J.P. Morgan Asia Technology Tracker 22 May 26 Elite Material Co; Hana Microelectronics; SK Inc; Samsung C&T; Asian Tech and More

Research evidence excerpt

J.P. Morgan Asia Technology Tracker 22 May 26 Elite Material Co; Hana Microelectronics; SK Inc; Samsung C&T; Asian Tech and More

Asia Pacific Equity Research AC Asia Pacific Equity Research

22 May 2026 J P M O R G A N

aprr.publications@jpmorgan.com

in Mar-2026). We apply a mid-cycle valuation to derive our Dec-26 PT of W870k, implying 52% potential

upside to the current share price. SK remains our preferred pick in our Korea RV (Relative Value) coverage

universe. Recommend investors accumulate.

Samsung C&T (Overweight), South Korea

SEC asset value appreciation and meaningful dividend income upside potential; raise PT to W570K

(Jay Kwon)

SCT share price is up 66% YTD, underperforming the KOSPI (+85%) and key underlying assets; SEC

(+144%) and SLI (+125%). With meaningful upside in dividend income, we expect multi-year DPS hikes to

be a strong catalyst and view the ongoing key asset value appreciation (SEC/SLI) to lead to further share

price rally. We apply an above mid-cycle valuation to derive our Dec-26 PT of W570K, implying 36% upside

to the current share price. Recommend investors accumulate.

Asian Tech

NVDA 1QFY27 key takeaways (Gokul Hariharan / Albert Hung)

1Q26 results and 2Q26 guidance beat on strong data center growth: NVDA’s April quarter revenue

came in ~3% above both JPMe and market consensus, primarily driven by stronger-than-expected Data

Center revenue growth (+92% YoY, +21% QoQ). This strength was supported by sustained GB300 demand

and a ~3x YoY increase in networking revenue. For the July quarter, management guided revenue to $91bn,

~4% above Street expectations, led by continued Data Center momentum. Notably, the outlook excludes

China Data Center revenue due to uncertainty around H200 imports to China. Consistent with what we are