摩根大通维持联发科(2454.TW)增持与5600元目标价：3Q26营收超指引，TPU v8t四季度放量、v9年底前如期tape-out

J P M O R G A N

Asia Pacific Equity Research
12 October 2026

MediaTek Inc.
3Q26 revenue beats guidance on SoC pull-ins; TPUv8t
ramping in 4Q, while v9 should tape out as scheduled

•

•

3Q26 revenue came in ahead of JPMe/consensus; TPU v8t revenues
expected to kick in from 4Q26: MediaTek Sep revenue came in at NT
$55.4bn, up 2% YoY and down 14% MoM. 3Q26 sales came in at NT$168bn,
up 10% QoQ and 18% YoY, ahead of JPMe/consensus estimates by ~8% and
surpassing the high end of guidance by ~5% (3Q26 guidance NT$152.2bn159.8bn). We believe the strong 3Q26 revenue was driven by smartphone pullin ahead of MediaTek's planned SoC price increases and very small revenue
contribution for TPUv8t, given the start of initial shipments. We expect GMs
to be around the mid-point of guidance (JPMe 46%, company guided 44.5%47.5%) as the benefit from price hikes is likely to be offset by rising cost
pressures from Foundry, OSAT and substrates. For 4Q26, we expect revenue
to be up 35%+ QoQ mainly due to TPU v8t revenues starting to flow through
and expect GMs to decline by 1.5ppts QoQ to 44.5% with FY26 GMs at 45.6%.
TPUv8t Zebrafish ramp remains on track; TPUv9 Humufish progressing
toward final tape-out by year-end: Recent investor discussion has been
focused on delays in TPUv8t ramp, v9 tapeout and uncertainty on v10
allocation. Based on our checks, MediaTek's TPUv8t Zebrafish continues to
ramp on schedule at TSMC, and remains on track to generate $2bn+ in
revenues in 2026. For 2027, we see potential unit upside, driving Datacenter
ASIC revenues to ~$18bn, above the company's recent $12-16bn guidance
range, especially as MediaTek appears to be able to bring on more substrate
vendors. Our checks also indicate that TPUv9 Humufish is progressing well,
with several chiplet-level tape-outs already completed on N3 and N2, and we
continue to expect final tape-out in 4Q26. We would expect some noise around
tapeout for TPUv9, similar to all other ASICs, given most new ASICs, GPUs
are now going through at least two tapeouts before entering mass production.
The next watch points for the stock are: (1) TPUv9 tapeout (likely in Nov-Dec,
in our view); (2) award of TPU v10 CTO version, which we expect in the next
few months after the recent delays; and (3) any new customer projects being
confirmed, likely SPCX/TSLA ASIC. Looking ahead, we continue to see
MediaTek’s Datacenter ASIC revenues scaling toward $80-100bn annual
revenue run-rate by 2030, as long as AI compute demand stays strong.

Overweight
2454.TW, 2454 TT
Price (08 Oct 26):NT$4,690.00
Price Target (Jun-27):NT$5,600.00

Technology and Telecoms
Gokul Hariharan AC
(852) 2800-8564
gokul.hariharan@jpmorgan.com
J.P. Morgan Securities (Asia Pacific) Limited/ J.P.
Morgan Broking (Hong Kong) Limited

Jennifer Hsieh
(886-2) 2725-9868
jennifer.hsieh@jpmorgan.com
J.P. Morgan Securities (Taiwan) Limited

David Chou
(886-2) 2725-9618
david.chou@jpmorgan.com
J.P. Morgan Securities (Taiwan) Limited

Jason Chen
(886-2) 2725-9864
jason.bh.chen@jpmorgan.com
J.P. Morgan Securities (Taiwan) Limited

Subham Singhania
(91-22) 6157-3801
subham.singhania@jpmorgan.com
J.P. Morgan India Private Limited, J.P. Morgan
Tower, Santacruz(E), Mumbai - 400098, SEBI
Registration: INH000001873, (91-22) 6157-3000.

See page 3 for analyst certification and important disclosures, including non-US analyst disclosures.

