Finding Growth in Financials, AIA, CB Day (BoJ, RBA)

研报英文原文证据摘录

Finding Growth in Financials, AIA, CB Day (BoJ, RBA)

Specialist Sales

APAC Specialist Sales J P M O R G A N

16 June 2026

Ayano Tsunoda

+81 3 6736 7628

ayano.tsunoda@jpmorgan.com

Key topics in today’s daily:

• Japan Banks: Beyond the profit taking, Profit growth remains outstanding in the region

• BDO +14% yesterday, but KB still trades at the same PBR 1x and higher ESP growth, Jihyun hosts KB tomorrow 6/17

9am HKT, Korea market-structure quirks call 6/18 2pm HKT

• RBA to pause, Accelerated hikes’ impact starting to show and Federal Budget cools housing market, the country’s key

growth driver

• AIA: P/EV 1x was the support, but the catalyst remains the key question, India growth to surprise?

Today - Macro: BoJ, RBA, China (IP/Retail/Home Prices), Market Closed (Indonesia)

Good morning from sunny Tokyo! We have a big central banks day in Asia w/ BoJ expected to hike and RBA expected on pause

w/ almost 100% probability for both.

The BoJ’s expected rate hike to 1% (lunch time), the highest since 1995, has limited uncertainty. What’s notable to me was the

absence of Japan banks buying flow into the event, unlike in previous events. Profit taking may be taking place early this time.

(TPNBANK -1.4% this morning vs +1.4% on at time of previous hike on Dec 19 2025.) Banks’ underperformance in the US has

been another factor. Beyond the near-term profit taking, I think Japan banks’ relative growth advantage remains intact. Japan Post

Bank’s (7182 JT) FY26/27e EPS +26%/+40% YoY (Link) is a standout as they benefit from both BoJ hikes and rising long-end

yields. Japan’s system loan growth continues to accelerate, reaching nearly 6% YoY in May—higher than Indonesia’s BCA,

which said at our forum yesterday that it expects FY26 loan growth of +5% YoY.