Units traded in SGD: $UOBAM Ping An FTSE ASEAN Dividend Index ETF(UPD.SI)$
Units traded in USD: $UOBAM PA FT ASEAN DV US$(UPU.SI)$
Having explored the ETF’s top five holdings in our earlier article, we now shift our focus to its next five largest constituents, representing leading companies across Malaysia, Thailand and Indonesia.
It is said that the Year of the Horse ushers in wealth, drive and fresh opportunities. As investors look to build prosperity in the months ahead, dividend strategies, with their emphasis on stable, recurring income, offer a strong foundation for long term wealth building.
In the second part of our series on the UOBAM Ping An FTSE ASEAN Dividend Index ETF (SGX: UPD, UPU) (the “ETF”), we turn to its next five largest holdings: Maybank, PTT, Astra International, SCB X and RHB Bank. As leading names in the banking, energy and automotive sectors, these companies complement the ETF’s top five holdings and highlight the diverse, resilient growth drivers shaping ASEAN in the year ahead.
Here's a closer look at each of these names.
Source: FTSE Russell as at 30 Jan 2026. Information on the FTSE ASEAN ex REIT Target Dividend Index is based on publicly disclosed information on the FTSE website. The FTSE ASEAN ex REIT Target Dividend Index was launched on 3 October 2025.
6. Maybank
Maybank (Malayan Banking Berhad) is Malaysia’s largest financial institution and the largest constituent of the benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index [1]. Its operations span retail, corporate, and Islamic banking, supported by a strong presence across Malaysia, Singapore and Indonesia. Maybank also operates in the insurance space through its subsidiary Etiqa.
Outlook [2]
Ambitious new 5-year roadmap Maybank announced last month a new five-year strategy to “supercharge business growth and capitalise on ASEAN’s growing significance”. The plan, ROAR30, targets a higher return on equity (ROE) of 13 to 14 percent by 2030, signalling a push towards stronger profitability and more efficient use of capital, which in turn supports long‑term value creation and the capacity to maintain or raise dividends. Notably, the bank has seen continued ROE growth from 9.8 percent in 2021 to 11.5 percent in 3Q 2025.
Maybank also aims to invest RM10 billion (S$3.2 billion) in technology, data and AI over the next five years. These investments will modernise core systems, enhance resilience and improve productivity, positioning Maybank to capture new opportunities as digital adoption deepens across the region.
Resilient performance
For the financial year ended 31 December 2025, Maybank delivered a 4.2 percent year-on-year net profit growth, supported by steady income growth and disciplined management of liquidity, funding and credit risks.
Valuation
Quality drives premium valuation
Maybank’s current price-to-book (P/B) ratio sits at 1.6 times compared to its historical P/B value of 1.3 times, underscoring its position as a high-quality regional bank with resilient profitability.
Dividends
Strong income appeal The bank’s 12‑month dividend yield of 5.0 percent highlights its appeal as a stable income generator within the ASEAN banking landscape.
Key statistics
Source: Bloomberg, as of 24 Feb 2026
7. PTT
Founded in 1978 to safeguard Thailand’s energy security, PTT is a state‑owned enterprise operating across the full oil and gas value chain. The company is also the second-largest constituent of the Stock Exchange of Thailand (SET) Index [3].
Outlook [4]
Unlocking cash reserves through asset monetisation
PTT is prioritising financial resilience as it navigates softer energy prices and a subdued outlook for the Thai economy. The company plans to raise 100 billion baht (S$4.1 billion) through asset sales and share divestments between late 2025 and the end of 2026 to strengthen cash flow and support group‑wide funding needs.
New growth along the LNG value chain
With Thailand’s natural gas reserves declining, PTT is ramping up investments in liquefied natural gas (LNG) infrastructure and securing long-term purchase contracts to strengthen energy security. LNG is a critical fuel for Thailand’s power generation and industrial sectors. PTT also aims to scale its regional LNG trading business, raising volumes from 2.2 million tonnes to 10 million tonnes by 2030.
Valuation
Fairly valued
PTT currently trades at a P/B ratio of 0.9 times, in line with its historical average. This suggests the market is pricing PTT fairly relative to its long‑term fundamentals, reflecting its stable business outlook.
Dividends
An attractive dividend stock
PTT offers a 12‑month dividend yield of 6 percent, making it an appealing income pick within ASEAN. Its dividends are likely to remain well supported by the steady cash flows generated across its diversified energy operations.
Key statistics
Source: Bloomberg, as of 24 Feb 2026
8. Astra International
Astra International is a major Indonesian conglomerate with diversified businesses spanning automotive, financial services, heavy equipment, mining, agribusiness, property, and infrastructure. The company is 50.1 percent owned by Singapore-listed Jardine Cycle & Carriage (JC&C).
Outlook [5]
New investments in healthcare, infrastructure and minerals
While automotive remains a core earnings driver for Astra, the company is steadily expanding into higher-growth sectors that align with Indonesia’s broader economic development. To tap rising demand for high-quality care, Astra has ramped up investments in telemedicine, hospitals, health insurance and medical equipment. To enhance Indonesia’s connectivity, it also aims to scale its infrastructure business beyond its existing toll-road operations. To meet its sustainability goals, the group is pivoting away from new coal investments and shifting towards minerals such as nickel that are essential for the clean‑energy transition.
