*J.P. Morgan Asia FTM 24 Jun 26 IN Cap Mkts: Init sector coverage, AngelOne top pick; Krafton: Inflection point; KR Shipbuilding: Canada CPSP countdown; VIS/UMC: Raise PTs; CH Property: Weekly sales turn down

Research evidence excerpt

*J.P. Morgan Asia FTM 24 Jun 26 IN Cap Mkts: Init sector coverage, AngelOne top pick; Krafton: Inflection point; KR Shipbuilding: Canada CPSP countdown; VIS/UMC: Raise PTs; CH Property: Weekly sales turn down

Aditya Srinath AC Asia Pacific Equity Research

(65) 6882-7138 24 June 2026 J P M O R G A N

aditya.srinath@jpmorgan.com

decision, share price performance suggests markets are leaning towards a neutral-to-negative outcome for

Korea (Hanwha Ocean and HHI down 18-19% over 5 days vs. KOSPI -6% while TKMS is down 1%), but we

see improving risk/reward after Hanwha Ocean’s valuation reset with 2027E P/E (based on Street 2027E

EPS) at 16.6x, now broadly in-line with HHI at 17.0x. Beyond Canada, we continue to like both names into

1) a potentially supportive 2Q earnings backdrop (FX, working days), and 2) US Navy-related update flow;

Hanwha Ocean remains our top pick followed by HHI. We also note that Hanwha Aerospace is a key

beneficiary upon a Korea win with a potential for orders of 98 units of howitzers and 250 units of IFVs as part

of the industrial cooperation package.

Vanguard International Semiconductor Corp. (5347.TWO, OW – NT$186.50), Taiwan (Gokul Hariharan)

Strong 12” expansion, more AI revenues and further 8” price hikes; Stay OW and raise PT to NT$220

We expect VIS to announce its second 12" Fab (Phase 2) in Singapore soon, with an additional 40k wfpm

capacity, given strong demand for non-Greater China 12" wafers, and technology support from TSMC. We

believe that VIS could have up to 75-80k wfpm of mature 12" capacity by 2030-31, up from zero currently,

which could help to grow its revenues and EBITDA by 3-3.5x vs. 2025, once fully ramped up. With continued

strength in AI power semis, coupled with the start of CoWoS interposer outsourcing from TSMC, we expect