ASEAN Speaks

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:

1. ​Why might China be playing a fundamentally different strategy on AI?
2. ​Between the West or China, who is capturing more value?
3. ​How should investors assess the Chinese AI landscape?

Timestamps

00:00 ----- Introduction

01:15 ----- 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 space

05:17 ----- The importance of token economics and how it is increasing value output for China

12:38 ----- US will be very protective of their proprietary models

13:53 ----- The Nvidia CUDA ecosystem monopoly explained

18:17 ----- Huawei Ascend shifts the denominator in the current advanced chip export control system

22:35 ----- Can China decouple enough that sanctions lose its effectiveness over time?

26:41 ----- Understanding China’s AI verticals

37:39 ----- What is the ultimate value capture?

40:43 ----- Alibaba: Conglomerate discount will continue to hold them back

42:22 ----- Tencent: AI as a feature

44:18 ----- Baidu: Can Apollo put Baidu back into the AI competition?

45:46 ----- BOSS Zhipin: A macro read on hiring trends

49:19 ----- What are the strategies of Chinese AI labs?

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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.

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.

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.

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.

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.

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

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.

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.

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.