HDFC Bank, Sony Financial, Lufax (upgrade), Korea Bank Call

Research evidence excerpt

HDFC Bank, Sony Financial, Lufax (upgrade), Korea Bank Call

Specialist Sales

APAC Specialist Sales J P M O R G A N

28 July 2026

Post-result feedback for Korea banks suggests that KB remains the name that long-term money wants to own for the sector’s re-

rating story and investors are reviewing and willing to look past the near-term NIM weakness. Hana continues to decline for a

second day despite solid value-up updates and robust QoQ improvement in NIM. (Link) Jihyun Cho is hosting a Korea Bank

post-result call at 9:30am HKT today: Register Finally, I wanted to make sure to re-highlight that Harsh has upgraded Thai

banks yesterday. While his argument for shifting investment framework from dividend theme to earnings revision is driven by

lower provisions (Link), our Thai economist Charnon’s non-consensus growth acceleration forecast for Thailand poses

upside risks. (FY26e real GDP 2.8% vs consensus 1.9%, 2025 2.4% Link, June manufacturing PI contraction reflects temporary

inventory adjustment. Link) Harsh will be in HK on Aug 11-13 if you don’t have a meeting yet.

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Research Highlights

JPM APAC Financials Events

Sector Key Newsflow

Full Research Links

• China Online Lending: Lincoln Yu upgrades Lufax Holdings (LU US) to OW, Regulatory tightening in the price,

Special div catalyst ahead (Link) The regulatory tightening and subsequent share price decline is well known. The APR cap

was lowered to 24% effective Oct 2025, followed by 20% IRR cap for consumer finance companies and 4x LPR cap (12%)

for small lending companies announced in Dec (fully implemented by end-2027) drove a decline in new APR across the

industry. (Link) The chatter about further regulatory tightening remains, continuing to weigh on the share price.