J.P. Morgan International FTM 25 Jun 26 Infineon Technologies; First Principles - AI Power Infrastructure; Domino's Pizza Group PLC; Korea Equity Strategy; India IT Services; Memory Market Update and More

研报英文原文证据摘录

J.P. Morgan International FTM 25 Jun 26 Infineon Technologies; First Principles - AI Power Infrastructure; Domino's Pizza Group PLC; Korea Equity Strategy; India IT Services; Memory Market Update and More

North America Equity Research AC Global Equity Research

(1-212) 270-6000 25 June 2026 J P M O R G A N

morganwise@jpmorgan.com

We remain directionally bullish on Korea equities despite ongoing forced foreign selling and elevated volatility (both of which

are likely to persist). This is driven by a combination of our constructive view on AI and resultant hardware earnings

(punctuated at times by narrative vulnerabilities - see below), added earnings tailwinds from growth in a variety of (AI-

adjacent and other) Industrials, potential wealth-effect and NIM boost to Financials, and ongoing (if

incremental) valuation tailwinds from the governance reforms (which will likely come back to prominence later this year). In

addition, it is noteworthy that the earnings of the Tech names participating in the AI datacenter buildout are now large enough

to be meaningful at a macro level (Figure 28) - creating a wealth boost not just for corporates and households, but even for

the government - enabling long-term measures and planning. As such, we continue to recommend adding on any dips and

staying with maximum exposure in Korea. Korea remains our most preferred market in the region and we raise our 12m-

out base/bull/bear case KOSPI targets to 12,500/15,000/8,000.

| India IT Services (Ankur Rudra, CFA/Bhavik Mehta, CFA), India

Numbers vs. narrative: Moderating medium-term estimates as the tension continues - 1QFY27

preview; downgrade HCLT, WPRO, TATATECH to UW

India IT faces an uncertain demand environment from an unprecedented confluence of technology and business cycle