Canadian Portfolio Managers‘ Monthly: North American Equity Thematic Research

研报英文原文证据摘录

Canadian Portfolio Managers‘ Monthly: North American Equity Thematic Research

J P M O R G A N North America Equity Research

03 August 2026

Canadian Portfolio Managers'

Monthly

North American Equity Thematic Research

Discover key market insights, highlighted stories, initiations, rating changes, our

Analyst Focus List and Catalyst Watch, all designed to guide your investment

decisions.

2Q26 Canadian Communications Preview

Sebastiano C Petti; Mobile Growth Decelerates Further on Population Head of North America Equity

Headwinds; Broadband Growth Remains Muted (p 2) Research

Ahead of 2Q26 earnings, we preview our expectations for Canadian mobile phone Ken Goldman AC

and Internet results. We forecast total ecosystem mobile phone net adds of 199k in (1-212) 622-0359

2Q26, down 30% y/y from 285k on reduced immigration. ken.goldman@jpmorgan.com

Head of North America Equity

Research Product Management

Primo Brands

William Funke

Andrea Teixeira, CFA; 2Q26 Preview: Continue to View Set-Up as (1-212) 622-2597

Constructive (p 3) william.c.funke@jpmorgan.com

Primo reports 2Q26 results on August 5. We are ahead of consensus on solid J.P. Morgan Securities LLC

tracked channel data and lapping benefits in Retail and improving Direct Delivery

trajectory; on profitability we build in benefit from carryover synergies and see our

estimates as reasonable given that seasonally-lower 1Q26 was running costs closer

to peak-season levels.

North America Base Metals

Bill Peterson; 2Q Preview: N-T Aluminum Deficits and Copper S232 in

Focus; L-T Copper Fundamentals Intact vs. Emerging Aluminum Surpluses;

Prefer FCX (p 4)

While AA is poised to generate significant FCF in the back half, valuation looks

fair; we see risk of lagged cost inflation, and investors continue to digest recent

M&A.