ICICI Bank (Conviction Call), Japan Life Insurance, Indonesia (verdict postponed), India Capital Markets, Private Credit

Research evidence excerpt

ICICI Bank (Conviction Call), Japan Life Insurance, Indonesia (verdict postponed), India Capital Markets, Private Credit

Specialist Sales

APAC Specialist Sales J P M O R G A N

24 June 2026

ICICI Bank (Conviction Call), Japan Life Insurance, Indonesia

(verdict postponed), India Capital Markets, Private Credit

Ayano Tsunoda

+81 3 6736 7628

ayano.tsunoda@jpmorgan.com

Key topics in today’s daily:

• ICICI BANK: JPM APAC Conviction Call Buy

• Japan Life Insurance: Switch from Dai-ichi Life to T&D, Daiichi crowded and profit momentum plateauing

• Indonesia: MSCI postponed the reclassification decision again, now to Nov, fiscal credibility in focus

• India Capital Markets: Madhukar initiates 9 names, w/ AngelOne > CAMS > ICICIAMC our preferred picks, SIPs

inflow structural

Today - Macro: BoJ Jun JPM Summary of Opinions, BoJ Ueda speech, BoT Decision, Australia CPI, South Korea Retail, Fed

Stress Test

Good morning,

JPM Sales is launching JPM APAC Conviction Call on ICICI Bank (ICICIBC IN). India’s large private banks have de-rated

materially amid heightened PSU-bank competition, macro headwinds, and persistent FII selling. ICICI’s earnings outlook stands

out as the sector’s earnings revisions inflect: Anuj forecasts 15%+ NII growth over FY27–FY29. Fwr PBR 1.8x is -1 SD vs 5-

year average. Positioning is light, w/ both FII and DII ownership at a decade low.

MSCI has postponed its Indonesia reclassification decision again, now to Nov. MSCI’s need for time to review the recently

announced transparency reforms may be a sign of improvement as Indonesia’s government has started to backtrack on some

policies, i.e. BI rate hikes, canceling the free-meal program, etc. But, they may be racing against time to correct policy mistakes

as the Warsh-led Fed creates headwinds for the IDR.