Gokul Hariharan AC
(852) 2800-8564
gokul.hariharan@jpmorgan.com

Asia Pacific Equity Research
12 October 2026

JPMORGAN

Investment Thesis, Valuation and Risks
MediaTek Inc. (Overweight; Price Target: NT$5,600.00)
Investment Thesis
We are OW on MediaTek, given its TPU opportunity should continue to grow over the next
4-5 years and has the ability to reach $80-100bn annual run-rate by 2030E. We believe that
Mediatek is likely to have majority unit share within TPUv8 (in 2027), be the primary ASIC
vendor for TPUv9 with a sharp jump in ASPs, and is in pole position to emerge as the
primary ASIC partner for TPUv10 with rising ASP per chip. For TPUv10, we expect
Mediatek to provide I/O die, high-speed Serdes and other interconnect IP, overall packaging
design and program management, with business model similar to v9. We also believe that
the market is underestimating the OP leverage from the ASIC ramp, which should drive
significant upside to EPS ests in the next 2 years, once ASIC revenues start flowing through.
Valuation
Our Jun-27 PT of NT$5600 is based on a 24x PE multiple (using straight PE from SoTP,
given ASICs are now the dominant earnings driver), higher than past 10-year average,
reflecting stronger growth for future TPU opportunity.
Risks to Rating and Price Target
Key downside risks include: (1) further pressure on Smartphone SoC GMs due to cost
escalations and increased competition; and (2) slower progress on the NVDA partnership,
given NVDA’s expanded engagement with Intel and other chip makers.

2

Gokul Hariharan AC
(852) 2800-8564
gokul.hariharan@jpmorgan.com

Asia Pacific Equity Research
12 October 2026

JPMORGAN

Analyst Certification: The Research Analyst(s) denoted by an “AC” on the cover of this report certifies (or, where multiple Research Analysts
are primarily responsible for this report, the Research Analyst denoted by an “AC” on the cover or within the document individually certifies,
with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report
accurately reflect the Research Analyst’s personal views about any and all of the subject securities or issuers; and (2) no part of any of the
Research Analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the
Research Analyst(s) in this report. For all Korea-based Research Analysts listed on the front cover, if applicable, they also certify, as per KOFIA
requirements, that the Research Analyst’s analysis was made in good faith and that the views reflect the Research Analyst’s own opinion,
without undue influence or intervention.
All authors named within this report are Research Analysts who produce independent research unless otherwise specified. In Europe, Sector
Specialists (Sales and Trading) may be shown on this report as contacts but are not authors of the report or part of the Research Department.

Important Disclosures
Market Maker/ Liquidity Provider: J.P. Morgan is a market maker and/or liquidity provider in the financial instruments of/related to
MediaTek Inc. or related entities.
Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: MediaTek Inc. or related entities.
Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)
as clients, and the services provided were non-investment-banking, securities-related: MediaTek Inc. or related entities.
Client/Non-Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients, and the
services provided were non-securities-related: MediaTek Inc. or related entities.
Potential Investment Banking Compensation: J.P. Morgan expects to receive, or intends to seek, compensation for investment banking
services in the next three months from MediaTek Inc. or related entities.
Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or services
other than investment banking from MediaTek Inc. or related entities.
Debt Position: J.P. Morgan may hold a position in the debt securities of MediaTek Inc. or related entities, if any.
Company-Specific Disclosures: J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors
should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report
as only a single factor in making their investment decision. Important disclosures, including price charts and credit opinion history tables (if
applicable), are available for compendium reports and all J.P. Morgan–covered companies, and certain non-covered companies, by visiting
https://www.jpmm.com/research/disclosures , calling 1-800-477-0406, or e-mailing research.disclosure.inquiries@jpmorgan.com with your
request.
Date

Rating

Price (NT$) Price Target
(NT$)

17-Oct-23

N

840.00

780

29-Oct-23

N

801.00

750

05-Jan-24

N

928.00

800

01-Feb-24

N

966.00

880

11-Apr-24

N

1195.00

1,050

28-Apr-24

N

1005.00

1,060

29-Jul-24

N

1245.00

1,050

01-Aug-24

N

1220.00

1,150

22-Oct-24

N

1330.00

1,175

31-Oct-24

N

1290.00

1,180

05-Feb-25

N

1490.00

1,275

27-Apr-25

N

1380.00

1,350

16-Jun-25

N

1250.00

1,300

25-Nov-25

N

1150.00

1,260

28-Jan-26

N

1775.00

1,525

05-Feb-26

N

1800.00

1,600

30-Apr-26

OW

2575.00

3,400

31-May-26

OW

4310.00

5,300

31-Aug-26

OW

3985.00

5,600

The chart(s) show J.P. Morgan's continuing coverage of the stocks; the current analysts may or may not have covered it over the entire period.
3

