J.P. Morgan GEMS FTM 24 Jun 26 India Capital Markets; Krafton; Banrisul; LatAm Telcos; Rasan; EM Flows Weekly and More

Research evidence excerpt

J.P. Morgan GEMS FTM 24 Jun 26 India Capital Markets; Krafton; Banrisul; LatAm Telcos; Rasan; EM Flows Weekly and More

Global Equity Research

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GEMS First To Market 24 June 2026

Top Stories

Init | | India Capital Markets (Madhukar Ladha), India

SIPs > Rs300bn keeps the story compounding: Initiate sector coverage with AngelOne > CAMS >

ICICIAMC our preferred picks

India's capital-markets story remains fundamentally driven by Systematic Investment Plan (SIP)-led financialization, despite

weak equity returns: the Nifty 50 has delivered a 2 yr CAGR: 0.8% in Rs, -3.2% in USD, FPIs sold US$36bn (Rs3.3tn) of Indian

equities over FY25 and FY26, yet monthly industry SIP flows are up 48% to Rs310bn (US$3.3bn) in May 2026 , and cumulative

equity and balanced fund net inflows were Rs9.43tn (US$109bn). The inflows should continue due to tax and policy. Our stock

selection reflects business-model quality, regulatory exposure, and valuation; we prefer: AngelOne > CAMS > ICICI AMC >

NAM > HDFC AMC; Neutral: BSE, KFINTECH (await a better entry point); UW: CDSL, MCX. Our thesis is invalidated if monthly

SIPs fall below Rs250bn for a sustained period or if regulatory action reduces derivative volumes by >20%.

Krafton (Stanley Yang) (259960 KS, OW, PT W410,000), South Korea

Inflection point: De-rating to Re-rating: New IPs unlock upside, Accumulate

We believe Krafton’s ~3-year de-rating cycle is largely behind it, driven previously by a ‘single-IP’ discount and non-core

expansion strategy.