UOB Asset Management (Thailand) is favoring U.S. and Japanese equities, citing U.S. earnings and AI-related investment alongside Japan’s economic recovery, in an outlook reported by InfoQuest and Money & Banking on Oct. 30.
The reports frame UOBAM’s approach against a market where inexpensive financing is less central to returns. Its team is paying closer attention to earnings growth and financial strength, the reports said, and favors large U.S. companies and artificial intelligence suppliers that already generate revenue and cash flow.
For Japan, the reported case rests on economic recovery and changes to corporate governance, along with a more durable end to deflation. Separately, UOBAM’s reported outlook says global earnings growth is broadening beyond technology into energy, finance and health care. It recommends selective exposure to Asian companies tied to AI and semiconductors.
The reports identify China’s property sector and sluggish consumer recovery as concerns. In Europe, they point to exposure to energy prices, political risks and weaker earnings prospects. Inflation and geopolitical tensions appear as broader risks in the market outlook, separate from the stated reasons for favoring Japan.
In a separate global strategy published Sept. 30, UOB Asset Management Ltd. said it remained overweight equities, particularly in the United States and Asia. The strategy described global growth as resilient despite persistent inflation, higher bond yields and geopolitical tensions, with AI investment supporting earnings.
For Thailand, UOBAM’s reported outlook projects 2026 economic growth of 2.0% to 2.3% and retains a 2026 SET Index target of 1,650 points. It is positive on Thai equities over the next 12 months and says investment in AI, data centers and infrastructure may support earnings estimate upgrades over the next two to three years. The reports also cite high-quality short- to medium-term bonds for income and gold as a hedge against inflation and geopolitical risks.