Gokul Hariharan AC
(852) 2800-8564
gokul.hariharan@jpmorgan.com

Asia Pacific Equity Research
12 October 2026

JPMORGAN

J.P. Morgan ratings or designations: OW = Overweight, N= Neutral, UW = Underweight, NR = Not Rated
Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe:
J.P. Morgan uses the following rating system: Overweight (over the duration of the price target indicated in this report, we expect this stock will
outperform the average total return of the stocks in the Research Analyst’s, or the Research Analyst’s team’s, coverage universe); Neutral (over
the duration of the price target indicated in this report, we expect this stock will perform in line with the average total return of the stocks in the
Research Analyst’s, or the Research Analyst’s team’s, coverage universe); and Underweight (over the duration of the price target indicated in
this report, we expect this stock will underperform the average total return of the stocks in the Research Analyst’s, or the Research Analyst’s
team’s, coverage universe. NR is Not Rated. In this case, J.P. Morgan has removed the rating and, if applicable, the price target, for this stock
because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy reasons. The previous rating and, if applicable, the
price target, no longer should be relied upon. An NR designation is not a recommendation or a rating. Some stocks under coverage have a rating
but no price target; in these cases, we expect the stock will outperform/perform in line/underperform the average total return of the stocks in the
Research Analyst’s, or the Research Analyst’s team’s, coverage universe of the relevant duration of the region. In our Asia (ex-Australia and exIndia) and U.K. small- and mid-cap Equity Research, each stock’s expected total return is compared to the expected total return of a benchmark
country market index, not to those Research Analysts’ coverage universe. If it does not appear in the Important Disclosures section of this report,
the certifying Research Analyst’s coverage universe can be found on J.P. Morgan’s Research website, https://www.jpmorganmarkets.com .
Coverage Universe: Hariharan, Gokul : ASE Technology Holding Co Ltd (3711.TW), ASMPT Ltd (0522) (0522.HK), AirTAC (1590.TW),
Alchip Technologies (3661.TW), Chipbond Technology (6147.TWO), GDS Holdings (GDS), GUC (3443.TW), Hiwin (2049.TW), Hon Hai
Precision (2317.TW), MediaTek Inc. (2454.TW), Nien Made (8464.TW), Novatek Microelectronics Corp. (3034.TW), Powerchip
Semiconductor Manufacturing Corp. (6770.TWO), SMIC (0981) (0981.HK), Silicon Motion (SIMO), Sinbon (3023.TW), TSMC (2330.TW),
Teco Electric & Machinery (1504.TW), UMC (2303.TW), Vanguard International Semiconductor Corp. (5347.TWO), Voltronic Power
Technology (6409.TW), Xiaomi (1810) (1810.HK)
J.P. Morgan Equity Research Ratings Distribution, as of October 03, 2026

J.P. Morgan Global Equity Research Coverage*
IB clients**
JPMS Equity Research Coverage*
IB clients**

Overweight
(buy)
53%
83%
51%
95%

Neutral
(hold)
35%
81%
37%
93%

Underweight
(sell)
12%
72%
12%
88%

*Please note that the percentages may not add to 100% because of rounding.
**Percentage of subject companies within each of the "buy," "hold" and "sell" categories for which J.P. Morgan has provided
investment banking services within the previous 12 months.
For purposes of FINRA ratings distribution rules only, our Overweight rating falls into a buy rating category; our Neutral rating falls
into a hold rating category; and our Underweight rating falls into a sell rating category. Please note that stocks with an NR designation
are not included in the table above. This information is current as of the end of the most recent calendar quarter.
Equity Valuation and Risks: For valuation methodology and risks associated with covered companies or price targets for covered companies,
please see the most recent company-specific research report at http://www.jpmorganmarkets.com , contact the primary analyst or your J.P.
Morgan representative, or email research.disclosure.inquiries@jpmorgan.com . For material information about the proprietary models used,
please see the Summary of Financials in company-specific research reports and the Company Tearsheets, which are available to download on
the company pages of our client website, http://www.jpmorganmarkets.com . This report also sets out within it the material underlying
assumptions used.
History of Investment Recommendations:
A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research &
Commentary page of http://www.jpmorganmarkets.com where you can also search by analyst name, sector or financial instrument.
Analysts' Compensation:The research analysts responsible for the preparation of this report receive compensation based upon various factors,
including the quality and accuracy of research, client feedback, competitive factors, and overall firm revenues.
Registration of non-US Analysts: Unless otherwise noted, the non-US analysts listed on the front of this report are employees of non-US
affiliates of J.P. Morgan Securities LLC, may not be registered as research analysts under FINRA rules, may not be associated persons of J.P.
Morgan Securities LLC, and may not be subject to FINRA Rule 2241 or 2242 restrictions on communications with covered companies, public
appearances, and trading securities held by a research analyst account.

