J.P.Morgan GLOBAL EQUITY RESEARCH

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J.P.Morgan GLOBAL EQUITY RESEARCH

Global Equity Research

International First to Market 03 August 2026

Top Stories

Equity Strategy (Mislav Matejka, CFA)

August Chartbook

Our bullish equities call for this year was based on resilient activity, strong earnings momentum and likely no de-anchoring in

inflation expectations, among other. We believe that main positives are still tracking. In addition, we have in the past two

months called for a rotation and broadening in market leadership, from what was an exceptionally narrow participation in

Q2 – page 6. It is very much reassuring that, despite material unwind in momentum factor, an almost 40% fall in KOSPI and

30% in SOX in the past 4-6 weeks, up to last Friday’s rebound, global equity indices – MXWO, SPX, SXXP etc – are all still

within 1% of all-time highs. We stay with the view that Tech/AI is unlikely to be the dominant driver of returns in 2H, in contrast

to 2025, and are looking for continued broadening – we note SPW is ahead of SPX this year – page 44. Having said that, we

argued in our last weekly that the main chunk of momentum derisking was likely behind us, with Semis RSIs near/at

oversold levels – page 8. As the EPS momentum is still upward, this should help the group stabilize.

DSM-Firmenich (Chetan Udeshi, CFA) (DSFIR NA, UW, PT €68.00), Netherlands

Strong 2Q/July colour drives upgrades; unwind risk may be delayed, not eliminated

DSM-Firmenich (DSFIR) delivered a solid 2Q print with organic sales growth (OSG) of +6% YoY and adj EBITDA up 10% YoY

organic. The broad-based nature of growth across divisions suggests actions to re-invigorate growth alongside a tighter cost

focus may be starting to bear fruit. Management also highlighted a strong June and a good July, which the market read as

reassuring.