and the reopening of the Straits of Hormuz is easing inflation concerns and supporting risk assets globally. With oil prices falling and central bank pressures easing, he highlights why Singapore markets could be a key beneficiary, supported by strong liquidity, AI-driven growth and resilient domestic fundamentals.We begin with SGX, where Thilan explains why Maybank is raising its target price and maintaining a BUY call. He discusses how safe-haven inflows, market reforms and corporate restructuring activity are driving higher trading volumes, stronger derivatives activity and a structural improvement in market liquidity.Next, our Analyst, Xuan Hao Toh, shares his views on Singapore Investment and Finance following recent meetings with management. He discusses the company’s growth outlook, AI integration strategy and why he reiterates a BUY call on the stock. Thilan then turns to the World Cup, examining how Singapore equities have historically performed during tournament years and highlighting 10 stocks that could benefit from increased travel, hospitality, consumer spending and financial activity. He also shares insights from Maybank’s proprietary AI model on the tournament favourite.Finally, Head of Client Engagement, Alex Furber, joins the show to discuss the sharp moves in oil and gold prices following developments in the Middle East. He explains how traders can position for volatility and introduces new opportunities available through Maybank’s CFD platform.

Between China and the US, Who Really is Winning the AI Race 15.06.2026 58min

With China and the US taking two fundamentally different approaches towards developing their AI ecosystems, there is a growing camp that believes that China is in an equally strong position to win the AI race despite technology sanctions. Producer and host Ong Seng Yeow speaks with Maybank's Hong Kong Strategist Ben Ho to deep dive on three key issues:Why might China be playing a fundamentally different strategy on AI?Between the West or China, who is capturing more value?How should investors assess the Chinese AI landscape?Timestamps00:00 ----- Introduction01:15 ----- Is China or the US winning and what defines a winner in the current AI race?04:39 ----- Understanding the profitability gap analogy between Apple iOS vs. Google in the AI space05:17 ----- The importance of token economics and how it is increasing value output for China12:38 ----- US will be very protective of their proprietary models13:53 ----- The Nvidia CUDA ecosystem monopoly explained18:17 ----- Huawei Ascend shifts the denominator in the current advanced chip export control system22:35 ----- Can China decouple enough that sanctions lose its effectiveness over time?26:41 ----- Understanding China’s AI verticals37:39 ----- What is the ultimate value capture?40:43 ----- Alibaba: Conglomerate discount will continue to hold them back42:22 ----- Tencent: AI as a feature44:18 ----- Baidu: Can Apollo put Baidu back into the AI competition?45:46 ----- BOSS Zhipin: A macro read on hiring trends49:19 ----- What are the strategies of Chinese AI labs?#ai #uschina #deepseek #alibaba #tencent #baidu #chinatech #aimodel #tokeneconomics #aistrategy

Looking Closer to Home: ASEAN Opportunities in a Volatile World 08.06.2026 23min

In this episode, our host and Head of Research, Thilan Wickramasinghe, discusses how weakness in US technology stocks, renewed Middle East tensions and rising oil prices are driving investors to reassess regional positioning. As global uncertainty increases, the focus shifts towards domestic growth drivers and markets that can better withstand external volatility.We begin with our Regional Head of Research, Anand Pathmakanthan, who shares his latest ASEAN strategy. He explains why he is OVERWEIGHT on Singapore and Malaysia, UNDERWEIGHT on the Philippines, and discusses opportunities emerging across Indonesia and Thailand. The conversation also highlights key investment themes and conviction stock ideas across the region.Next, we turn to our Economist, Brian Lee, who examines Singapore’s recent macroeconomic strength, including April’s manufacturing growth surge and resilient retail sales data. He also discusses the outlook for growth, inflation and MAS policy for the remainder of the year.Finally, our Analyst, Miaomiao Liu, introduces a new BUY initiation on Elite UK REIT. She discusses the REIT’s attractive dividend yield, defensive characteristics, potential value-unlocking opportunities and the key risks investors should monitor, including GBP and interest rate exposure.

