Bank of Communications - H Model Update

Research evidence excerpt

Bank of Communications - H Model Update

Katherine Lei Asia Pacific Equity Research

(852) 2800-8552 11 July 2026

katherine.lei@jpmorgan.com

Dubai International Financial Centre (DIFC): JPMorgan Chase Bank, N.A., Dubai Branch is regulated by the Dubai Financial

Services Authority (DFSA) and its registered address is Dubai International Financial Centre - The Gate, West Wing, Level 3 and 9 PO

Box 506551, Dubai, UAE. This material has been distributed by JP Morgan Chase Bank, N.A., Dubai Branch to persons regarded as

professional clients or market counterparties as defined under the DFSA rules.

European Economic Area (EEA): Unless specified to the contrary, research is distributed in the EEA by J.P. Morgan SE (“JPM SE”),

which is authorised as a credit institution by the Federal Financial Supervisory Authority (Bundesanstalt für

Finanzdienstleistungsaufsicht, BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the

European Central Bank (ECB). JPM SE is a company headquartered in Frankfurt with registered address at TaunusTurm, Taunustor 1,

Frankfurt am Main, 60310, Germany. The material has been distributed in the EEA to persons regarded as professional investors (or

equivalent) pursuant to Art. 4 para. 1 no. 10 and Annex II of MiFID II and its respective implementation in their home jurisdictions

(“EEA professional investors”). This material must not be acted on or relied on by persons who are not EEA professional investors. Any

investment or investment activity to which this material relates is only available to EEA relevant persons and will be engaged in only with

EEA relevant persons.

Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ321) is regulated by the Hong Kong Monetary Authority and