JPM Asia Telco Investing our Recommendations

Research evidence excerpt

JPM Asia Telco Investing our Recommendations

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

29 June 2026

JPM Asia Telco Investing our

Recommendations

Back-testing analysis: 29 June 2026

• This report updates the current statistics for our JPM Asia Telco Investing our Head of APAC Telecoms and India

Recommendation Analysis. The analysis shows a YTD return for our portfolio TMT Research

of -3.68% and a return of 749.27% since 27 July 2010. In comparison, the Ankur Rudra, CFA AC

benchmark (APACTL) has given a YTD return of 3.88% and a return of (65) 6801-3237

263.84% since 27 July 2010. ankur.rudra@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited

• In the week of 22-26 June, and since our last report (link), key stocks that Harsh Upadhyay

moved in line with our recommendations were CelcomDigi (-3.2%, UW), (91 22) 6157 3094

XLSMART (-3.9%, UW), and IDEA (-5.8%, UW), while the key stocks that harsh.x.upadhyay@jpmchase.com

moved against our recommendations were China Unicorn-H (-8.4%, OW) and J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

TRUE (-7.3%, OW). Registration: INH000001873, (91-22) 6157-3000.

• YTD, XLSMART, TPG, and ADVANC are the key stocks that have driven the

portfolio’s outperformance vs APACTL, while the key stocks that have driven

the portfolio’s underperformance vs APACTL are Bharti Hexacom, Bharti

Airtel and MTEL. Since our last report, the key stocks that have driven the

portfolio’s outperformance vs the APACTL are SingTel, ADVANC, and PLDT

while the stocks that have led to the portfolio’s underperformance vs the

APACTL are Telekom Malaysia, AXIATA, and TRUE.

• SoftBank Group Corp (a Group/HoldCo stock of Softbank Corp [Telco arm])

is up 41.5% YTD and has driven ~8.9% of APACTL’s performance YTD. Ex-