Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

研报英文原文证据摘录

Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

requirements

and associated estimate pressure. Diebel continues to see downside risk to margins and earnings for several European

peers, including Auto Trader, BCG, Hemnet, Rightmove and Vend, which remain Underweight. More broadly, the report

argues that future valuation multiples will increasingly be determined by AI readiness, product quality and resilience

rather than by sector-wide factors. Although AI should drive meaningful productivity benefits, he expects most of those

gains to be reinvested into product development, data, AI infrastructure and marketing, limiting margin expansion and

supporting a more selective approach to the sector, with Scout24 remaining the standout beneficiary.Read Full Note Here

Events

• UK Voice call to run through the results this Friday June 19th at 7.30am featuring Allan Monks, Francis Diamond, our UK

rates sales team and Positioning Intelligence - hosted by our excellent UK Spec Sales Ben Watson. Registration links here (for

out of scope and high touch institutional clients only).

• JPM Berlin European Internet Trip | June 25-27 - RSVP HERE - Please email alison.l.wheway@jpmorgan.com

Global TMT Content

• Duncan Wagner (APAC Hardware / Semis Specialist) : MLCCs: feedback to our MLCC estimates, PTs increases is a

broader investor preference for Murata given their leadership, execution track record including silicon capacitors; and

SEMCO as benefits from ABF Substrate upside, MLCC gains and silicon capacitor entrance. Investors monitor Taiyo Yuden

execution as a higher-risk, higher-beta name thou generally included in an MLCC basket. TDK has relatively less torque to

MLCCs as more diversified, and thus investors view as a less direct play.