ASEAN Speaks

In this episode, host Thilan Wickramasinghe previews a pivotal week for markets, with investors watching Fed Chair Kevin Warsh's Jackson Hole remarks for clues on rates, elevated oil prices, multi-decade-high bond yields, and Nvidia's results for signs the AI rally can extend. At home, Singapore's macro readings stay strong, with the construction pipeline getting a further boost from the Prime Minister's National Day Rally speech.

Meanwhile, plantation analyst Chee Ting Ong reviews the CPO price rally, noting an uneven El Niño impact: rainfall deficits south of the equator threaten 2027 output more than Malaysia's, keeping prices volatile into year-end before trending higher early next year. He keeps BUY calls on First Resources and Bumitama Agri, and flags Sarawak Oil Palms and Genting Plantations as his top regional picks, the latter also benefiting from its Johor land bank.

Economist Brian of Maybank Research unpacks Singapore's NODX, up 24.2% in July on electronics and AI-linked demand, prompting an upgrade to the 2026 forecast to 18%. He plays down blanket-tariff risk from the US transshipment crackdown, seeing it as an opportunity for Singapore, and highlights the NDP's $62,000 child support package and major land-reclamation plans as reinforcing a multi-year construction boom.

Thilan makes the case for SATS despite its 15% share-price drop, pointing to 11% revenue growth, resilient cargo volumes, and margin pressure he views as cyclical rather than structural, maintaining BUY with a SGD5.09 target.

REITs analyst Krishna covers CLI's stronger-than-expected first half, driven by lower costs and a tax reversal, and looks ahead to SGD7–9 billion in value-unlocking opportunities and an upcoming Investor Relations Day as catalysts, keeping the BUY call intact.

The Chart Guy also flags fresh trading buy ideas on CSC Global and City Developments.

Have a profitable trading week!

In this episode, host Thilan Wickramasinghe discusses soft US economic data, a weaker US dollar and Maybank Research’s upgraded Singapore growth outlook. Singapore’s 2026 GDP growth forecast has been raised to 5.2%, supported by AI manufacturing, electronics and precision engineering. This growth is also feeding through to corporate earnings.

Krishna reviews the industrial sector’s mixed first-half performance. ST Engineering continues to benefit from global defence spending, dual-use technologies and its digital business. Sembcorp Industries has been upgraded to BUY on expectations of a second-half earnings recovery, contributions from its Australian acquisition and additional generation capacity.

The episode also examines AEM and UMS, where AI-related semiconductor spending is translating into stronger revenue, margins and earnings. AEM is further along its customer ramp-up, while UMS is investing in capacity to support future demand.

Hussaini Saifee discusses Olam’s weaker-than-expected results and the resilience of its core OFI business. Lower interest costs, better capital efficiency and further asset divestments support his continued BUY call.

Miaomiao Liu joins to discuss her initiation of coverage on Info-Tech Systems with a BUY call. She highlights its core HR management platform, regional expansion and growing accounting, CRM and AI training businesses. Its net cash position also provides room for higher dividends or share buybacks. Key risks include its reliance on government subsidies and weaker training demand after SkillsFuture credits expire.

The Chart Guy also shares fresh trading ideas on ISDN Holdings and Nordic Group.

Stay tuned!

In this episode, host Thilan Wickramasinghe returns after the National Day long weekend to discuss rising US-Iran tensions, safe-haven flows into Singapore and the outlook for local markets. He reviews the Singapore banks’ 2Q results, highlighting the growing contribution from wealth management and trading as lower rates weigh on net interest income, and explains why OCBC remains the team’s top pick ahead of DBS and UOB.

Miaomiao Liu joins to discuss JustCo’s latest results, noting resilient occupancy, strong revenue growth and expanding margins despite the stock’s weakness since its IPO. She explains why the improving operating metrics, network expansion and strong balance sheet support her continued BUY call.

Hussaini Saifee discusses his upgrade of Yangzijiang Shipbuilding to BUY, pointing to a stronger-than-expected shipbuilding cycle, renewed demand for larger container ships, resilient newbuild pricing and healthy margins. The episode also looks at SGX, where stronger derivatives activity, recovering Singapore equities, a growing IPO pipeline and operating leverage support further upside, alongside fresh trading ideas from the Chart Guy on MoneyMax Financial and AEM.

Stay tuned!

In this episode, our host Thilan Wickramasinghe opens with sentiment across markets stabilising somewhat, as oil prices fall and treasuries rise following news that fresh US-Iran talks would begin today. Here in Singapore, the STI trades in the red, weighed down by weaker banks ahead of results later this week. With the local results season unfolding, the focus turns to domestic stocks, starting with the S-REITs sector.

He speaks with Krishna on the S-REITs results season so far, discussing the key standouts observed as results roll in, how debt metrics – a persistent concern for the sector over recent quarters – are evolving, and the key changes to stock calls made so far and the reasoning behind them.

We then turn to stock specifics with Hussaini, who has spent the past week meeting institutional investors in Singapore. He discusses the key questions and concerns surrounding SingTel, which has given up around 3% this year, the building investor interest in Olam amid its strong share price performance and expectations ahead of its upcoming results, and finally Seatrium, where he explains the thinking behind trimming the target price to SGD2.85 from SGD3.10 following recent results.

In this episode, our host, Seng Yeow, opens with one of the biggest market events in Asia this week – the blockbuster IPO of Chinese DRAM maker, CXMT. Following its explosive Shanghai debut, he speaks with Hong Kong Strategist, Ben Ho, on why the listing could set the tone for regional technology stocks, how CXMT compares with global memory leaders and what its rapid rise means for the outlook of China's semiconductor industry.

We then turn to the upcoming FOMC meeting, where Head of Credit Research, Winson Phoon, explains why the Federal Reserve is expected to leave interest rates unchanged despite improving inflation and softer labour market data. He discusses whether credit markets have become too complacent, what investors should watch from the Fed's communication and how the interest rate outlook could affect Asian credit and broader financial markets.

In this episode, our host, Seng Yeow, discusses the contradiction at the heart of last week's markets: strong TSMC earnings met with a sharp sell-off in semiconductor stocks, even as the S&P 500 broadened with record highs in financials and transports. He examines what this divergence signals about the AI semiconductor trade and the wider economy.

We begin with our Hong Kong strategist, Ben Ho, who unpacks the upcoming CXMT IPO on Shanghai's Star Market. He explains why the listing represents both the beginning of China's semiconductor capital market and quite possibly the peak of the current memory cycle, weighing the structural case for China's DRAM ambitions against the classic boom-bust risks of the industry, while also assessing how rising AI inference demand and Moonshot's Kimi K3 model could reshape the memory outlook.

Finally, Krishna Guha, our REITs specialist, joins to discuss how Singapore REITs can still create value even as rate cut expectations fade, and where he sees the best balance of yield, growth and valuation across the sector today.

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.

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

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

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.