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PETALING JAYA: Credit Suisse has upgraded Malaysia and the Philippines to ‘overweight’ recommendations from ‘market weight’ in its Asia Pacific equity research.

The research indicated that it now has overweights in all of the Asean markets other than Thailand, where it kept its market weight call.

“Our optimism on Malaysia and the Philippines rests on attractive valuations, our expectation that infections can fall faster than expected, low foreign weightings, and strong earnings per share (EPS) recoveries. We think that both are better positioned to withstand the US monetary tightening than in 2013,“ it said in a report today.

It noted that Malaysia and the Philippines are ranked number one and four on its APAC valuations scorecard and have the second- and third-fastest EPS growths 2020-22, respectively.

“We like Malaysia for its rapid vaccine rollout, and favour the Philippines for its strong structural growth. We believe that investors have fully discounted Malaysia’s political uncertainties.

“We have funded our upgrades by trimming our overweight in India. Our broader market strategy continues to de-emphasise countries like China where GDP and EPS normalised last year. We focus instead on markets where rapid normalisation growth is happening now or lieas ahead in 2022,“ it said.

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