Other Disclosures

J.P. Morgan is a marketing name for investment banking businesses of JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide.
UK MIFID FICC research unbundling exemption: UK clients should refer to UK MIFID Research Unbundling exemption for details of J.P.
4

Gokul Hariharan AC
(852) 2800-8564
gokul.hariharan@jpmorgan.com

Asia Pacific Equity Research
12 October 2026

JPMORGAN

Morgan’s implementation of the FICC research exemption and guidance on relevant FICC research categorisation.
All research material made available to clients are simultaneously available on our client website, J.P. Morgan Markets, unless specifically
permitted by relevant laws. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research
material available on a particular stock, please contact your sales representative.
Any long form nomenclature for references to China; Hong Kong; Taiwan; and Macau within this research material are Mainland China; Hong
Kong SAR (China); Taiwan (China); and Macau SAR (China).
J.P. Morgan Research may, from time to time, write on issuers or securities targeted by economic or financial sanctions imposed or administered
by the governmental authorities of the U.S., EU, UK or other relevant jurisdictions (Sanctioned Securities). Nothing in this report is intended to
be read or construed as encouraging, facilitating, promoting or otherwise approving investment or dealing in such Sanctioned Securities. Clients
should be aware of their own legal and compliance obligations when making investment decisions.
Digital assets, which may also be referred to as virtual or crypto assets or crypto currencies (e.g. bitcoin), discussed in this research report are
subject to a rapidly changing regulatory landscape. The application of relevant laws in respect of such assets may be unsettled, and the legality
of any digital asset investment may be unclear. Prior to making any investment decision regarding any digital asset, investors should seek their
own legal advice and be aware of any legal considerations regarding the purchase, holding or selling of such an investment. For relevant
regulatory advisories on digital assets, including bitcoin and ethereum, please see
https://www.jpmorgan.com/disclosures/cryptoasset-disclosure .
The author(s) of this research report may not be licensed to carry on regulated activities in your jurisdiction and, if not licensed, do not hold
themselves out as being able to do so.
Exchange-Traded Funds (ETFs): J.P. Morgan Securities LLC (“JPMS”) acts as authorized participant for substantially all U.S.-listed ETFs. To
the extent that any ETFs are mentioned in this report, JPMS may earn commissions and transaction-based compensation in connection with the
distribution of those ETF shares and may earn fees for performing other trade-related services, such as securities lending to short sellers of the
ETF shares. JPMS may also perform services for the ETFs themselves, including acting as a broker or dealer to the ETFs. In addition, affiliates
of JPMS may perform services for the ETFs, including trust, custodial, administration, lending, index calculation and/or maintenance and other
services.
Options and Futures related research: If the information contained herein regards options- or futures-related research, such information is
available only to persons who have received the proper options or futures risk disclosure documents. Please contact your J.P. Morgan
Representative or visit https://www.theocc.com/components/docs/riskstoc.pdf for a copy of the Option Clearing Corporation's Characteristics
and Risks of Standardized Options or
https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf for a copy of the Security Futures
Risk Disclosure Statement.
Changes to Interbank Offered Rates (IBORs) and other benchmark rates: Certain interest rate benchmarks are, or may in the future
become, subject to ongoing international, national and other regulatory guidance, reform and proposals for reform. For more information, please
consult: https://www.jpmorgan.com/global/disclosures/interbank_offered_rates
Private Bank Clients: Where you are receiving research as a client of the private banking businesses offered by JPMorgan Chase & Co. and its
subsidiaries (“J.P. Morgan Private Bank”), research is provided to you by J.P. Morgan Private Bank and not by any other division of J.P. Morgan,
including, but not limited to, the J.P. Morgan Corporate and Investment Bank and its Global Research division.
Legal entity responsible for the production and distribution of research: The legal entity identified below the name of the Reg AC Research
Analyst who authored this material is the legal entity responsible for the production of this research. Where multiple Reg AC Research Analysts
authored this material with different legal entities identified below their names, these legal entities are jointly responsible for the production of
this research. Where more than one legal entity is listed under an analyst’s name, the first legal entity is responsible for the production unless
stated otherwise. Research Analysts from various J.P. Morgan affiliates may have contributed to the production of this material but may not be
licensed to carry out regulated activities in your jurisdiction (and do not hold themselves out as being able to do so). Unless otherwise stated
below in the legal entity disclosures, this material has been distributed by the legal entity responsible for production, or where more than one
legal entity is listed under the analyst’s name, the first legal entity will be responsible for distribution. If you have any queries, please contact the
relevant Research Analyst in your jurisdiction or the entity in your jurisdiction that has distributed this research material.
Legal Entities Disclosures and Country-/Region-Specific Disclosures:
Argentina: JPMorgan Chase Bank N.A Sucursal Buenos Aires is regulated by Banco Central de la República Argentina (“BCRA”- Central
Bank of Argentina) and Comisión Nacional de Valores (“CNV”- Argentinian Securities Commission - ALYC y AN Integral N°51).
Australia: J.P. Morgan Securities Australia Limited (“JPMSAL”) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by the
Australian Securities and Investments Commission and is a Market Participant of ASX Limited, a Clearing and Settlement Participant of ASX
Clear Pty Limited and a Clearing Participant of ASX Clear (Futures) Pty Limited. This material is issued and distributed in Australia by or on
behalf of JPMSAL only to "wholesale clients" (as defined in section 761G of the Corporations Act 2001). A list of all financial products covered
can be found by visiting https://www.jpmm.com/research/disclosures . J.P. Morgan seeks to cover companies of relevance to the domestic and
international investor base across all Global Industry Classification Standard (GICS) sectors, as well as across a range of market capitalisation
sizes. If applicable, in the course of conducting public side due diligence on the subject company(ies), the Research Analyst team may at times
5

