J.P.Morgan Asia Pacific Equity Research: ASEAN FIRST TO MARKET

Research evidence excerpt

J.P.Morgan Asia Pacific Equity Research: ASEAN FIRST TO MARKET

Asia Pacific Equity Research

ASEAN First to Market 14 July 2026

Top Stories

Sea Ltd (Ranjan Sharma, CFA) (SE, OW, PT $162.00), Singapore

Addressing recent investor questions

SE has gained >20% in the last two weeks (NASDAQ: +4%) and >40% from the lows post 4Q25 results (NASDAQ: +13%). The

stock is now trading slightly higher than prior to the 4Q25 results which had resulted in a sharp sell-off in SE’s share price. We

address the recent investor questions we have received. We are OW on SE.

ASEAN Metals (Benny Kurniawan, CFA), Indonesia

Indonesia Nickel Miners 2Q26 Earnings Preview

Indonesian companies will kickstart the 2Q26 earnings season in late July. Within our coverage, we expect ANTM and MDKA to

beat consensus estimates and INCO to be in line. 2Q was a tough quarter for companies under our coverage. Multiple

headwinds, including 1) lower commodity prices (gold & LME nickel) and 2) uncertainty in regulations (quotas, centralized

export), hampered multiples despite earnings upgrades by the street. The de-rating in multiples far exceeded earnings

upgrades, which resulted in ANTM/INCO/MDKA underperforming JCI by -9/-7/-7% in the same time frame. We believe a lot of

the negatives are now priced in and we expect the upcoming 2Q26 earnings to be a strong proving point for investors who have

doubts on the sustainability of earnings. We remain positive on the space and recommend investors accumulate ahead of the

earnings season as valuations for the sector are becoming undemanding.

ASEAN Real Assets (Mervin Song, CFA/Terence M Khi), Singapore, Vietnam

Forum takeaways

Key highlights from our recent ASEAN Real Asset forum include (1) SATS (NC) looking to leverage on global cargo volume