汇丰银行-东盟银行业-asean banks：postcard from the west asean-20170717-hsbc.pdfVIP

17 July 2017   ASEAN banks EQUITIES FIG Postcard from the West ASEAN  Feedback from 35 meetings with US and UK investors Kar Weng LOO* Analyst  Investors are focused on revenue and earnings growth as The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch opposed to balance sheet risks karwengloo@.sg +65 6658 0621  Key picks: BBCA (TP IDR20,000) and SECB (TP PHP297.70) Xiushi CAI* Analyst The Hongkong and Shanghai Banking Corporation Asset quality complacency. Widespread view that asset quality will be manageable. At Limited, Singapore Branch worst, NPLs will creep up rather than spin out of control. Investors complacent as (1) xiushicai@.sg