OCBC, UOB to benefit from US-driven supply chain relocation to ASEAN

Multinationals are likely to hasten their ASEAN expansion.

Singapore-headquartered banks OCBC and UOB are both expected to benefit from an ongoing supply chain reorientation– provided that Donald Trump wins the US elections.

UOB Kay Hian analyst Jonathan Koh expects the possible Trump administration to take an aggressive stance during trade negotiations with China– including imposing tariffs of 60% to 100% on imports.

“Many multinational companies have adopted the China+1 strategy but must accelerate the expansion of their alternative production facilities within ASEAN, such as Malaysia, Thailand, Indonesia and Vietnam,” Koh said in a report on sector update report on Singapore banks published on 8 August 2024.

OCBC and UOB are “prime beneficiaries” of this supply chain reorientation due to their extensive network within ASEAN countries, Koh said.

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