Outperforming Regional and Global Benchmarks
ASEAN as a whole has seen relative outperformance YTD, mainly underpinned by i) accelerating, broad economic reopening, supporting corporate earnings and GDP recovery; ii) predominantly old economy-dominated equity markets that have seen their valuation attractions boosted by years of relative underperformance & deflated foreign ownership, and iii) a comparatively less aggressive multi-speed monetary policy normalisation & tightening.
Our ASEAN country heads of research remain constructive on the market upside, especially as 1Q22 reporting has generally delivered on expectations of a sharp earnings rebound post-economic reopening.
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