JPM | APAC THEMATICS - The day after: Broadening-out trades with duration - India banks & Gold miners / Iran deal: Reasons to be hopeful / BoJ: What to expect / ASEAN Strategy: 3x rebound screens

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JPM | APAC THEMATICS - The day after: Broadening-out trades with duration - India banks & Gold miners / Iran deal: Reasons to be hopeful / BoJ: What to expect / ASEAN Strategy: 3x rebound screens

Specialist Sales

APAC Specialist Sales J P M O R G A N

14 June 2026

low market breadth (chart below). That’s not to say we aren’t still positive on tech (especially SPEs), but there are other

opportunities too. 2x areas we recommend as underowned, attractively valued, with strong growth fundamentals = Gold Miners &

Indian Banks.

(1) Asia Gold Miners - We believe commodity markets especially metals could be in the early stage of multi-year

outperformance thanks to resource nationalism, AI investment, and a lack of mining capex the past decade… creating a

structurally tight S/D backdrop. We are particularly bullish on the fundamental outlook for gold - given its role both as a reserve

& fiat alternative in a world of self-interested nationalism and loose fiscal/monetary policy. Post a 20% pullback in gold from

recent highs, positioning is washed out, and valuations in gold miners are very attractive. At the top of our pecking order is Zijin

Mining on 8x 27 P/E and 5x 27 EV/EBITDA. ROE are >30%, the FCF yield is 13%, & the balance sheet turns next-cash net year.

We see 8-10% volume CAGR across their gold/copper assets through to 2028.

(2) Indian Banks - India has significantly lagged the past year, given their exposure to the wrong part of tech - OW IT services/

software and UW on semis/hardware. But India is more than just a “tech story”... and the domestic part of India’s economy is

starting to hum. Most importantly, credit growth is accelerating - May system growth up 18% y/y, its fastest in 2 years (on

corporate demand).