J.P. Morgan GEMS FTM 15 May 26 Taiwan Equity Strategy; Thailand Equity Strategy; EM Money Trail; Deye - A; Transition Talks; JPM Asia Insurance Forum Highlights; Brazil Beer Price Check and More

研报英文原文证据摘录

J.P. Morgan GEMS FTM 15 May 26 Taiwan Equity Strategy; Thailand Equity Strategy; EM Money Trail; Deye - A; Transition Talks; JPM Asia Insurance Forum Highlights; Brazil Beer Price Check and More

Global Equity Research

This material is neither intended to be distributed to Mainland China investors nor to provide securities

investment consultancy services within the territory of Mainland China. This material or any portion hereof

may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

GEMS First To Market 15 May 2026

Top Stories

Taiwan Equity Strategy (Mixo Das), Taiwan

Staying with the momentum in the most pure-play exposure to AI buildout

As perhaps the most pure-play exposure to the global AI buildout, the Taiwan market has grown in magnitude and importance

in recent years. Total market cap has increased from US$1.5tn in late 2022 to nearly US$5tn now (fourth largest in the world).

Taiwan’s weight in the MSCI EM index is now the largest - surpassing China’s last month. And TSMC is the seventh-largest

stock in the MSCI World index - attracting global attention. As we highlighted across the region last month, following the easing

of AI monetization concerns YTD and the shift in global macro conditions resulting from the Iran conflict, we recommend

staying with the momentum in the AI hardware space (embracing the inherent concentration risks). As such, we raise our

TWSE index base/bull/bear case targets to 47,000/50,000/40,000 and we remain OW Taiwan. Top picks in the market

include TSMC, Unimicron, Wiwynn, Alchip, Hon. Precision, CTBC . Across meetings in the US, HK and Singapore over the

past three weeks, we found investors on aggregate to be cautiously optimistic but less-than-fully positioned in the market.