J.P. Morgan International FTM 10 Jun 26 UMG & Vivendi; China Home Appliance; Singapore Banks; WuXi AppTec; Indian CRDMOs; Wilcon Depot; Japan Quant Strategy; Saudi Car Rentals; Traxion and More

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J.P. Morgan International FTM 10 Jun 26 UMG & Vivendi; China Home Appliance; Singapore Banks; WuXi AppTec; Indian CRDMOs; Wilcon Depot; Japan Quant Strategy; Saudi Car Rentals; Traxion and More

Global Equity Research

International First to Market 10 June 2026

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AFL | UMG & Vivendi (Daniel Kerven), Netherlands, France

UMG … a hairy peach

UMG is a peach of an asset. However, it has a lot of hair on it. The “hair” is frustrating for existing shareholders, but in our view

represents an opportunity for those on the sidelines. The peach continues to get bigger and juicier each year given secular

growth, Streaming 2.0 and AI, and in 12 months there should be a lot less hair on it … making it a lot more appetising for

investors. We maintain our OW rating with a PT of €48, which implies a 2030E PE of c26x post SBC (with leverage of 0.7x).

| | China Home Appliance (DS Kim), China, Hong Kong

White goods, or white space?

What if China HA should no longer be valued as a domestic appliance cycle, but as a mix of cash-cow earnings, global

challenger growth and industrial-tech option value? That is the re-rating question we think investors should ask. The old

framework — subsidy, replacement cycle and margin — still matters, but it misses the more important transition: China B2C is

becoming the funding base, overseas OBM is becoming the growth engine, and B2B industrial tech could become the multiple-

expansion driver. This matters now because the sector is still priced for the old world: 10x P/E, 6% div. yield and ~20% ROE

(2027E), with heavy skepticism around the 2026–27 domestic slowdown. We agree China demand will soften, but that is

unlikely to be where alpha is made. Alpha should come from identifying which companies can use China cash flow to build