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研报英文原文证据摘录

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North America Equity Research AC Global Equity Research

(1-212) 270-6000 17 July 2026 J P M O R G A N

morganwise@jpmorgan.com

“AI bubble” narrative cyclically fading – Momentum recovery timeline being pushed back, but is it

just a matter of timing?

Volatile price movements in AI-related stocks continue to weigh on the upward momentum of Japanese stocks. Today (July 16),

the Nikkei Average retreated to the 66,600 level, as profit-taking pressure from the cash equity side acted as a headwind. The

weakness in Japanese semiconductor-related stocks was particularly apparent during Asian trading hours, as they continued

to show a strong correlation with South Korean stocks.

Pepco Group (Elena Jouronova, CFA) (PCO PW, OW, PT zl47.00), Netherlands

We remain constructive and raise PT to PLN 47

We see meaningful scope for Pepco to deliver strong shareholder returns over the medium term and lift our PT by 18% to

PLN47/share, raising our LFL sales growth and profitability forecasts. We expect the company to surpass its upgraded FY26

guidance with our EBITDA/ Net Profit forecasts 2-10% above consensus. FY27 outlook is also shaping up better than feared,

with margin normalisation likely to be more contained, notwithstanding the waning of FX tailwinds and some freight cost

pressure - partially offset by Asian sourcing dynamics, FX hedging support, and the completion of the Dealz divestment. All in,

we see 2-7% upside to consensus on FY27-28E underlying EBITDA and Net Profit. Pepco remains one of our top picks in the

CEEMEA consumer space given its strong earnings momentum, good execution and reasonable valuation. We expect further

support to the share price from the EUR 400m buyback to be executed through July.

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