On the other hand, JPMorgan is “neutral” on both Indonesia and Malaysia as their “risk/upside trade-off is balanced by selective bottom-up catalysts in growth sectors.” The bank has an “underweight” rating for Thailand as they are await for further stability in the country’s policies after their upcoming elections. Thailand is set to go to the polls on Feb 8, 2026.
JPMorgan is maintaining its “overweight” calls on equities from Singapore and Vietnam, as well as its “tactical overweight” call on equities from the Philippines going into 2026.
The bank’s analysts say in their Asean 2026 Outlook report, published Nov 28, that both Singapore and Vietnam enjoy the “clearest market-supportive policies” from their respective governments. The Philippines, on the other hand, may be experiencing compressed valuations but the government’s increased spending on social programs should boost growth and help prime stocks for a rebound in the near term.
