@Yap
I think you have things about right. It is possible to analyse an AM signal to look at the frequency components. This is done by Fourier analysis. All the frequencies are transmitted as radio frequency just like any carrier.
If you access the radio at the secret nuclear bunker near Nantwich (UK) it is possible to see the frequencies spread out in real time as a waterfall display. Look up hackgreensdr.org.
Lower side band signals will be seen on the 160 and 80m bands and upper sideband signals on the 20m band.. The chances of hearing a signal from Malasia is a bit slim.
Morse signals are displayed as dots and dashes but there is not enough resolution to see the very close in sidebands. The presence of signals will depend on band condtions, there may be very few or the band may be full.