JPM Asia Telco Investing our Recommendations: Back-testing analysis: 20 July 2026

Research evidence excerpt

JPM Asia Telco Investing our Recommendations: Back-testing analysis: 20 July 2026

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

20 July 2026

JPM Asia Telco Investing our

Recommendations

Back-testing analysis: 20 July 2026

• This report updates the current statistics for our JPM Asia Telco Investing our Head of APAC Telecoms and India

Recommendation Analysis. The analysis shows a YTD return for our portfolio TMT Research

of 2.30% and a return of 801.96% since 27 July 2010. In comparison, the Ankur Rudra, CFA AC

benchmark (APACTL) has given a YTD return of 2.40% and a return of (65) 6801-3237

258.66% since 27 July 2010. ankur.rudra@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited

• In the week of 10-17 July, key stocks that moved in line with our Harsh Upadhyay

recommendations were TOWR (+10.2%, OW), PLDT (+7.5%, OW), and FET (91 22) 6157 3094

(+8.4%, OW); while the one that moved against our recommendations was harsh.x.upadhyay@jpmchase.com

EXCL (+5.3%, UW). Since our last report (link), key stocks that moved in line J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

with our recommendations were TOWR (+10.2%, OW), PLDT (+6.7%, OW) Registration: INH000001873, (91-22) 6157-3000.

and Bharti Hexacom (+10.4%, OW); while the key stock that moved against

our recommendation was MTEL (-6.1%, OW).

• YTD, ADVANC, TRUE, and EXCL are the key stocks that have driven the

portfolio’s outperformance vs APACTL, while the key stocks that have driven

the portfolio’s underperformance vs APACTL are MTEL, Bharti Hexacom,

and Telstra. Since our last report, the key stocks that have driven the portfolio’s

outperformance vs the APACTL are Bharti Hexacom, TRUE, and KDDI,

while the stocks that have led to the portfolio’s underperformance vs the