ASEAN FX - Where value lies | ASEAN Semicon sector - Time to switch out? | Thai Healthcare - Has risk reward improved?

As US Democrats push for US$1.9tn in stimulus, the prospects of easy monetary and fiscal policies continue to underpin ebullient conditions for global equity markets. Central banks in Malaysia and Indonesia left policy rates unchanged last week, we get a pulse check from Maybank’s economics team on the likelihood of further rate cuts and which Asian currencies are the most undervalued. On growth themes, is it premature to rotate out of Singapore and Malaysia’s semiconductor equipment sector? Finally, the Thai Healthcare sector has been hit as hard as the tourism industry. Has the sector’s risk reward improved for investors to accumulate select names?