🌏 Southeast Asia Stock Picks (April-May 2026)
As I get caught up on posts, this post covers 2 months of stock research from various sources on widely followed Southeast Asian stocks which could be a safer haven from the current turmoil in the Middle East…
And while there many reports and plenty of speculation about the (potentially devastating) impact of the Strait of Hormuz being closed on SE Asian economies, this piece is an example of why the impact is much more complicated than what is generally being reported (Malaysia, like other SE Asian countries, generally subsidizes fuel / cooking oil etc for locals):
🇲🇾 Explained: Why Does Malaysia Import Oil & Gas Despite Producing Its Own? (Says) 12 Mar 2026 🗃️
Specifically:
The only local refinery dedicated to processing sweet crude oil is PETRONAS Penapisan in Terengganu, the company’s first refinery in Malaysia, which processes about 49,000 barrels of sweet crude oil.
Several refineries also process both sweet and sour crude oil, but as mentioned earlier, local sweet crude oil is often exported for higher profits.
Yeah described this as a deliberate strategy.
“This ‘sell high, buy low’ approach allows Malaysia to maximise national revenue while keeping domestic refineries running efficiently,” he said.
However, there is a potentially worse situation or double whammy coming in the form of El Nino:
💻 UBS Warns El Nino May Intensify Food Inflation Across Asia (ZeroHedge) Jun 04, 2026 🗃️
By now, readers have a clear understanding that the Gulf-driven energy shock is on course to collide with a potential super El Niño weather event, creating what could be a dangerous second-order shock to food supply chains around the world.
The concern is that extreme heat and disrupted rainfall patterns could hit top agricultural growing belts, dent harvest output, and amplify existing supply stress. Even before those weather-driven impacts fully materialize, global food prices are already rising, suggesting that fertilizer and elevated diesel prices are beginning to be transmitted through the broader food supply chain.
And:
UBS views on El Niño impacts
1. Agri-business: Tightening global balances and large speculative shorts mean an El Niño-driven disruption to India’s monsoon could reduce sugar production by ~3–8mn tons YoY and trigger price spikes.
2. Agriculture & Inflation (India): El Niño-driven weak monsoon risks (forecast ~92% of normal rainfall) could lift food inflation, though only ~21% of CPI is directly impacted, limiting first-round effects but raising second-round risks if shocks persist.
3. Health Care (Brazil): El Niño-driven changes in mosquito patterns could increase dengue cases, with prior events (2023/24) coinciding with record infections (~6.6mn cases).
4. Thermal coal / Power demand: A potential “super El Niño” could drive extreme heat across Asia, boosting electricity demand (especially for cooling) and increasing coal demand and imports, tightening seaborne markets.
5. Hydropower / Power supply: El Niño-related rainfall shifts could reduce hydro generation in LatAm and Africa, further supporting demand for thermal coal.
6. Insurance / Reinsurance: El Niño conditions are associated with below-average hurricane activity, which could improve insurers’ near-term book value but pressure pricing due to increased capital supply. In Australia, El Niño years tend to have lower catastrophe losses, though drought and bushfire risks rise.
Rising fuel and food prices can lead to economic and ultimately to political instability that will be exploited by outside forces with this tweet (full screenshot follows) outlining Indonesia’s predicament:
Angelo Giuliano 🇨🇭🇮🇹@angeloinchina
WATCH OUT INDONESIA.
The US is putting massive pressure on Indonesia right now as part of its desperate plan to contain China.
The goal?
Turn Indonesia into a US client state that helps enforce an extended blockade around the Malacca Strait >> choking off China’s main energy
7:12 AM · May 23, 2026 · 735K Views
391 Replies · 4.76K Reposts · 10.9K Likes
Although Thailand has a long history of military coups and political instability, the more recent political troubles do coincidently correspond with the signing of MOUs and construction of a highspeed rail network that connects with China’s via Laos…
But at least one Indonesian politician has also talked about putting a Hormuz like toll on the Straits of Malacca (an idea that’s opposed by neighbouring countries and unlikely to happen):
📰 Why Indonesia Floated a Malacca Toll (FP) April 29, 2026 🗃️
Personally, I love visiting and have travelled all over Indonesia; but when it comes to investing there, the IDR has gone from the 9,000 level on my first visits to the 18,000 level against USD – meaning investors with USD are running up hill. However, its been a fairly steady and predictable depreciation for the IDR versus the volatility I have personally experienced with the Ringgit and Philippine Peso (the Tai Baht always seems to range roughly between 30-35 to the USD).
