*J.P. Morgan Asia FTM 14 Jul 26: Memory/Korea Tech: HK investor feedback; Init KR Dept Stores: OW Shinsegae/HDS; TW Energy: Raise NPC PT post 2Q beat; Tencent 2Q preview; CN Autos 2Q preview; IN Telcos 1Q preview. Mon Jul 13 2026

Research evidence excerpt

*J.P. Morgan Asia FTM 14 Jul 26: Memory/Korea Tech: HK investor feedback; Init KR Dept Stores: OW Shinsegae/HDS; TW Energy: Raise NPC PT post 2Q beat; Tencent 2Q preview; CN Autos 2Q preview; IN Telcos 1Q preview. Mon Jul 13 2026

Asia Pacific Equity Research

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Asia First to Market 14 July 2026

Top Stories

Asia Technology (Jay Kwon)

Asian investor marketing feedback on memory/Korea tech and holdco

We met with over 50 investors in Hong Kong last week. In this note we highlight the key areas of investor

interest and feedback and try to answer FAQs from the meetings.

Init | Korean Department Stores, South Korea (DS Kim / Benjamin Kim)

Getting wealthier faster than they can spend; initiate on Shinsegae/HDS at OW, Lotte at N

Department store stocks have more than doubled in a year. Same-store sales have gone from zero to ~25%

growth in a little over a year. The cause is the region’s least-kept secret — a KOSPI up 3x from its 2025 low,

leaving households much wealthier on paper. The obvious pushback is that we are late. We agree,

knowingly. But the real debate is not whether the story is known; it is whether the market is paying for the

duration and earnings level still to come. Our FY27E OPs sit 7–13% above Street, and our work says the

cycle is closer to mid-game than end-game – yet these stocks trade at only 9.8x 2027E P/E. We initiate on

Shinsegae/HDS at Overweight and Lotte Shopping at Neutral.

Taiwan Energy, Taiwan (Parsley Ong)