ASEAN Consumer Sector: H226 refresh: Where we see the next inflection

UBS refreshes its ASEAN consumer recommendation scorecard for H2 2026, incorporating both bottom-up fundamentals and top-down macro factors to identify where the next inflection points could emerge. We favour Vietnam Staples, supported by a strong macro backdrop and sustained growth outlook. Indonesia Discretionary and Staples also screen attractively, with consumer demand proving more resilient than anticipated and valuations remaining at deep discounts to 5-year history. Thailand Discretionary ranks first mechanically, reflecting earnings recovery from a depressed 2026 base and strong price momentum;