Emerging Companies: Holiday homework - what‘s in focus?

Research evidence excerpt

Emerging Companies: Holiday homework - what‘s in focus?

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

09 July 2026

Emerging Companies

Holiday homework - what’s in focus?

What caught our eye? The snippet and “so what”? JPM view Australia

18.8k units for BYD in June alone Ute weakness the key watch for

VFACTS... - taking YTD deliveries to 52k ARB -6.0% FY26. AOV-relevant

APE ARB AOV (ahead of CY25 deliveries). EV deliveries -9.4% FY26 on RAV4 - Don Carducci AC

acc for 23% of June sales 24.2%. (61-2) 9003-8379

iGaming market share success donald.n.carducci@jpmorgan.com

~19% US mkt igaming share

US GGR update... US$1bn of depends on deploying land-based George Stewart required - Alberta launch is the

Interactive iGGR for ALL? titles, iLotteries catalyst rich in (61-2) 9003-8199 key watch w/t ALL there on day 1

ALL coming months - JPM analysis george.stewart@jpmorgan.com with proven content.

within J.P. Morgan Securities Australia Limited

Clarity on AUSTRAC’s Costs will be put back in following

AUSTRAC and Overrounds engagement with Sportsbet and AUSTRAC’s investigation of TAH -

TAH Bet365 - TAH lagging on recent work within to understand TLC - Turnover (A$m)

overrounds push quantum

8,000

-3.9%

TLC - Turnover (A$m)

6,120 5,879 Taking a breather on valuation,

6,000

FY25 FY26

Valuation above historical- near Valuation trading above historical near-term delivery required with

+2%

term defence headwinds range despite near term headwinds in defence (top line/ 4,000 +10% 2,339 2,297 -32% 1,748 1,593 2,000 1,344 DOW VNT headwinds - incl fuel and Defence. margin reset across DBS 0% 915

contracts) 0 312 312

Powerball Oz Lotto Saturday Lotto Set for Life Total

May HH spending indicator strong Selective in discretionary retail. Source: Company websites, J.P. Morgan estimates.