亚太股票研究：东盟率先上市（ASEAN First to Market）

This ASEAN First to Market daily reviews macro, strategy and single-stock catalysts. On macro, the Bank of Thailand held its policy rate at 1.0% but delivered a hawkish pivot amid macro-financial concerns, Thailand's customs-cleared trade deficit widened substantially in September, and the Philippines' trade deficit widened to US$5.1bn with exports up 35.6%oya and imports up 25.7%oya, keeping 2026/27 CAD forecasts unchanged; JPM expects another hawkish hold by BNM and an out-of-consensus trade deficit in Indonesia. On strategy, October's best sector/country picks were Financials (KBANK TB) and Consumer, Gaming & Healthcare (MSN), while the worst were Indonesia (UNTR IJ) and Infrastructure, Transport & Industrials (KEP SP). EM equity fund inflows eased to +$1.65bn, with active funds drawing +$57mn after seven weeks of sell-off;