On the other hand, Singapore offers a safer haven for investors with USD:
Specific SE Asia stocks covered in this post (with a focus on some countries or stocks that are hopefully more accessible to retail investors via Interactive Brokers or via a foreign listing – see our first posts – Mid-March 2025, Early April 2025, April 2025, May 2025, June 2025, July 2025, August 2025, September 2025, October 2025, November 2025, December 2025, January 2026, February 2026, 🌏 SE Asia March 2026 & March 2026) for the past two months plus further DeepSeek analysis of this post:
[Note: On desktop browsers, an autogenerated table of contents will appear on the left side linked to each stock. I will add those links below after publishing/emailing this post…]
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🇮🇩 Indonesia – GoTo Gojek Tokopedia Tbk PT, Kalbe Farma Tbk PT, Vale Indonesia Tbk PT, Pertamina Geothermal Energy PT Tbk, Indofood Sukses Makmur Tbk PT, MDTV Media Technologies Tbk PT, Hanjaya Mandala Sampoerna Tbk PT, Gudang Garam Tbk PT, Sumber Alfaria Trijaya Tbk PT, Bukit Asam Tbk PT, Astra International, PT Bank Syariah Indonesia Tbk, Bumitama Agri Ltd, Metropolitan Kentjana Tbk PT, PT Dayamitra Telekomunikasi Tbk, Indofood CBP Sukses Makmur Tbk PT, Bakrie & Brothers Tbk PT, Maharaksa Biru Energi Tbk PT, Charoen Pokphand Indonesia Tbk PT, Triputra Agro Persada Tbk PT, Bank Negara Indonesia, Ciputra Development Tbk PT, PT Indosat Ooredoo Hutchison Tbk, Bank Rakyat Indonesia Tbk PT, Bumi Resources Minerals Tbk PT, Indonesia Kendaraan Terminal Tbk PT, Aneka Tambang Tbk PT, PT Erajaya Swasembada Tbk, Bank Mandiri Tbk PT, Solusi Sinergi Digital Tbk PT, AKR Corporindo Tbk PT, Pakuwon Jati Tbk PT, Bank Central Asia (BCA) Tbk PT, Hartadinata Abadi Tbk PT, Japfa Comfeed Indonesia Tbk PT, Bank Tabungan Negara (Persero) Tbk PT, Buana Lintas Lautan Tbk PT, Jayamas Medica Industri Tbk PT, PT ITSEC Asia Tbk, Mitra Keluarga Karyasehat Tbk PT & Sarana Menara Nusantara Tbk PT
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🇲🇾 Malaysia – IHH Healthcare, Nam Cheong Ltd & Oiltek International Ltd
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🇸🇬 Singapore – CapitaLand Ascott Trust, Valuetronics Holdings, Mapletree Industrial Trust, Raffles Medical Group, Nordic Group Ltd, Elite UK REIT, Addvalue Technologies Ltd, UI Boustead REIT, CapitaLand Ascendas REIT, ISDN Holdings Ltd, Telechoice International Ltd, Singapore Airlines, Delfi Limited, CSE Global Ltd, Ever Glory United Holdings Ltd, Mapletree Logistics Trust, Keppel Ltd, Lendlease Global Commercial REIT, CapitaLand Integrated Commercial Trust, Singapore Technologies Engineering Ltd, City Developments Limited, Prime US REIT, NTT DC REIT, Singapore Post Limited, AEM Holdings, Keppel DC REIT, ComfortDelGro Corporation, Genting Singapore, UMS Integration Ltd, AIMS APAC REIT, Hong Leong Asia Ltd, Q&M Dental, Jardine Cycle & Carriage, Beng Kuang Marine Ltd, StarHub, Manulife US Real Estate Investment Trust, Coliwoo Holdings, Kimly Ltd, Venture Corporation, Keppel Infrastructure Trust, Sheng Siong Group, SIA Engineering Company, Oversea-Chinese Banking Corp (OCBC) & DBS Group, Olam Group Ltd, CapitaLand Investment