Singapore’s AI and Oil Momentum: Key Stock Opportunities 25.05.2026 19min

In this episode, our host and Head of Research, Thilan Wickramasinghe, discusses how improving sentiment surrounding a potential US-Iran agreement to reopen the Straits of Hormuz is lifting regional equities and easing pressure on crude oil prices. Against this backdrop, Singapore’s April NODX numbers reached a 14-year high, reinforcing the view that AI and oil-related activity remain two major drivers of the domestic market.We begin with our Analyst, Shaina Mahtani, joins the show to discuss Centurion’s stronger-than-expected 1Q results, the outlook for earnings growth and why the stock continues to stand out despite expectations for some moderation in FY26 earnings growth, supporting SMIDs Analyst, Eric’s BUY view on the stock.Thilan then highlights Technology and SMIDs Analyst Jarick’s continued positive outlook on Frencken following its 1Q results, with the BUY call supported by expectations of a stronger 2H recovery as semiconductor orders ramp up. He notes improving demand from key customers, potential upside from new DUV and EUV product introductions, and better earnings quality as the revenue mix shifts toward higher-margin semiconductor activity.He also discusses ST Engineering’s strong start to the year, with revenue growth across all three segments, margin expansion and a record order book providing strong earnings visibility. Commercial Aerospace remains a key growth driver, while Defence and Public Security continues to provide resilience amid elevated geopolitical uncertainty, supporting REITs Analyst Krishna’s BUY view on the stock.Finally, our Regional Head of TMT Research, Hussaini Saifee, who breaks down the surprise collapse of the Simba-M1 consolidation and what it means for the competitive landscape in Singapore’s telco sector. He also explains why Singtel is increasingly emerging as a diversified AI and infrastructure play despite recent share price weakness, while sharing his latest views on StarHub.

Holding Strong: Sea Ltd's Earnings, Safe Haven Flows and Singapore Airlines 18.05.2026 28min

In this episode, our host Ong Seng Yeow, discusses how renewed safe haven demand and shifting global capital flows are influencing Asian markets, even as Singapore corporates continue delivering resilient earnings and strategic growth ambitions. He examines what recent market movements suggest about investor positioning, whether inflows into defensive assets are likely to persist, and the implications for SGD interest rates and regional equity markets.We begin with our Regional Thematic Macroeconomist, Chua Hak Bin, who discusses the broader market backdrop, including signs of safe haven inflows across regional assets, the durability of those flows and whether foreign investor appetite currently appears stronger in bonds or equities. He also outlines what these dynamics could mean for Singapore interest rates and portfolio positioning over the coming quarters.Next, we turn to our Telcos and Internet Analyst, Hussaini Saifee, who breaks down Sea Ltd’s stronger-than-expected earnings performance, which drove the company’s biggest share price rally in nine months. He shares his observations across Shopee, Garena and Monee, highlighting improving monetisation trends, user engagement and fintech expansion. Finally, our Analyst, Eric Ong, discusses the latest developments surrounding Singapore Airlines and the aviation sector. He examines whether travel demand remains resilient, the outlook for jet fuel supply and pricing stability, and the key risks tied to SIA’s continued investment in Air India despite ongoing losses at the carrier. Finally, we close with a special pre-recorded video segment from our SMIDs and Technology Analyst, Jarick Seet, who will share more about AEM Holdings and UMS Integration.

Stronger Than Expected: OCBC, Singapore Tech and Market Catalysts 11.05.2026 19min

In this episode, our host and Head of Research, Thilan Wickramasinghe, discusses how renewed uncertainty surrounding US-Iran peace negotiations is weighing on global sentiment, even as Singapore’s 1Q results season continues to point toward resilient corporate fundamentals and strong earnings expectations. He outlines the key themes emerging across the banking sector, including rising contributions from wealth management, trading income and AI-driven productivity gains.We begin with our SMIDs and Technology Analyst, Jarick Seet, who explains why improving expectations across the Singapore technology sector continue supporting upside for selected names despite recent share price strength. He discusses Maybank’s higher target prices for Frencken and Venture following recent developments, before sharing what could further catalyse Addvalue Technologies.Thilan then discusses Maybank’s upgrade of OCBC Bank to BUY, highlighting stronger non-interest income growth, accelerating wealth inflows and improving execution under the bank’s “Next Frontier” strategy. He also reviews the broader trends shaping Singapore banks this earnings season, including resilience in asset quality, stronger capital markets activity and growing AI deployment across banking platforms.Finally, our Analyst, Xuan Hao Toh, shares key takeaways from Maybank’s recent corporate day, including management commentary from AEM and construction-related names Ever Glory and Tiong Woon, before we close with fresh technical ideas from our Chart Guy.

