Time in the sun
? We recommend an Overweight rating on the banks across the region, and
have a preference for Indonesian, South Korean and Singaporean banks.
? These banks are better placed for the three themes of rising rates, credit
cost normalisation and highly attractive & defensive valuations, in our view.
? We thus see the continuation of the strong bank outperformance in 2022
YTD against their respective country indices.
? Top pick among banks in Indonesia, South Korea and Singapore are Bank
Rakyat, Shinhan Financial and UOB, respectively.