JPMorgan upgrades Philippine stocks to overweight as ‘winner’
In the Asean, Philippines seen as the 'most domestic-focused market'
JPMorgan Chase & Co. upgraded Philippine equities to overweight from neutral as a “relative winner” amid the global turmoil unleashed by US President Donald Trump’s tariffs.
“The Philippines is the most domestic-focused market in Asean given the structure of its economy,” strategists including Khoi Vu and Jeanette Yutan wrote in a note.
“This will help shelter corporate earnings in the event of a global slowdown.”
Shares listed on the exchange had a total market capitalisation of ₱16.74 trillion (2023 data) $302.16 billion.
JPMorgan trimmed its 2025 target for the Philippine Stock Exchange Index to 6,700 from 7,000. The new forecast implies around 8% upside from the current level.
PSEi down
The benchmark PSEi -- the scoreboard of market sentiment in the country, comprised of the 30 largest and most actively-trade stocks- - is down about 5.5% so far this year.
That’s better than key local gauges are faring in Thailand, Indonesia and Malaysia while lagging Singapore and Vietnam.
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