ASEAN Speaks

About ASEAN Speaks

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.

Publisher

Maybank

Category

business

Language

en

Explicit

No

First episode

21 Aug 2020

Latest episode

26 Oct 2026

Latest episodes

356 episodes in the feed.

1. 

   26 Oct 2026

   Cooling Inflation, Resilient Earnings

   This week, our Host, Thilan Wickramasinghe opens to a market still struggling after a few volatile weeks, with mega-cap earnings adding to the uncertainty and President Trump threatening to bomb Iran again, keeping oil prices in focus. Against this backdrop, the team looks at why Singapore’s September inflation unexpectedly cooled, and where value is emerging. The show leads with Thilan’s preview of the Singapore banks’ 3Q results, due 4-6 November. He expects slightly weaker quarter-on-quarter earnings on softer trading income, partly offset by wealth management and loan fees, with net interest margins bottoming in 3Q and inflecting in 4Q. He sees scope for marginal loan growth and margin guidance upgrades at UOB and OCBC, and ranks OCBC first, then DBS, then UOB. Next up, our Economist Brian Lee explains why core inflation eased to 2.0% in September rather than rising to 2.3% as expected, driven by a telecoms price war and softer retail prices. He trims 2026 core and headline inflation forecasts to 1.8% and 2.0%, sees inflation near its peak despite oil at US$115 and Super El Niño risks, and expects MAS to hold its current pace of S$NEER appreciation. In REITs and industrials, our analyst Krishna covers the Keppel universe. He stays positive on Keppel Corp’s S$611m divestment of its 51% stake in Keppel South Central, which crystallises about S$380m of fair value gains, and on Keppel REIT’s capital recycling. He keeps a BUY on Keppel DC REIT after 12% YoY DPU growth, citing about 5% DPU CAGR and a combined 9-10% yield plus growth, and shares takeaways from his visit to the Keppel Sakra power plant. Our Regional Strategist then makes the case for turning more positive on ASEAN telcos, citing defensive earnings and 5-8% dividend yields. Picks include Singtel (targeting S$2.1-2.5bn operating profit by FY30 from about S$1.5bn), True Corp in Thailand, Axiata in Malaysia, XL Axiata in Indonesia and PLDT in the Philippines. Finally, our Chart Guy flags a trading BUY on Hong Kong Land, which is in a new base-building phase above its 200-day SMA, and a trading SELL on PC Partner, whose uptrend is showing signs of exhaustion. Wishing you a profitable trading week ahead!

2. 

   19 Oct 2026

   Hazy Outlook or Potential Buy-in?

   This week, our Host, Seng Yeow opens to a bruising week for tech, with the Nasdaq down 4.5% and the Philadelphia Semiconductor Index losing more than 11% as investors question the returns on AI infrastructure spending, while CoreWeave’s 2032 bonds trading near 82 cents on the dollar flagged stress in credit markets. Against this backdrop, the team asks whether Singapore banks are oversold and how far rising rates should worry investors. The show leads with our FX Research Head Saktiandi Supaat, who expects the Fed to hold in October, with a possible 25bp hike in December, and sees USD strength fading by 2H27. He explains why MAS held policy steady, with the S$NEER still about 1.7% above the midpoint, forecasts 1.265 against the USD by year-end and 1.24 by end-2027, and prefers the ringgit and Thai baht, while staying selective on the rupiah and peso. Next up, our Head of Research Thilan Wickramasinghe, in a pre-recorded segment, argues that Singapore banks’ correction is manageable. He estimates mark-to-market losses would trim CET1 ratios by only 17-29bps against buffers of about 16%, sees limited risk of net interest income guidance cuts after record August loan growth of 14%, and keeps OCBC as his preferred fundamental pick. Finally, our Regional Chartist Amirul Rusydy walks through the technicals. He sees the S&P 500 uptrend intact above 7,560, the US 10-year yield showing weakness, and possible bottom-fishing in the CSI 300. In Singapore, he picks UOB as the fundamental choice and DBS as the technical choice on a breakout above 75, with a technical BUY on Yangzijiang Shipbuilding. He is also bullish near-term on Frasers Logistics & Commercial Trust, while Grab’s downtrend remains intact below 3.20. Wishing you a profitable trading week ahead!

3. 

   12 Oct 2026

   Rate Hikes and AI Reality Check

   This week, our Host, Seng Yeow opens to a sharp reminder of how sensitive the AI trade has become, with OpenAI disclosing September annualised revenue approaching US$50bn rather than the US$70bn previously indicated, sending Nvidia, Oracle and major semiconductor names down 3-5% intraday. Against this backdrop, the team asks what it means for Singapore and the wider AI value chain, as the local economy rides the AI boom while sticky inflation keeps MAS on a tightening path. The show leads with our Economist Hak Bin Chua, who expects MAS to raise the S$NEER slope by 25bp to 150bp at its 14 October meeting. He sees 3Q GDP growth of 5.5%, down from 6.1% in 1H, and a firm Singapore dollar, forecasting 1.265 against the USD by year-end and 1.24 by end-2027. Next up, our Head of Research Thilan Wickramasinghe, explains why Singapore banks sold off despite rising rates, calling it a valuation correction after a roughly 45% YTD rally rather than an earnings downturn. He sees limited margin and credit concerns and keeps OCBC and DBS as top picks. In telcos, our analyst Husseini argues that Singtel is a differentiated AI enabler, securing customer contracts (S$600m) before committing GPU capex (S$300m). He also sees Optus as a nearer-term catalyst, with EBIT potentially doubling from S$500m to S$1bn by FY30, and little ASEAN risk from Starlink’s spectrum move. He keeps a BUY with a S$5.21 target price, over 25% upside. Our Hong Kong Strategist Ben Ho then argues that established platforms hold the edge in a capital-constrained AI race. He prefers Tencent, Alibaba and China Mobile, is selective on Baidu and GDS, and urges caution on expensive chip plays and pure model labs. Finally, our analyst Xuan Hao returns on palm oil, arguing that El Niño, slowing supply growth and rising biodiesel mandates point to a supercycle, and that Bumitama Agri offers purer upstream leverage, with CPO at about 85% of revenue. Wishing you a profitable trading week ahead!

Who has been a guest on ASEAN Speaks

Names identified in recent episode analyses. Showing up to five guests.

• Hak Bin Chua
• Hussaini Saifee
• Mi Nguyen
• Brian Lee
• Jarick

Reach and audience

Public platform figures. Ratings count people who left a rating, not total listeners.

YouTube views

173,977,959

Score snapshot 15 Sept 2025

Apple Podcasts (US)

3.0 / 5

1 ratings

Spotify

4.7 / 5

29 ratings

Podcast Authority Score: 83 / 100

A composite of feed quality, social presence, YouTube performance and engagement. Read the methodology.

Quality

96

Social presence

0

YouTube

93

Engagement

85

Contact ASEAN Speaks

Guest appearances

Books guests

Based on episode analysis; this does not confirm that the show is currently accepting guests.

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