J.P. Morgan GEMS FTM 25 Jun 26 Korea Equity Strategy; India IT Services; Memory Market Update; Argentine Banks; Gerdau; Leejam and More

研报英文原文证据摘录

J.P. Morgan GEMS FTM 25 Jun 26 Korea Equity Strategy; India IT Services; Memory Market Update; Argentine Banks; Gerdau; Leejam 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 25 June 2026

Top Stories

Korea Equity Strategy (Mixo Das), South Korea

Non-discretionary flows a headwind, but fundamental upside and boost to national wealth still in

play

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.