ASEAN First to Market

J.P. Morgan Asia Pacific Equity Research ASEAN morning note (26 October 2026). Economics: Bank Indonesia held its policy rate at 5.75% as FX pressures remained tolerable, while the BSP surprised with a 50bp hike to 5.50% to rein in inflation; we expect a dissenting hold from the BOT. Singapore's September core inflation again surprised to the downside, reinforcing the call for an extended MAS hold. Indonesia will cut natural gas exports to Singapore by 31 BBTUD from 24 October, about 1.9% of Singapore's total gas supply. Sector: cross-border health check-ups in Thailand and Malaysia cost up to 40% less including travel, and although only ~5% of revenue, they act as an important patient-acquisition funnel; BH, BDMS, SUNMED and IHH offer the best medical-tourism exposure, while AIA and FWD benefit on the insurance side. Thailand consumer finance faces rising headwinds;