The current macro backdrop is becoming increasingly supportive for USD earners. A stronger US dollar, elevated interest rates, and tighter domestic liquidity are creating a more favorable environment for companies with dollar-denominated revenues, while banks may face increasing pressure from higher funding costs and moderating credit growth.

Our analyst continues to favor USD earners over banks under the current market environment. Companies with USD-based earnings are better positioned to benefit from a stronger dollar while remaining more resilient amid tighter financial conditions. In contrast, sectors that rely primarily on domestic demand could face greater earnings pressure as liquidity remains constrained. Among our preferred names, AMMN and TPIA stand out for different reasons.
 

AMMN is entering a new phase of earnings growth as higher copper and gold production ramps up, supported by the long-term structural demand for copper driven by AI infrastructure, data centers, and global electrification. With one of the world's largest undeveloped copper resources, our analyst believes the market has yet to fully reflect AMMN's long-term growth potential.
 

TPIA, meanwhile, is positioned to benefit from an improving industry cycle. As petrochemical margins recover and its balance sheet strengthens, earnings are expected to improve further. The recent increase in free float has also enhanced the stock's liquidity, making it more investable for institutional investors while supporting its longer-term valuation outlook.

Meanwhile, TPIA is expected to benefit from improving petrochemical margins, a stronger balance sheet, and enhanced liquidity following its higher free float.

We believe the current environment reinforces the investment case for high-quality USD earners. Supported by resilient fundamentals and attractive long-term growth prospects, TPIA, AMMN, ANTM, AADI, and BRMS remain our analyst's top picks under this investment theme.