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1、 Watchlist the stock on Insights Direct to receive prompt updates ed-PJ/sa-CS/AH USD impact on Asian banks manageable We conduct scenario analysis to test the impact of USD depreciation on regional banks P&L and book value Limited impact from USD depreciation on Asian banks;positive to China banks H

2、-share dividend in HKD,TW lifers may be impacted more Fundamental outlook shows little improvement while strong capital inflow to drive China/HK rally Top picks:HSBC,CCB,CITIC Bank,KTB,BCA,and Taishin FHC D Direct impact irect impact from USD weaknessfrom USD weakness limitedlimited.A key topic disc

3、ussed across regional banks in 2Q25 was how the US tariffs and USD weakness would impact banks.We have conducted a scenario analysis on regional banks to estimate the impact from USD weakness,with USD depreciation by 10%as our base case.We see limited impact on Asian banks earnings and book value,as

4、 Asian banks lack significant direct exposure to USD.SG and HK banks will be more negatively impacted,as they have high exposure to HKD,which is pegged to the USD.China banks H-share dividend will be positively impacted by the stronger RMB when converting to HKD.TW lifers may suffer more.Fundamental

5、s Fundamentals remain under pressureremain under pressure.Regional banks fundamentals remain largely unchanged.The US tariffs may bring some uncertainties and indirect impact in 2H25.We expect weak 2Q25 results or a higher risk in asset quality and earnings growth trajectory for ASEAN banks.China ba

6、nks would also see pressure in NIM and asset quality while HK banks NII should be negatively impacted by the HIBOR plunge.FlowFlow-driven redriven re-rating for China/HK banksrating for China/HK banks.Despite fundamental pressure,we see potential for a strong rally in China/HK banks,mainly driven by