Asia Pacific Equity Derivatives Strategy: Diversifying into Korea non-AI themes amid elevated market volatility: Korea buyback basket and Samsung pref/ord convergence with options overlay

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Asia Pacific Equity Derivatives Strategy: Diversifying into Korea non-AI themes amid elevated market volatility: Korea buyback basket and Samsung pref/ord convergence with options overlay

J P M O R G A N Global Markets Strategy

25 June 2026

Asia Pacific Equity Derivatives

Strategy

Diversifying into Korea non-AI themes amid elevated

market volatility: Korea buyback basket and Samsung

pref/ord convergence with options overlay

• We continue to prefer select non-AI Korea plays as a diversification and Global Equity Derivatives Strategy

AC rotation opportunity amid elevated market volatility. After a strong rally in Tony SK Lee

AI-linked names, the near-term path for further AI outperformance looks less (852) 2800-8857

clear. In Korea, shareholder returns remain a compelling non-AI tony.sk.lee@jpmorgan.com

complement, supported by the Value-up agenda, policy follow-through and J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

still-discounted valuations vs. regional and EM peers. AC Haoshun Liu

• Value-up progress has become more tangible, but the next phase is about (852) 2800-7736

execution. The latest AGM season showed broader corporate engagement haoshun.liu@jpmorgan.com

with the shareholder-return agenda, while buybacks, treasury-share J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

cancellations and dividend policy changes are translating the theme into AC Xipu Han

measurable action. Policy support is also becoming more binding through (852) 2800-1029

tighter expectations around treasury-share cancellation and dividend-tax xipu.han@jpmorgan.com

incentives. Looking into 2H26, we expect the focus to shift from J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited