Unicredit - Overweight; Equity Strategy - Shareholder Activism & M&A; Turkish Banks; BoE; FOMC

研报英文原文证据摘录

Unicredit - Overweight; Equity Strategy - Shareholder Activism & M&A; Turkish Banks; BoE; FOMC

Gigi Sparling - Specialist Sales - European Financials AC (44-20) 7134-0355 Europe Specialist Sales J P M O R G A Nghislaine.sparling@jpmorgan.com

J.P. Morgan Securities plc 27 July 2026

Unicredit - Overweight; Equity Strategy - Shareholder Activism & M&A;

Turkish Banks; BofE; FOMC

Gigi Sparling

+44 207 134 0355

ghislaine.sparling@jpmorgan.com

Today: German IFO (9am); US durable goods (1.30pm)

5 Key Highlights Today:

1. UniCredit - Upgrading estimates, JPM Overweight.

2. Equity Strategy - Focus on shareholder activism and M&A.

3. Turkish Banks - What to expect in 2Q26: Margins and asset quality under pressure.

4. BoE: Preview of this week’s meeting.

5. US: FOMC preview.

Use the links below to jump straight to each section:

The Detailed Highlights

Post results, Newswires & Away from Us

Global Financials wrap, Trading Recap and Colour

Global Financials Research Links

Global Macro Research Links

Save the Date: J.P. Morgan Events

J.P. Morgan Financials Contacts

UniCredit - Upgrading estimates, JPM Overweight. Post Q2, Delphine upgrades her EPS by ~3.3% in 2027-28e, mostly driven

by the consolidation of the Commerzbank stake, and to a lesser extent upgrades from better fee trends. Whilst NII YoY

progression was muted, the group delivered strong commercial momentum with volumes and fees growing high single digits.

Adjusted for the temporary impact from the derivatives on CBK, CET1 at 14.5% was actually better than expected and the solid

capital generation enabled UCG to maintain ~13% CET1 YE26 including CBK consolidation. What the market is missing is the

strong capital build with CET1 improving to ~14% YE28e and the higher than average total yield of ~9% pa for FY26-28e,