ASEAN Speaks

Hosted by Maybank

BusinessInterviews guests

Website RSS feed

Episodes

347

Latest episode

Aug 2026

Language

About the show

ASEAN Speaks by Maybank presents conversations with market analysts and thought leaders across Southeast Asia on topics covering equities, fixed income, forex, economics, sustainability, and current affairs that impact regional markets.

Listen to episodes

60 recent

August 17, 202619 min

Strong Macro Drives Earning Boost

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!

August 11, 202620 min

Singapore Rallies Amid Global Tensions

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!

August 3, 202612 min

Domestic Focus Amid Results Season

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.

July 27, 202614 min

CXMT IPO Ignites Asia Market Momentum

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.

July 20, 202621 min

From Chips to REITs: Finding Value in a Divergent Market

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.

July 6, 202615 min

Uncertainty is the upside

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.

June 29, 202621 min

Looking Beyond the AI Bubble

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

June 22, 202611 min

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

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

June 15, 202622 min

From Hormuz to the World Cup: Finding Market Winners

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.

June 15, 202658 min

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

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? 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? #ai #uschina #deepseek #alibaba #tencent #baidu #chinatech #aimodel #tokeneconomics #aistrategy