Perpetual Limited: Updating our model; 4Q26 mark to market – Upgrade to OW

Research evidence excerpt

Perpetual Limited: Updating our model; 4Q26 mark to market – Upgrade to OW

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

30 June 2026

Perpetual Limited ▲Overweight

Previous: Neutral

Updating our model; 4Q26 mark to market – Upgrade to PPT.AX, PPT AU

Price (30 Jun 26):A$15.50

OW ▲Price Target (Jun-27):A$19.50

Prior (Dec-26):A$18.00

We have revised our forecasts to reflect movements in the investment markets over Australia

4Q26 (period spanning 31 March 2026 to 30 June 2026 - noting we used the close

Insurance and Diversified Financials

as of 29 June 2026 as a proxy). Investment markets were volatile throughout the

quarter but overall recorded strong capital gains for the period, leading to earnings Siddharth Parameswaran AC

upgrades on the back of AUM-based revenues estimated over 2H26 and going (61-2) 9003-8629

siddharth.x.parameswaran@jpmorgan.com

forward (as we adjust forecast revenues based on higher closing balances). The J.P. Morgan Securities Australia Limited

changes are summarised in the table overleaf. Key points to note are: Rishi S Parihar

• Based on PPT’s disclosed asset allocation within the asset management (91-22)rishi.parihar@jpmchase.com6157-3775

business, we assume 4Q26 (to 29/06) market movements of ~10% for the Asset J.P. Morgan India Private Limited

Management Business and ~5% for the Wealth Management FUM (we still Tharan Jeyathasan

have not included the sale of this business in our numbers given slight (61-2) 9003-6098

uncertainty on the likelihood of completion). We are leaving earnings tharan.jeyathasan@jpmorgan.com

unchanged for the Corporate Trust business, as it is unlikely to be impacted J.P. Morgan Securities Australia Limited

materially by recent market movements. This has led to earnings upgrades in