Supporting shareholder value through buybacks
Astra has carried out two share buyback programmes of IDR 2 trillion (S$150 million) each to support shareholder returns and give the company more flexibility in managing its capital over the long term. These efforts have boosted share price performance since late 2025.
Valuation
Stable valuation
Astra’s current P/B ratio is consistent with its long‑term average, reflecting a stable valuation supported by steady investor confidence in the group’s broad and resilient earnings base.
Dividends
Attractive yield
Astra offers a 12‑month dividend yield of 6.1 percent, underscoring its appeal as an income‑generating stock. Its diversified earnings base further supports the sustainability of its dividend profile over the long term.
Key statistics
Source: Bloomberg, as of 24 Feb 2026
9. SCB X
SCB X was established in 2021 as part of the restructuring of Siam Commercial Bank, marking the group’s transition beyond traditional banking into a tech‑driven financial institution. Today, SCB X operates as a diversified conglomerate with businesses spanning banking, consumer and digital finance, and platform‑ and technology‑driven services.
Outlook [6]
Well-positioned for 2026
Despite challenges faced by the Thai economy in 2025, SCB X delivered a 8.1 percent year‑on‑year net profit growth, supported by strong gains from the investment portfolios of both Siam Commercial Bank and SCB 10X, the group’s venture capital and investment arm. Wealth management fees remained resilient, driven by organisational restructuring and the rollout of AI‑powered advisory tools, which strengthened customer engagement. Continued cost discipline further enhanced earnings stability, offsetting pressure from softer loan growth and a lower net interest margin. Together, these factors place SCB X on solid footing as it enters 2026, with diversified income streams and stronger operational efficiency.
Upcoming virtual bank launch
Digital banks have gained strong momentum across Asia in recent years, and SCB X plans to capture this growth by launching a virtual bank in Thailand through partnerships with KakaoBank and WeBank. The new platform aims to operate as an AI‑native bank, offering more personalised digital experiences for customers. This initiative strengthens SCB X’s long‑term digital strategy and positions the group to tap into new customer segments.
Valuation
Premium valuation supported by fundamentals
Though SCB X’s current P/B ratio is slightly above its historical average, the valuation remains reasonable given the group’s scale, strong investment capabilities, and growing technology and platform businesses.
Dividends
High dividend potential
SCB X offers a 12‑month dividend yield of 7.1 percent, one of the highest among major ASEAN banks.
Key statistics
Source: Bloomberg, as of 24 Feb 2026
10. RHB Bank
RHB Bank is Malaysia’s fourth-largest bank by assets. It offers banking, Islamic banking, investment banking, and insurance services across ASEAN, with a strong presence in Malaysia and Singapore. The Employees Provident Fund of Malaysia is currently the largest shareholder of the bank.
Outlook [7]
Strong earnings momentum
RHB Bank delivered its highest‑ever quarterly net profit in 3Q25, marking a 12.5 percent quarter‑on‑quarter increase. The strong performance was driven by higher net fund‑based income, effective cost optimisation, and improved asset quality, all of which underscore the bank’s resilience and solid fundamentals. RHB Bank will release its 4Q25 financial results in late February.
Tailwinds from Malaysia’s growth
Malaysia’s economy is projected to grow by 4.7 percent in 2025 and 2026, supported by resilient domestic consumption, investment‑led development and national initiatives such as the National Energy Transition Roadmap and the New Industrial Master Plan 2030. RHB has stated that it expects to benefit from this favourable growth outlook, which provides a stable foundation for the bank to continue executing its corporate strategy and driving long-term growth.
Valuation
Moderate premium
RHB currently trades at a P/B ratio of 1.1 times, above its historical average. This moderate premium reflects the market’s recognition of the bank’s improving earnings momentum and steady business outlook.
Dividends
Solid dividend profile
RHB offers a 12‑month dividend yield of 5.2 percent, supported by resilient earnings and stable operating performance.
Key statistics
Source: Bloomberg, as of 24 Feb 2026
How to invest in the UOBAM Ping An FTSE ASEAN Dividend Index ETF
Listed on the Singapore Exchange (SGX), the ETF can be purchased through your preferred brokerage platform in either SGD ( $UOBAM Ping An FTSE ASEAN Dividend Index ETF(UPD.SI)$ ) or USD ( $UOBAM PA FT ASEAN DV US$(UPU.SI)$ ). You can buy it using cash and / or your SRS funds. With no minimum board lot size, you can also start investing from just one unit.
[1] Source: FTSE Russell, as of 30 Jan 2026
[2] Source: Maybank company updates published 20 Jan 2026; 4Q25 earnings report published 26 Feb 2026
[3] Source: FTSE Russell, as of 30 Jan 2026
[4] Source: PTT Investor Update, as of 1 Sep 2025
[5] Source: Astra investor update, Dec 2025
[6] Source: SCBX 4Q25 financial results, as of 21 Jan 2026
[7] Source: RHB Bank 3Q25 financial results, as of 27 Nov 2025
Please refer to uobam.com.sg/awards for the latest list of UOBAM awards.