Limited, ESR-REIT, Yangzijiang Maritime Development Pte Ltd, Reclaims Global Ltd, Suntec Real Estate Investment Trust, Digital Core REIT, OUE Real Estate Investment Trust, Sanli Environmental Ltd, Soon Hock Enterprise, Isoteam Ltd, Centurion Corporation Ltd, HRNetGroup, UOL Group Limited, Frasers Property Ltd, Info-Tech Systems, Far East Orchard Ltd, CapitaLand China Trust, Sembcorp Industries, Parkway Life Real Estate Investment Trust, Singapore Telecommunications Ltd, Sing Investments & Finance, Wee Hur Holdings Ltd, IX Biopharma Ltd, Hafary Holdings Ltd, UltraGreen.ai Ltd, GuocoLand Limited, Singapore Exchange Limited, MetaOptics Ltd, First Real Estate Investment Trust & United Hampshire US REIT
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🇹🇭 Thailand – Bangkok Chain Hospital PCL, Central Pattana PCL, SC Asset Corporation, Krungthai Card PCL, Ratch Group PCL, Carabao Group PCL, Thai Airways International PCL, Berli Jucker PCL, CP ALL PCL, Hana Microelectronics PCL, PTT Public Company Limited, Bangkok Airways PCL, Srisawad Corporation PCL, Minor International PCL, Osotspa PCL, Moshi Moshi Retail Corporation PCL, Thai Beverage PCL, Klinique Medical Clinic PCL, PTT Global Chemical PCL, Indorama Ventures PCL, Central Retail Corporation PCL, Airports of Thailand PCL, Erawan Group PCL, Amata Corporation PCL, Charoen Pokphand Foods PCL, Electricity Generating PCL, Plan B Media PCL, Star Petroleum Refining PCL, PTT Oil & Retail Business PCL, Thanachart Capital PCL, Bangkok Dusit Medical Services PCL, WHA Corporation PCL, Muangthai Capital PCL, Bangchak Corporation PCL, GFPT PCL, AP (Thailand) PCL, Bangkok Commercial Asset Management PCL, KCE Electronics PCL, Betagro PCL, Asset World Corp PCL, Com7 PCL, Thaifoods Group PCL, Central Plaza Hotel PCL, Siam Global House PCL, IRPC PCL, Gulf Development PCL, Thai Oil PCL, Dohome PCL, Banpu PCL, Tidlor Holdings PCL, True Corporation PCL, CP Axtra PCL, MR. D.I.Y. Holding (Thailand) PCL, Global Power Synergy PCL, Advanced Info Services PCL, Thai Union Group PCL, Home Product Center PCL, PTT Exploration & Production PCL, Siam Cement PCL, Bumrungrad Hospital PCL, i-Tail Corporation PCL, Krung Thai Bank PCL, Bangkok Bank PCL, Ichitan Group PCL, SCG Packaging PCL, Delta Electronics Thailand PCL, Supalai PCL, TMBThanachart Bank PCL, Kiatnakin Phatra Bank PCL, Kasikornbank PCL, SCB X PCL, TISCO Financial Group PCL, Aeon Thana Sinsap Thailand PCL & Thai Coconut PCL
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Readers can decide whether these DeepSeek insights or summary about these stocks are accurate (as the format output seems to change on a fairly regular basis despite asking DeepSeek the same question and the input being consistent):
And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…
📈🗄️ Fund documents / updates; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Linked archived article; ⏰ Upcoming webinar or event.
Note: Various DBS sites (Insights Direct, DBS Treasures, etc.) have good coverage of SE Asia and some Chinese/Hong Kong stocks, but some sites are restricted by geography (need VPN) or are harder to search for new research pieces…
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