Mid-Year Prospects: Technology, Media and Telecommunications

研报英文原文证据摘录

Mid-Year Prospects: Technology, Media and Telecommunications

J P M O R G A N Asia Pacific Equity Research

20 July 2026

Mid-Year Prospects

Technology, Media and Telecommunications

This report forms part of the J.P. Morgan Australia Mid-Year Prospects series as Australia

we take stock at the mid-point of 2026 and set out our Top Picks and Least Preferred

Technology, Media &

stocks for the remainder of the year. Telecommunications

Bob Chen AC

(61-2) 9003-8611

Top Pick – Megaport (MP1 AU, OW) bob.chen@jpmorgan.com

Contracted and funded AI infrastructure. The acquisition of Latitude.sh has Benjamin Jones

seen MP1 transform into a globally distributed inference compute provider. The (61-2) 9003-8627

company has announced >A$300m in ARR across eight contracts year to date, and benjamin.s.jones@jpmorgan.com

J.P. Morgan Securities Australia Limited

a GPU pool that could deliver a further >A$180m ARR when fully installed, with

up-front capex funding secured, together almost doubling group ARR since 31

December. MP1.AX, MP1 AU

Attractive compute economics. We estimate project IRR’s north of 20% across Overweight

new compute contracts under a low-risk ‘take or pay’ structure, with EBITDA Price (20 Jul 26): A$18.03

payback 24-27 months on contracted capacity, and 16-22 months on the GPU pool. Price Target (Jun-27): A$28.00

Execution (GPU procurement, deployment, utilisation) is the main constraint, but

the underwritten contract base de-risks the initial capex ramp with attractive WTC.AX, WTC AU

longer-term returns as hardware is utilised beyond its useful life. Neutral

Price (20 Jul 26): A$33.71

Scarce ASX exposure to the rapid growth in demand for AI infrastructure.

Price Target (Dec-26): A$40.00

MP1 screens inexpensive on forward earnings given the contracted compute ramp.