J.P. Morgan GEMS FTM 9 Jul 26 India Equity Strategy; Alibaba Group (BABA US 9988 HK); Korea Banks; Mexico Equity Strategy; Brazilian Homebuilders and More

研报英文原文证据摘录

J.P. Morgan GEMS FTM 9 Jul 26 India Equity Strategy; Alibaba Group (BABA US 9988 HK); Korea Banks; Mexico Equity Strategy; Brazilian Homebuilders and More

Global Equity Research AC Global Equity Research

09 July 2026 J P M O R G A N

gr_publications@jpmorgan.com

Share price momentum to strengthen ahead of eventful 2Q26 earnings season; extended re-rating in

large FGs

Korea banks have outperformed the market since July, up 8% (vs. KOSPI -15%). Going into the 2Q earnings season, we see a

constructive set-up for Korean financials. 2Q26 results should be broadly solid on (i) resilient NII with modest NIM uplift and

steady loan growth, (ii) stronger non-interest income on capital markets-related fees, and (iii) contained credit costs with

provisioning broadly in line with full-year guidance. Beyond earnings, we expect shareholder returns to be the key catalyst: as

prior buybacks conclude in July, another round of buyback/cancellation announcements looks likely—potentially larger at KB

and Shinhan on stronger earnings prints—while Hana could also draw attention on a Value-Up update (introducing a

shareholder return formula and refreshed ROE targets, broadly converging toward KB/Shinhan). With large FGs still trading at

<1.0x P/B (vs. 11–12% mid-term ROE trajectory), we see ample upside from here and recommend investors accumulate

KB, Shinhan and Hana (all OWs) to capture an extended re-rating rally on sustainable ROE trending higher lifting fair P/B.

Mexico Equity Strategy (Adrian E Huerta), Mexico

2Q26 Preview: Another Cautious Q with Materials Still Leading the Way

Earnings season in Mexico is set to begin next week with only two companies reporting (see Table 1, below): AERO on Monday

and FIHO on Wednesday.