JG Summit Holdings, Inc. (JGS) is a strong, diversified Philippine conglomerate, making it an attractive recommendation primarily due to its strategic, integrated, and resilient business model across essential and high-growth sectors. The company’s portfolio is built on foundational businesses like consumer foods (Universal Robina Corporation), agro-industry, and real estate (Robinsons Land Corporation), providing stable cash flows and exposure to domestic consumption and property development. Complementing these are its strategic investments in crucial growth areas, including telecommunications, petrochemicals, and banking/financial services (Robinsons Bank), which tap into national infrastructure and economic expansion. This vast diversification not only mitigates risk associated with any single sector but also creates synergies across its various holdings, allowing JGS to capture value through internal supply chains, shared management expertise, and cross-selling opportunities, positioning it to benefit substantially from the Philippines’ long-term economic growth trajectory.

Delta Air Lines (DAL) delivered strong 2Q 2025 results, reflecting the power of its premium-driven business model and defensive positioning. While competitors are pulling capacity, Delta is seeing strength in its premium segment, with premium ticket revenue increasing 4.7% year-on-year (y/y) and overall loyalty revenue up 8% y/y. Operating performance showed revenues were flat y/y, but the benefit from a USD 355 million drop in fuel expenses was offset by a USD 390-million increase, or a 10% rise, in salaries and other operating costs, resulting in a 6% y/y decline in EBITDA. Key financial metrics are improving: the adjusted Debt/LTM EBITDAR ratio fell sequentially to USD 2.4x (from USD 2.5x in 2024), and Delta is on track for USD 3 billion of debt paydown this year towards a target leverage of USD 1.0x, reinforcing its strong credit story and potential for A-category credit upgrades. The outlook is strategic, with strong subfactors for cash flow, liquidity, and profitability, while the firm continues to favor the long Delta/short LUV trade.

Hyundai Capital America (HCA) is Hyundai Motor Group’s primary captive finance arm in the US, playing a critical role in supporting vehicle sales for Hyundai, Genesis, and Kia through a comprehensive range of financing and leasing solutions for both customers and dealerships. Its robust financial performance and significant contribution to the Group’s overall profitability are expected to help offset potential negative impacts from US tariffs on vehicle sales. HCA benefits from a strong “keepwell” support agreement with Hyundai Motor, which includes a particularly robust fixed-charge coverage provision, demonstrating the parent company’s commitment and further enhancing HCA’s financial stability and resilience.