ASEAN Asset Managers, Property and Utilities: HK marketing takeaways

Key highlights from our recent Hong Kong marketing meetings include (1) whether it was time to bottom-fish the Singapore developers; (2) upcoming catalysts for asset managers; (3) turnaround potential for the Mapletree REITs; (4) whether the recent jump in Singapore power prices can be sustained; (5) drivers of recent Malaysian REIT performance; (6) opportunities in Vietnam property; and (7) timing of macro turnaround in the Philippines with ICT and ALI as most asked. Sentiment was cautious, driven by interest rate headwinds and uncertainty around when the Fed hiking cycle peaks. Investors therefore focused on names with limited downside risk and clearer catalysts, alongside depressed valuations that already price in significant negative news. There was no meaningful pushback on our preferred S-REIT picks, CICT and KDCREIT, on portfolio quality or growth outlook. The key question was valuation timing, namely whether they can trade lower near term, and whether other REITs could rebound