Gokul Hariharan AC
(852) 2800-8564
gokul.hariharan@jpmorgan.com

Asia Pacific Equity Research
12 October 2026

JPMORGAN

perform such diligence through corporate engagements such as site visits, discussions with company representatives, management presentations,
etc. Research issued by JPMSAL has been prepared in accordance with J.P. Morgan Australia’s Research Independence Policy which can be
found at the following link: J.P. Morgan Australia - Research Independence Policy .
Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Ombudsman
J.P. Morgan: 0800-7700847 / 0800-7700810 (For Hearing Impaired) / ouvidoria.jp.morgan@jpmchase.com .
Canada: J.P. Morgan Securities Canada Inc. is a registered investment dealer, regulated by the Canadian Investment Regulatory Organization
and the Ontario Securities Commission and is the participating member on Canadian exchanges. This material is distributed in Canada by or on
behalf of J.P.Morgan Securities Canada Inc.
Chile: Inversiones J.P. Morgan Limitada is an unregulated entity incorporated in Chile.
China: J.P. Morgan Securities (China) Company Limited has been approved by CSRC to conduct the securities investment consultancy
business.
Colombia: Banco J.P. Morgan Colombia S.A. is supervised by the Superintendencia Financiera de Colombia (SFC). Any reference in this
material to products or services offered abroad by entities other than the Bank in Colombia is included exclusively for descriptive purposes.
Such references do not constitute, and should not be construed as, promotional activity or the provision of financial products or services within
Colombian territory, as defined under applicable Colombian regulation.
Dubai International Financial Centre (DIFC): JPMorgan Chase Bank, N.A., Dubai Branch is regulated by the Dubai Financial Services
Authority (DFSA) and its registered address is Dubai International Financial Centre - The Gate, West Wing, Level 3 and 9 PO Box 506551,
Dubai, UAE. This material has been distributed by JP Morgan Chase Bank, N.A., Dubai Branch to persons regarded as professional clients or
market counterparties as defined under the DFSA rules.
European Economic Area (EEA): Unless specified to the contrary, research is distributed in the EEA by J.P. Morgan SE (“JPM SE”), which is
authorised as a credit institution by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and
jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB). JPM SE is a
company headquartered in Frankfurt with registered address at TaunusTurm, Taunustor 1, Frankfurt am Main, 60310, Germany. The material
has been distributed in the EEA to persons regarded as professional investors (or equivalent) pursuant to Art. 4 para. 1 no. 10 and Annex II of
MiFID II and its respective implementation in their home jurisdictions (“EEA professional investors”). This material must not be acted on or
relied on by persons who are not EEA professional investors. Any investment or investment activity to which this material relates is only
available to EEA relevant persons and will be engaged in only with EEA relevant persons.
Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ321) is regulated by the Hong Kong Monetary Authority and the
