J.P. Morgan International FTM 30 Jun 26 European Agencies; European Oil Services; Vonovia SE; Full Truck Alliance; Korea Banks; Korea Healthcare; SHIMAMURA (8227); Prosus & Naspers; Braskem; Australian Banks and More

Research evidence excerpt

J.P. Morgan International FTM 30 Jun 26 European Agencies; European Oil Services; Vonovia SE; Full Truck Alliance; Korea Banks; Korea Healthcare; SHIMAMURA (8227); Prosus & Naspers; Braskem; Australian Banks and More

North America Equity Research AC Global Equity Research

(1-212) 270-6000 30 June 2026 J P M O R G A N

morganwise@jpmorgan.com

by 2%/6% respectively, forecasting FY27 ecosystem revenue of $12.3bn, with Adj. EBITDA of $1.3bn. Following the results,

Prosus/Naspers discount to NAVcurrent sits at 35%/38% respectively, with the discounts narrowing during the day on strong

revenue and cost execution. Near-term, we expect investor focus to be on the pathway for iFood margin normalisation amidst

increasing competition and execution of JET’s return-to-growth plan.

| Braskem (Milene Clifford Carvalho), Brazil

Reversing Course: Downgrading to Neutral as Petrochemical Uplift Fades and Restructuring Risk

Rises

We are downgrading Braskem to Neutral, with a new fair value and Dec-26 PT of R$7.5/sh (vs. R$15/sh prior). Additionally, we

are withdrawing our Dec-26 PT of $5.50 for the ADRs. Last month, we adopted a more constructive view on Braskem based on

two pillars beyond valuation: governance improvement and a petrochemical scenario uplift that could support more favorable

negotiating terms with debt holders. While the new bylaws and shareholders' agreement remain an improvement over the

previous structure, and petrochemical spreads continue to hold above pre-conflict levels, the latest CMA expectations were

revised downward as the ceasefire and the recent US-Iran MOU progressed - eroding the durability that was essential to a

more constructive view. In addition, the publication of the restructuring materials provides greater visibility into the ongoing