J.P. Morgan GEMS FTM 8 Jun 26 Korea Domestic Consumption; Asian Tech; Intelbras; Eat, Drink, Shop; Equity Strategy; EM Flows Weekly and More

研报英文原文证据摘录

J.P. Morgan GEMS FTM 8 Jun 26 Korea Domestic Consumption; Asian Tech; Intelbras; Eat, Drink, Shop; Equity Strategy; EM Flows Weekly and More

Global Equity Research

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GEMS First To Market 08 June 2026

Top Stories

Korea Domestic Consumption (Stanley Yang/DS Kim/Benjamin Kim), South Korea

W1 quadrillion in household wealth created from KOSPI rally; a ‘super-cycle’ of Korea wealth effect

The unprecedented Korea stock market rally is generating substantial household wealth, creating a tailwind for domestic

consumption names. We estimate that Korea households’ YTD capital gains have exceeded W1 quadrillion (W1,000T = 4.5x

the 2020 peak), which could drive a wealth effect that is structurally stronger than in prior cycles. Based on the historical

average consumption conversion rate (1.3%), the YTD wealth effect is expected to amount to W14T. Under a more optimistic

scenario, we believe the wealth effect could rise to W43T (1.6% of GDP). We outline key domestic consumption potential

beneficiaries of the wealth effect (please see pp.13-18).

Asian Tech (Albert Hung/Gokul Hariharan/William Yang)

2026 Computex Takeaways Part 2

We hosted the JPM Computex booth tour on June 3-4, and our takeaways were:

• Kyber rack timing risk (backplane SI): Our research suggests potential uncertainty/delay for NVIDIA’s Kyber GPU rack

(mass production targeted for 2H27) due to backplane signal-integrity challenges. We see two alternative designs under