**********
Important Notice & Disclaimers
Distributions will be made in respect of the Distribution Classes of the Fund. Distributions are based on the NAV per unit of the relevant Distribution Class as at the last business day of the calendar month or quarter. The making of distributions is at the absolute discretion of UOBAM and that distributions are not guaranteed. The making of any distribution shall not be taken to imply that further distributions will be made. UOBAM reserves the right to vary the frequency and/or amount of distributions. Distributions from a fund may be made out of income and/or capital gains and (if income and/or capital gains are insufficient) out of capital. Investors should also note that the declaration and/or payment of distributions (whether out of income, capital gains, capital or otherwise) may have the effect of lowering the net asset value (NAV) of the relevant fund. Moreover, distributions out of capital may amount to a reduction of part of your original investment and may result in reduced future returns. Please refer to the Fund's prospectus for more information.
This document is for general information only. It does not constitute an offer or solicitation to deal in units in the Fund ("Units") or investment advice or recommendation and was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it.
The information contained in this document, including any data, projections and underlying assumptions, are based upon certain assumptions, management forecasts and analysis of information available and reflects prevailing conditions and UOB Asset Management Ltd's ("UOBAM") views as of the date of the document, all of which are subject to change at any time without notice. In preparing this document, UOBAM has relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was otherwise reviewed by UOBAM. While the information provided herein is believed to be reliable, UOBAM makes no representation or warranty whether express or implied, and accepts no responsibility or liability for its completeness or accuracy. Nothing in this document shall, under any circumstances constitute a continuing representation or give rise to any implication that there has not been or there will not be any change affecting the Fund. No representation or promise as to the performance of the Fund or the return on your investment is made. Past performance of the Fund or UOBAM and any past performance or prediction, projection or forecast of the economic trends or securities market are not necessarily indicative of the future or likely performance of the Fund or UOBAM. The value of Units and the income from them, if any, may fall as well as rise, and is likely to have high volatility due to the investment policies and/or portfolio management techniques employed by the Fund. Investments in Units involve risks, including the possible loss of the principal amount invested, and are not obligations of, deposits in, or guaranteed or insured by United Overseas Bank Limited ("UOB"), UOBAM, or any of their subsidiary, associate or affiliate ("UOB Group") or distributors of the Fund. The Fund may use or invest in financial derivative instruments and you should be aware of the risks associated with investments in financial derivative instruments which are described in the Fund's prospectus. The UOB Group may have interests in the Units and may also perform or seek to perform brokering and other investment or securities-related services for the Fund.
Investors should note that the Fund is not like a conventional unit trust in that an investor cannot redeem his Units directly with UOBAM and can only do so through the participating dealers if his redemption amount satisfies a prescribed minimum that will be comparatively larger than that required for redemptions of units in a conventional unit trust. An investor may therefore only be able to realise the value of his Units by selling the Units on the Singapore Exchange Limited ("SGX"). Investors should also note that any listing and quotation of Units on the SGX does not guarantee a liquid market for the Units.
An investment in unit trusts is subject to investment risks and foreign exchange risks, including the possible loss of all or part of the principal amount invested. Investors should read the Fund's prospectus and product highlights sheet, which are available and may be obtained from UOBAM or any of its appointed agents or distributors, before deciding whether to subscribe for or purchase any Units. You are responsible for your own investment decisions. You may wish to seek advice from a financial adviser before making a commitment to invest in any Units, and in the event that you choose not to do so, you should consider carefully whether the Fund is suitable for you.
The UOBAM Ping An FTSE ASEAN Dividend Index ETF has been developed solely by UOBAM. The UOBAM Ping An FTSE ASEAN Dividend Index ETF is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the FTSE ASEAN ex REITs Target Dividend Index vest in the relevant LSE Group company which owns the FTSE ASEAN ex REITs Target Dividend Index. "FTSE®" is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.
The FTSE ASEAN ex REITs Target Dividend Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the FTSE ASEAN ex REITs Target Dividend Index or (b) investment in or operation of the UOBAM Ping An FTSE ASEAN Dividend Index ETF. The LSE Group makes no claim, prediction, warranty, or representation either as to the results to be obtained from the UOBAM Ping An FTSE ASEAN Dividend Index ETF or the suitability of the FTSE ASEAN ex REITs Target Dividend Index for the purpose to which it is being put by UOBAM.
The inclusion of "Ping An" in the name of the UOBAM Ping An FTSE ASEAN Dividend Index ETF reflects the collaboration between us and Ping An Fund Management Company Limited in relation to the Sub-Fund (which a Ping An feeder ETF in China is expected to feed into in the future). For clarity, Ping An is not a sub-manager or advisor in relation to the Sub-Fund, and the Sub-Fund is solely managed by us.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
UOB Asset Management Ltd Co. Reg. No. 198600120Z
Comments