Joanna Cheah

Joanna Cheah, CFA joined Jefferies in January 2024. She previously spent nine years at Credit Suisse covering Banks, Consumer, Healthcare, Property, Transport and Utilities. There she was Head of ASEAN Utilities and a key contributor to Credit Suisse Malaysia’s consistent top 3 Institutional Investor ranking. Before that, she spent three years at KAF-Seagroatt & Campbell Securities.

Singapore

Four decades of combined experience. Our team has c.40 years of research experience across top tier investment banks globally and the buy-side. Past roles include Head of ASEAN Real Estate Research, Head of Singapore Equity Strategy and Head of ASEAN Utilities.

Focused on mispricing. Our work starts from what the market has already priced in and identifies where expectations and fundamentals diverge. The result is a concentrated set of high-conviction ideas, each with a clear catalyst and a clear entry point.

Access that informs the call. We pair our research with direct management access, including CFO-led NDRs, physical site tours and multi-company regional trips. Clients get access to both the analysis and the people behind it.

Frontier Markets

Deep, cross-sector Vietnam expertise. Our Vietnam coverage spans financials and consumer, allowing us to connect shifts in credit, liquidity, regulation and household wealth directly to corporate earnings and valuations. We focus on the sectors most exposed to Vietnam’s structural growth story – commercial banks and leading consumer franchises.

Turning macro reforms into investable ideas. Our research goes beyond headline GDP growth to identify how policy reform, infrastructure investment, accelerating public spending, FDI and rising incomes translate into earnings. We see Vietnam’s next phase unfolding in two investable waves: first, capital formation and infrastructure; then financial services, healthcare, housing and discretionary consumption as household income rises.

Local insight, primary sources. Our Singapore-based team combines extensive ASEAN experience with native Vietnamese capability, giving us direct access to local language filings, regulatory documents, management teams and industry participants. This helps us distinguish structural changes from short-term market noise and identify developments that may be missed in headline data.