Markets Rebound: Commodities, DBS and New BUY Calls 04.05.2026 15min

In this episode, our host and Head of Research, Thilan Wickramasinghe, discusses how improving sentiment following US efforts to reopen the Straits of Hormuz is easing oil concerns and supporting markets. Commodities remain in focus, alongside key opportunities emerging across banks, healthcare and internet platforms.We begin with our Telco & Internet Analyst, Hussaini Saifee, who introduces Maybank’s new BUY initiation on Olam Group and explains why the market may be underappreciating the company’s transformation and long-term value. He also discusses Grab following Indonesia’s surprise move to cap ride-hailing commissions and why he continues to maintain a BUY call on the stock.We then turn to DBS, where strong 1Q26 results reinforced confidence in earnings resilience, wealth management growth and capital return visibility. Finally, we discuss our upgrade on Bumrungrad Hospital to BUY, as improving Middle East patient flows and resilient demand support a more constructive outlook for the Thai healthcare leader.

A More Hopeful Start: Banks, REITs and Standout Stock Ideas 27.04.2026 19min

In this episode, our host and Head of Research, Thilan Wickramasinghe, discusses how improving sentiment following reports of a potential reopening of the Straits of Hormuz is supporting markets as Singapore’s 1Q results season begins. He outlines what to expect for the banking sector, where earnings momentum may be mixed but supported by wealth fees, trading income and safe-haven inflows.We begin with our REITs Analyst, Krishna, who reviews early 1Q results from key names and shares his outlook for the sector amid ongoing rate-cut uncertainty. This is followed by our SMIDs Analyst, Jarick Seet, who explains his significant target price upgrade for Addvalue Tech after its strong share price performance and improving growth outlook.Our Analyst, Xuan Hao Toh, then discusses iFAST’s 1Q earnings miss and why he continues to maintain a BUY call on the stock, before we close with broader reflections on positioning into the results season.-Edited by ibrahim halil

Policy Tightening and Oil Risks: REITs, Grab and Bank Outlook 20.04.2026 34min

In this episode, our host Ong Seng Yeow examines how MAS’s first policy tightening since 2022, persistent oil-driven inflation risks and a resilient Singapore dollar are reshaping the investment landscape. We begin with Head of FX Research, Saktiandi Supaat, on why MAS opted to steepen the SGDNEER slope, the outlook for USDSGD, and why SGD basket longs may still be attractive.We then turn to our REITs Analyst, Krishna, who discusses how higher bond yields and volatility affect S-REITs, which subsectors are best placed in a stagflationary backdrop, and what to expect from the upcoming Q1 results season, including his read on Keppel DC REIT. Our Internet and Telco Analyst, Hussaini, also joins the show to unpack Grab’s 1Q26 outlook, the impact of higher fuel prices, its EV transition, financial services losses, and acquisition synergies. Finally, Head of Research, Thilan Wickramasinghe, closes with his views on the Singapore banks sector and how oil-shock uncertainty is shaping the outlook for the sector.

Niche Value in Uncertain Markets: Energy, Gold and Hidden Winners 13.04.2026 18min

In this episode, our host and Head of Research, Thilan Wickramasinghe, discusses how escalating Middle East tensions and rising oil prices are reinforcing the need for energy security and shaping investment opportunities.We begin with our Analyst, Xuan Hao Toh, who introduces Singapore Investment and Finance as a differentiated opportunity plus idea with strong niche positioning. This is followed by our Industrials Analyst, Jarick Seet, who highlights Marco Polo Marine as a key beneficiary of the renewable energy transition and offshore wind buildout.Our Analyst, Shaina Mahtani, then discusses MoneyMax as a proxy to rising gold prices, before our Telco & Internet Analyst, Hussaini Saifee, closes with his views on Singtel’s capital returns outlook and long-term growth opportunities.

The Oil Shock Playbook: Energy Transition, Banks and CPO Upside 06.04.2026 20min

In this episode, our host and Head of Research, Thilan Wickramasinghe, discusses how the ongoing oil shock and rising geopolitical tensions are reshaping market dynamics, with no clear resolution in sight. The focus turns to identifying opportunities across sectors as energy prices remain elevated.CEO of MIB Securities India, Jigar Shah, joins to explore how higher oil prices are accelerating energy security strategies and the transition towards EVs. We then turn to Malaysian banks, where stress tests suggest resilience despite elevated oil prices, supported by strong balance sheets and stable dividend outlooks.Finally, Head of Client Engagement, Alex Furber, shares his views on S&P 500, market volatility and how CFD strategies can complement investor portfolios in the current environment.

