ASEAN & Taiwan Telcos: Strong start to 2Q26 results

Research evidence excerpt

ASEAN & Taiwan Telcos: Strong start to 2Q26 results

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

28 July 2026

ASEAN & Taiwan Telcos

Strong start to 2Q26 results

We have been of the view that the Street underestimates earnings growth at telcos ASEAN TMT

ACduring price repair. This has been clearly seen in the Thai telcos since industry Ranjan Sharma, CFA

consolidation. 2Q26 results have further supported our view with stronger than (65) 6882-1303

expected earnings growth at Taiwanese telcos and ISAT. In our view, ST, TRUE, ranjan.x.sharma@jpmorgan.com

and ADVANC are likely to see positive earnings revisions with results over the J.P. Morgan Securities Singapore Private Limited

coming quarters. We believe TDC is a structural growth story and earnings are Sigrid Qiu AC

likely to compound for the foreseeable future. We reiterate OW on ST, TRUE, (65) 6882-1454

sigrid.qiu@jpmorgan.com

ADVANC, 4904, TDC and ISAT. We are UW on T, AXIATA, EXCL and CDB. J.P. Morgan Securities Singapore Private Limited

• Strong start to 2Q26 results. Trading update from the Taiwan telcos indicated Steven Suntoso

2Q26 NI growth of 20% yoy at FET, 38% yoy at TWM, and 6% yoy at CHT. (622-1) 5291 8090

steven.suntoso@jpmorgan.com

ISAT commenced the 2Q results of ASEAN telcos with 2Q26 adj NI growth PT J.P. Morgan Sekuritas Indonesia

of 75% yoy and NI is ahead of JPMe by 17%. ISAT has also raised its FY26 Ankur Rudra, CFA

guidance for revenues and EBITDA to close to double digits from mid-to-high (65) 6801-3237

single digits. We note that the guidance is affected by increased investment in ankur.rudra@jpmorgan.com

AI neocloud which ISAT claims is earnings and FCF accretive from the first J.P. Morgan Securities Singapore Private Limited

year.