Securities and Futures Commission in Hong Kong, and J.P. Morgan Broking (Hong Kong) Limited (CE number AAB027) is regulated by the
Securities and Futures Commission in Hong Kong. JP Morgan Chase Bank, N.A., Hong Kong Branch (CE Number AAL996) is regulated by the
Hong Kong Monetary Authority and the Securities and Futures Commission, is organized under the laws of the United States with limited
liability. Where the distribution of this material is a regulated activity in Hong Kong, the material is distributed in Hong Kong by or through J.P.
Morgan Securities (Asia Pacific) Limited and/or J.P. Morgan Broking (Hong Kong) Limited.
India: J.P. Morgan India Private Limited (Corporate Identity Number - U67120MH1992FTC068724), having its registered office at J.P. Morgan
Tower, Off. C.S.T. Road, Kalina, Santacruz - East, Mumbai – 400098, is registered with the Securities and Exchange Board of India (SEBI) as a
‘Research Analyst’ having registration number INH000001873. J.P. Morgan India Private Limited is also registered with SEBI as a member of
the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited (SEBI Registration Number – INZ000239730) and as a
Merchant Banker (SEBI Registration Number - MB/INM000002970). Telephone: 91-22-6157 3000, Facsimile: 91-22-6157 3990 and Website:
http://www.jpmipl.com . JPMorgan Chase Bank, N.A. - Mumbai Branch is licensed by the Reserve Bank of India (RBI) (Licence No. 53/
Licence No. BY.4/94; SEBI - IN/CUS/014/ CDSL : IN-DP-CDSL-444-2008/ IN-DP-NSDL-285-2008/ INBI00000984/ INE231311239) as a
Scheduled Commercial Bank in India, which is its primary license allowing it to carry on Banking business in India and other activities, which a
Bank branch in India are permitted to undertake. For non-local research material, this material is not distributed in India by J.P. Morgan India
Private Limited. Compliance Officer: Ashutosh Sharma; ashutosh.j.sharma@jpmchase.com ; +912261575002. Grievance Officer: Ramprasadh
K, jpmipl.research.feedback@jpmorgan.com ; +912261573000. Registration granted by SEBI and certification from NISM in no way guarantee
performance of the intermediary or provide any assurance of returns to investors. Please visit Terms and Conditions and Most Important Terms
and Conditions (MITC) . The annual Compliance audit report is available at http://www.jpmipl.com/#research .
Indonesia: PT J.P. Morgan Sekuritas Indonesia is a member of the Indonesia Stock Exchange and is registered and supervised by the Otoritas
Jasa Keuangan (OJK).
Korea: J.P. Morgan Securities (Far East) Limited, Seoul Branch, is a member of the Korea Exchange (KRX). JPMorgan Chase Bank, N.A.,
Seoul Branch, is licensed as a branch office of foreign bank (JPMorgan Chase Bank, N.A.) in Korea. Both entities are regulated by the Financial
Services Commission (FSC) and the Financial Supervisory Service (FSS). For non-macro research material, the material is distributed in Korea
by or through J.P. Morgan Securities (Far East) Limited, Seoul Branch.
Japan: JPMorgan Securities Japan Co., Ltd. and JPMorgan Chase Bank, N.A., Tokyo Branch are regulated by the Financial Services Agency in
Japan.

