ab 24 November 2025 Global Research Asian Banks 2026: Déjà vu or Déjà new? In the latest scorecard update, Philippines, Indonesia, and India continue to screen well. However, we chose to deviate from the scorecard and downgrade Philippines to neutral as risk premium could remain elevated over the next few months given political uncertainty and its impact on growth & earnings. Instead we move Vietnam up to top 3 supported by the strong EPS growth momentum. At the other end, HK, Thailand, and SG remain in the ...