ASEAN and Taiwan Telcos Share price divergence on earnings, corporate actions

Research evidence excerpt

ASEAN and Taiwan Telcos Share price divergence on earnings, corporate actions

J P M O R G A N Asia Pacific Equity Research

30 June 2026

ASEAN and Taiwan Telcos

Share price divergence on earnings, corporate actions

Within the telcos, the market seems to be continuing to reward the harvesting of ASEAN TMT

ACinvestments and monetization of assets. This can be seen in the performance of Ranjan Sharma, CFA

FET (+12% over the last month). Investors continue to remain skeptical of new (65) 6882-1303

investments from telcos given the mixed track record of the industry previously. ranjan.x.sharma@jpmorgan.com

This can be seen in ISAT declining 19% on news reports of an equity raise to fund J.P. Morgan Securities Singapore Private Limited

AI and digital infrastructure. Our conversations with the company indicate that it Sigrid Qiu AC

is still evaluating options to accelerate AI investments. It could be that ISAT is (65) 6882-1454

sigrid.qiu@jpmorgan.com

looking to grow its AI initiatives through affiliates that bring capital and expertise J.P. Morgan Securities Singapore Private Limited

from external investors. However, we await further clarification and disclosure

Steven Suntoso

from the company. (622-1) 5291 8090

steven.suntoso@jpmorgan.com

• Earnings drive outperformance of Taiwanese telcos. Over the past month, PT J.P. Morgan Sekuritas Indonesia

FET and TWM share prices gained 12% and 6% – outperforming the local Ankur Rudra, CFA

index by 11pp and 5pp, respectively. In the May-26 trading update, both the (65) 6801-3237

stocks reported healthy revenue and earnings growth. FET’s revenues grew 7% ankur.rudra@jpmorgan.com

in 5M25 with mobile revenues growing 6% and ICT revenues growing 26%. J.P. Morgan Securities Singapore Private Limited