6

Gokul Hariharan AC
(852) 2800-8564
gokul.hariharan@jpmorgan.com

Asia Pacific Equity Research
12 October 2026

JPMORGAN

Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X), which is a Participating
Organization of Bursa Malaysia Berhad and holds a Capital Markets Services License issued by the Securities Commission in Malaysia.
Mexico: J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo Financiero is member of the Mexican Stock Exchange (“Bolsa Mexicana
de Valores”) and the Institutional Stock Exchange (“Bolsa Institucional de Valores”), and it is authorized to act as a broker dealer by the
National Banking and Securities Exchange Commission (“Comisión Nacional Bancaria y de Valores”).
New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to "wholesale clients" (as defined in the Financial
Markets Conduct Act 2013). JPMSAL is registered as a Financial Service Provider under the Financial Service providers (Registration and
Dispute Resolution) Act of 2008.
Nigeria: J.P. Morgan Chase Representative Office (Nigeria) Limited is regulated by the Central Bank of Nigeria.
Philippines: J.P. Morgan Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities
Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission.
Singapore: This material is issued and distributed in Singapore by or through J.P. Morgan Securities Singapore Private Limited (JPMSS)
[MDDI (P) 070/08/2026 and Co. Reg. No.: 199405335R], which is a member of the Singapore Exchange Securities Trading Limited, and/or
JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore), both of which are regulated by the Monetary Authority of Singapore. This
material is issued and distributed in Singapore only to accredited investors, expert investors and institutional investors, as defined in Section 4A
of the Securities and Futures Act, Cap. 289 (SFA). This material is not intended to be issued or distributed to any retail investors or any other
investors that do not fall into the classes of “accredited investors,” “expert investors” or “institutional investors,” as defined under Section 4A of
the SFA. Recipients of this material in Singapore are to contact JPMSS or JPMCB Singapore in respect of any matters arising from, or in
connection with, the material.
South Africa: J.P. Morgan Equities South Africa Proprietary Limited and JPMorgan Chase Bank, N.A., Johannesburg Branch are members of
the Johannesburg Securities Exchange and are regulated by the Financial Services Conduct Authority (FSCA).
Taiwan: J.P. Morgan Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan
Securities and Futures Bureau. Material relating to equity securities is issued and distributed in Taiwan by J.P. Morgan Securities (Taiwan)
Limited, subject to the license scope and the applicable laws and the regulations in Taiwan. To the extent that J.P. Morgan Securities
(Taiwan) Limited produces research materials on securities not listed on the Taiwan Stock Exchange or Taipei Exchange (“Non-Taiwan
Listed Securities”), these materials shall not constitute securities recommendations for the purpose of applicable Taiwan regulations,
and, for the avoidance of doubt, J.P. Morgan Securities (Taiwan) Limited does not act as broker for Non-Taiwan Listed Securities.
According to Paragraph 2, Article 7-1 of Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customers
(as amended or supplemented) and/or other applicable laws or regulations, please note that the recipient of this material is not permitted to
engage in any activities in connection with the material that may give rise to conflicts of interests, unless otherwise disclosed in the “Important
Disclosures” in this material.
Thailand: This material is issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange
of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. The registered address is 548 One City
Center Building, 50th Floor, Ploenchit Road, Lumphini, Pathum Wan, Bangkok 10330.
UK: Research is produced in the UK by J.P. Morgan Securities plc (“JPMS plc”) which is a member of the London Stock Exchange and is
authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority or
J.P. Morgan Markets Limited (“JPMML Ltd”) which is authorised and regulated by the Financial Conduct Authority. Unless specified to the
contrary, this material is distributed in the UK by JPMS plc and is directed in the UK only to: (a) persons having professional experience in
matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) (Order) 2005
(“the FPO”); (b) persons outlined in article 49 of the FPO (high net worth companies, unincorporated associations or partnerships, the trustees of
high value trusts, etc.); or (c) any persons to whom this communication may otherwise lawfully be made; all such persons being referred to as
"UK relevant persons". This material must not be acted on or relied on by persons who are not UK relevant persons. Any investment or
investment activity to which this material relates is only available to UK relevant persons and will be engaged in only with UK relevant persons.
A description of J.P. Morgan EMEA’s policy for prevention and avoidance of conflicts of interest related to the production of Research can be
found at the following link: J.P. Morgan EMEA - Research Independence Policy .
U.S.: J.P. Morgan Securities LLC (“JPMS”) is a member of the NYSE, FINRA, SIPC, and the NFA. JPMorgan Chase Bank, N.A. is a member
of the FDIC. Material published by non-U.S. affiliates is distributed in the U.S. by JPMS who accepts responsibility for its content.
General: Additional information is available upon request. The information in this material has been obtained from sources believed to be
reliable. While all reasonable care has been taken to ensure that the facts stated in this material are accurate and that the forecasts, opinions and
expectations contained herein are fair and reasonable, JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively J.P. Morgan) make
no representations or warranties whatsoever to the completeness or accuracy of the material provided, except with respect to any disclosures
relative to J.P. Morgan and the Research Analyst's involvement with the issuer that is the subject of the material. Accordingly, no reliance should
be placed on the accuracy, fairness or completeness of the information contained in this material. There may be certain discrepancies with data
and/or limited content in this material as a result of calculations, adjustments, translations to different languages, and/or local regulatory
restrictions, as applicable. These discrepancies should not impact the overall investment analysis, views and/or recommendations of the subject

