摩根士丹利：Investor Presentation-7 月香港&东盟金融业

July 10, 2025 04:27 AM GMT Investor Presentation | Asia Pacific HK/ASEAN Financials: July 2025 Slowing GDP growth and uncertainty over US rates keep our industry views In-Line, with high TSR stocks in SG/HK preferred. We are less positive on EM ASEAN, with PH preferred. MY looks defensive near term, but valuations are stretched. ID looks better later in the year; for now, stick with BCA. We expect the debate in 2H to still be dominated by macro events: For ASEAN banks, the debate is likely to revolve around ...