J.P. Morgan International FTM 26 Jun 26 European Quant Strategy; JPM Autos Tracker: Global Car Market; Evolution Gaming; Robotics – from factory floor to humanoid frontier; Techtronic Industries (0669) and More

Research evidence excerpt

J.P. Morgan International FTM 26 Jun 26 European Quant Strategy; JPM Autos Tracker: Global Car Market; Evolution Gaming; Robotics – from factory floor to humanoid frontier; Techtronic Industries (0669) and More

North America Equity Research AC Global Equity Research

(1-212) 270-6000 26 June 2026 J P M O R G A N

morganwise@jpmorgan.com

CEEMEA Strategy: What did MSCI say about our markets? (David Aserkoff, CFA/Inga Q Galeni)

Nothing surprised us to the upside. But we have a better idea for an Eastern European index

Another June, another week of sunny London weather and another year of MSCI’s Country Classification reports here and

here). This year, we were hoping for incremental progress on Oman and Kazakhstan’s journey from Frontier Market to

Emerging Market status. Hoping but not expecting. We had zero expectations that anything would change on Greece’s move

from EM to DM. None of our hopes were fulfilled and the results for CEEMEA were entirely inline with our own low expectations

for progress. Our index team published their take here, excerpted below.

FEMSA (Joseph Giordano), Mexico

Priced for the Engine, Optionality for Free? A Deep Dive Into The Key Value Drivers

FEMSA remains a Mexico retail-led story, anchored in Oxxo Mexico and gradually complemented by Spin while Bara and Oxxo

Brazil gain momentum. Execution is improving at the core: affordability is supporting same-store sales, commercial income and

financial services remain margin levers, and the new disclosure makes the core retail engine easier to model and value. Also,

the good FCF and more disciplined capital distribution from the past 2-3y brings more comfort around capital allocation, driving

a material holding discount contraction from an estimated +50% early in ‘23 to ~18% currently.