7

Gokul Hariharan AC
(852) 2800-8564
gokul.hariharan@jpmorgan.com

Asia Pacific Equity Research
12 October 2026

JPMORGAN

company(ies) that may be discussed in the material. Artificial intelligence tools may have been used in the preparation of this material, including
assisting in data analysis, pattern recognition, and content drafting for research material. J.P. Morgan accepts no liability whatsoever for any loss
arising from any use of this material or its contents, and neither J.P. Morgan nor any of its respective directors, officers or employees, shall be in
any way responsible for the contents hereof, apart from the liabilities and responsibilities that may be imposed on them by the relevant
regulatory authority in the jurisdiction in question, or the regulatory regime thereunder. Opinions, forecasts or projections contained in this
material represent J.P. Morgan's current opinions or judgment as of the date of the material only and are therefore subject to change without
notice. Periodic updates may be provided on companies/industries based on company-specific developments or announcements, market
conditions or any other publicly available information. There can be no assurance that future results or events will be consistent with any such
opinions, forecasts or projections, which represent only one possible outcome. Furthermore, such opinions, forecasts or projections are subject
to certain risks, uncertainties and assumptions that have not been verified, and future actual results or events could differ materially. The value
of, or income from, any investments referred to in this material may fluctuate and/or be affected by changes in exchange rates. All pricing is
indicative as of the close of market for the securities discussed, unless otherwise stated. Past performance is not indicative of future results.
Accordingly, investors may receive back less than originally invested. This material is not intended as an offer or solicitation for the purchase or
sale of any financial instrument. The opinions and recommendations herein do not take into account individual client circumstances, objectives,
or needs and are not intended as recommendations of particular securities, financial instruments or strategies to particular clients. This material
may include views on structured securities, options, futures and other derivatives. These are complex instruments, may involve a high degree of
risk and may be appropriate investments only for sophisticated investors who are capable of understanding and assuming the risks involved. The
recipients of this material must make their own independent decisions regarding any securities or financial instruments mentioned herein and
should seek advice from such independent financial, legal, tax or other adviser as they deem necessary. J.P. Morgan may trade as a principal on
the basis of the Research Analysts’ views and research, and it may also engage in transactions for its own account or for its clients’ accounts in a
manner inconsistent with the views taken in this material, and J.P. Morgan is under no obligation to ensure that such other communication is
brought to the attention of any recipient of this material. Others within J.P. Morgan, including Strategists, Sales staff and other Research
Analysts, may take views that are inconsistent with those taken in this material. Employees of J.P. Morgan not involved in the preparation of this
material may have investments in the securities (or derivatives of such securities) mentioned in this material and may trade them in ways
different from those discussed in this material. This material is not an advertisement for or marketing of any issuer, its products or services, or its
securities in any jurisdiction.
Confidentiality and Security Notice: This transmission may contain information that is privileged, confidential, legally privileged, and/or
exempt from disclosure under applicable law. If you are not the intended recipient, you are hereby notified that any disclosure, copying,
distribution, or use of the information contained herein (including any reliance thereon) is STRICTLY PROHIBITED. Although this
transmission and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is
received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by JPMorgan Chase &
Co., its subsidiaries and affiliates, as applicable, for any loss or damage arising in any way from its use. If you received this transmission in
error, please immediately contact the sender and destroy the material in its entirety, whether in electronic or hard copy format. This message is
subject to electronic monitoring: https://www.jpmorgan.com/disclosures/email
MSCI: Certain information herein (“Information”) is reproduced by permission of MSCI Inc., its affiliates and information providers (“MSCI”)
©2026. No reproduction or dissemination of the Information is permitted without an appropriate license. MSCI MAKES NO EXPRESS OR
IMPLIED WARRANTIES (INCLUDING MERCHANTABILITY OR FITNESS) AS TO THE INFORMATION AND DISCLAIMS ALL
LIABILITY TO THE EXTENT PERMITTED BY LAW. No Information constitutes investment advice, except for any applicable Information
from MSCI ESG Research. Subject also to msci.com/disclaimer
Any mentions of third-party trademarks, brand names, products, and services are for referential purposes only and any mention thereof is not
meant to imply any sponsorship, endorsement, or affiliation.
Sustainalytics: Certain information, data, analyses and opinions contained herein are reproduced by permission of Sustainalytics and: (1)
includes the proprietary information of Sustainalytics; (2) may not be copied or redistributed except as specifically authorized; (3) do not
constitute investment advice nor an endorsement of any product or project; (4) are provided solely for informational purposes; and (5) are not
warranted to be complete, accurate or timely. Sustainalytics is not responsible for any trading decisions, damages or other losses related to it or
its use. The use of the data is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers . ©2026 Sustainalytics. All
Rights Reserved.
"Other Disclosures" last revised October 03, 2026.
Copyright 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or
redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P.
Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party
artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. #$J&098$#*P
Completed 12 Oct 2026 07:19 AM HKT

8

Disseminated 12 Oct 2026 07:19 AM HKT