JPM-ASEAN FIRST TO MARKET Top Stories-20250717

How is the supply chain adapting to new global challenges and bilateral tariffs?

Stock views: We retain our positive views on Asian ports and intra-region shippers, including ICTSI, Westports Holdings, ChinaMerchants Ports Holdings, and T.S. Lines. These players are well-positioned to capitalize on the ongoing supply chainrealignments and the structural shift towards diversification. Their strategic focus on enhancing efficiency and connectivity,coupled with their adaptability to changing market conditions, provides a competitive advantage in navigating the currentlandscape. As the industry continues to evolve, these companies are expected to play a pivotal role in shaping the future ofglobal trade dynamics, in our view.