Rising Oil, Rising Risks: ASEAN Strategy and O&G Opportunities 30.03.2026 21min

In this episode, our host and Head of Research, Thilan Wickramasinghe, discusses how escalating tensions in the Middle East and rising oil prices are increasing stagflation risks and reshaping market expectations. He explores how ASEAN should be positioned as the probability of a prolonged conflict rises.We are joined by Regional Head of Research, Anand Pathmakanthan, who shares his views on shifting investment themes across ASEAN, key sector winners, and his top conviction picks. Our Telco, Internet & Consumer Analyst, Hussaini Saifee, also walks through his latest initiation on the offshore & marine and shipping sector, highlighting opportunities in Seatrium, Yangzijiang Shipbuilding and Marco Polo Marine.The episode also revisits SATS, outlining why the company remains resilient despite Middle East exposure, with limited direct risk and potential upside from shifting cargo flows in a disrupted environment.

Markets Under Pressure: Oil, Conflict and Investment Strategy 23.03.2026 22min

In this episode, our host and Head of Research, Thilan Wickramasinghe, examines how the Iran conflict, now in its fourth week is keeping oil prices above $100 and driving uncertainty across global markets. Economist Brian joins the show to assess the macro impact on ASEAN economies, including growth, inflation and relative winners and losers.We then take a deep dive into the Singapore market, analysing short war versus long war scenarios and their implications across sectors, from financials and REITs to transport and tech manufacturing. Our Industrials Analyst, Jarick, also highlights key stock ideas including Addvalue Technologies and Marco Polo Marine, outlining the drivers, risks and potential upside in the current environment.

Defence, REITs and Resilient Stocks in Uncertain Times 16.03.2026 17min

In this episode, our host and Head of Research, Thilan Wickramasinghe, examines how the escalating Middle East conflict is driving higher oil prices, rising inflation risks and travel disruptions, while highlighting areas of resilience within the Singapore market.Our REITs & Industrials Analyst, Krishna, joins the show to discuss rising global defence spending and why he has upgraded ST Engineering, with Addvalue Technologies as another key beneficiary. He also reiterates his positive outlook on S-REITs following the recent market pullback.Our Research Analyst, Miaomiao, introduces her BUY initiation on SATS, explaining how the company could benefit from shifting cargo dynamics despite ongoing travel disruptions.Finally, Our Telco & Internet Analyst, Hussaini, discusses his upgrade on Wilmar, outlining why higher oil prices and improving fundamentals support a more constructive outlook for the stock.

Dominance of China's EV Supply Chain 03.12.2025 47min

This episode is a deep dive into the real power shifts in China's EV supply chain and how competitive forces are shaping up in the battery chemistry labs, EV gigafactories and in energy-storage systems.

Banking on Resilience 10.11.2025 23min

In this week's ASEAN Speaks, our host Thilan breaks down the key developments shaping Singapore’s markets as the US government shutdown nears resolution and expectations rise for a December Fed rate cut.In light of that, we review Singapore banks’ 3Q results, highlighting why OCBC has been upgraded to BUY, while DBS remains a BUY and UOB a HOLD. Thilan explains the trends driving net interest income, non-interest income, and capital returns across the sector.Our TMT analyst Hussaini, then joins to discuss SingTel, sharing insights from its Associate performance and how that could influence upcoming results.Covering for Samuel, our gaming analyst, Sheryl covers Genting Singapore's strong 3Q results, reiterating its BUY call due to upcoming 4Q seasonality, and expansion in non-gaming attractions as key drivers for continued growth.Promo: Don’t miss our Punchy Techy Offer! Win up to SGD5,000 in shopping vouchers by executing BUY trades on Azeus Systems, Info-Tech Systems, or AvePoint until 31 January.

Momentum, Money & Markets 03.11.2025 27min

The countdown to year-end has begun and markets are showing momentum. In this week’s episode of Market Monday, host Thilan breaks down the key movers and macro shifts shaping Singapore’s investment landscape.Xuan Hao shares his BUY initiation on iFAST with a target price of SGD11.95, highlighting the catalysts behind the fintech’s strong outlook.Next, we turn to Sheng Siong, which surged nearly 6% after strong 3Q results. Analyst Hussaini reiterates a BUY rating, calling the supermarket chain one of the best proxies for Singapore’s domestic growth story.Special guest Tim Philips, founder of TimTalksMoney and SGX Academy Trainer, joins to discuss SaaS and cloud stocks such as AvePoint and what makes this sector appealing to investors.Promo: From now until 31 January, investors who trade AvePoint, Azeus Systems, or Info-Tech Systems on SGX will receive a SGD20 shopping voucher.