There seems to be a sustained liquidity expansion in the system lately.

The acceleration became more visible around May–June 2025, and so far, the trend still looks intact.

Usually, it takes time before liquidity is reflected in real performance. There is always some lagging — often around 2 to 4 quarters.

If this momentum continues, the question is no longer whether liquidity exists, but rather where it will flow next.

In that context, the banking sector could be one of the early beneficiaries in the first half of the year — supported by improving credit momentum, margin normalization, and potential valuation re-rating.

Not necessarily reflected in prices today. But as always, our job is not to predict timing, it’s to recognize regime shifts before they become consensus.

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