*J.P. Morgan Asia FTM 28 Jul 26: U/g Lenovo to OW & ASUSTek to N; KR Dept Stores: Priced like a trade, looks like a reset; Auto Industry embraces Humanoids; U/g Lufax to OW; Refining: "Golden Age" is now consensus. Mon Jul 27 2026

Research evidence excerpt

*J.P. Morgan Asia FTM 28 Jul 26: U/g Lenovo to OW & ASUSTek to N; KR Dept Stores: Priced like a trade, looks like a reset; Auto Industry embraces Humanoids; U/g Lufax to OW; Refining: "Golden Age" is now consensus. Mon Jul 27 2026

Aditya Srinath AC Asia Pacific Equity Research

(65) 6882-7138 28 July 2026 J P M O R G A N

aditya.srinath@jpmorgan.com

earnings look great, but isn’t this just a levered KOSPI/memory trade? If the KOSPI rolls over, the wealth

effect fades; if memory stocks fall, department stores de-rate faster. This framing misses the bigger picture,

in our view, understating both the breadth and duration of the cycle. This is a three-engine trade: a lagged

wealth effect still converting into consumption, structural inbound growth, and a yet-to-come income effect

as memory profits flow through to bonuses. Together, these should support a multi-year earnings upcycle

into 2027E and beyond; yet these names trade at only 8.5x 2027E P/E after the recent correction — below

historical levels despite what we see as the sector’s first proper earnings reset in over a decade. We stay

bullish on the sector, with Shinsegae as our top pick, followed by Hyundai Department Store.

From Autonomous Cars to Humanoids (Jose M Asumendi / Nick Lai / Rajat Gupta / Akira Kishimoto /

Sonny Lee / Marcelo Motta / Amyn Pirani)

Automotive industry embraces Humanoids

The Global Auto sector embraces the Humanoid space globally through the entire value chain ranging from

part suppliers, to manufacturing of Humanoids as well as integrating Humanoids in the manufacturing

process. In this note, we identify by region within our coverage some of the companies most likely to benefit

from the Humanoid megatrend.

| Lufax Holding (LU, OW – $1.38), China (Lincoln Yu / Katherine Lei)