Mid-Year Prospects: Technology, Media and Telecommunications - Key Investor Feedback

研报英文原文证据摘录

Mid-Year Prospects: Technology, Media and Telecommunications - Key Investor Feedback

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

21 July 2026

Mid-Year Prospects

Technology, Media and Telecommunications - Key

Investor Feedback

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 addresses the key questions posed by

Technology, Media &

investors following the release of our report highlighting Top Picks and Least Telecommunications

Preferred stocks for the remainder of the year. AC Bob Chen

(61-2) 9003-8611

bob.chen@jpmorgan.com

Top Pick – Megaport (MP1 AU, OW) J.P. Morgan Securities Australia Limited

• MP1’s compute business carries higher counterparty risk vs. global peers.

MP1’s compute customer-base is aligned to end-user adoption of AI MP1.AX, MP1 AU

applications. While global AI compute peers can skew to serve the frontier AI Overweight

Labs, MP1’s customers are predominantly AI application providers that will Price (20 Jul 26): A$18.03

scale as a variable cost with end-user adoption. Importantly, the emergence of Price Target (Jun-27): A$28.00

open-weight model development is also supportive of compute as a service

demand. MP1’s low-duration compute contract structures also de-risk any WTC.AX, WTC AU

longer-term customer exposure.

Neutral

• 2H26 guidance was soft, and GTM re-investment implies weaker margins Price (20 Jul 26): A$33.71

into FY27. At the 1H26 result, MP1 flagged re-investment into the GTM

Price Target (Dec-26): A$40.00

function driving margin compression into 2H. Management at the time

cautioned against extrapolating core networking H2 margins into FY27. We

would consider the GTM function re-investment to be a necessary up-front