Table of contents
Executive summary 3
ASEAN’s secular growth story remains intact 6
ASEAN earnings: Persistent profitability 9
Valuation: Elevated, but still fundamentally sound 14
Market structure insights and trading dynamics 18
Cyclical risks 23
What to do? Targeted implementation of broad themes 26
Malaysia 34
Indonesia 36
Philippines 38
Singapore 40
Thailand 42
Appendix 44
Disclosure Appendix 46