J.P. Morgan International FTM 23 Jul 26 Global Quant Strategy; Global Alternative Energy; DSV; Asia Power Equipment; India Pharma; Korea Defense; Semiconductor/Tech Materials; South African Banks; Anima and More

研报英文原文证据摘录

J.P. Morgan International FTM 23 Jul 26 Global Quant Strategy; Global Alternative Energy; DSV; Asia Power Equipment; India Pharma; Korea Defense; Semiconductor/Tech Materials; South African Banks; Anima and More

Global Equity Research

International First to Market 23 July 2026

Top Stories

Global Quant Strategy (Khuram Chaudhry)

EPS Revisions Landscape: Earnings Up, Prices Down; When Revisions Don’t Deserve a Rally!

Global Profit Expectations Rise, Opportunities in Quality Sectors.

Global profit expectations are climbing even as equity prices have recently lagged. The world markets sit approximately 2%

below recent highs, yet L/S momentum (-5%), the Kospi and semiconductors (-20%) have sold off far more sharply. The

earnings season is off to a strong start and sell-side analysts keep lifting both EPS and sales forecasts; for example, the 1-

month consensus net EPS revisions stand at +13.1% and 3-month revisions have risen from +5.3% to +10.5%. The upgrades

are broad, led by the USA, Japan, and a fast-improving Europe, while Asia Pac ex-Japan and emerging markets still lag. The

key question is whether the gap between prices and earnings expectations is a mispricing set to correct higher, or an early red

flag for the profits outlook? We believe the most compelling opportunities are in High Quality, rather than High Risk stocks and

sectors.

Global Alternative Energy (Mark Strouse, CFA/Alan Hon/Akash Gupta/Rebecca Wen)

2026 Mid-Year Outlook: Broad-Based Demand, Volatility Creates Entry Points

Heading into 2H26 we remain generally optimistic across most of our coverage given strong global power demand as well

increased policy certainty in the US and parts of Europe. Load growth is directly benefiting more baseload power sources such