J P M O R G A N Europe Equity Research 11 August 2026 Gold Fields Ltd H1'26 trading statement: EPS miss vs JPMe, 2026 production guided at upper end of 2.4-2.6Moz. H1'26 results 25 Aug Our Take - EPS miss, FCF beat for H1'26: Gold Fields has published a trading statement ahead of H1'26 results on 25th Aug. GFI guides H1'26 HEPS US$1.98- 2.18/sh (mid-pt: $2.08/sh), -17% vs JPMe ($2.50/sh) and -21% vs BBG Consensus (albeit only three contributors). Q2 gold output of 630koz and AISC are both in- line with JPMe ...

J P M O R G A N Latin America Equity Research 11 August 2026 MercadoLibre, Inc. Monthly Credit Review – July-26 In this report, we summarize key high frequency metrics related to MELI's credit business. Argentina Brazil Mexico Neutral MELI, MELI US Price (10 Aug 26):$1,824.34 LatAm Technology & Telecom / Education Marcelo Santos, CFA AC (55-11) 4950-3708 marcelo.p.santos@jpmorgan.com Banco J.P. Morgan S.A. Livea Mizobata (55-11) 4950-3604 livea.mizobata@jpmorgan.com Banco J.P. Morgan S.A. Victoria Antonello ...

J P M O R G A N Asia Pacific Equity Research 11 August 2026 Korea Autos US hybrids stronger for longer; Europe EV incentives a manageable risk; stay Overweight on HMC/Kia We see Hyundai Motor (HMC) and Kia's US market share gains as increasingly driven by HEV strength rather than a single model cycle. US HEV penetration has surged from 2% in 2018 to 16% in 7M26 as OEMs align HEV offerings with the center of US demand, especially small and mid-size SUVs, expanding the addressable market by delivering fuel sa ...

Neutral MOVI3.SA, MOVI3 BZ Price (10 Aug 26):R$7.45 Latin American Transportation Guilherme Mendes AC J P M O R G A N Latin America Equity Research 11 August 2026 Movida 2Q26 Conference Call Highlights See page 3 for analyst certification and important disclosures, including non-US analyst disclosures. Julia Orsi (55-11) 4950 3351 julia.orsi@jpmorgan.com Banco J.P. Morgan S.A. {[{D4WHZ_gOM1MWGlpDrXiS_yScHTQdzbB8m_ebQnjfbBAIssnVq73qXhS3ff4udTqxruIntcI4Jj3UsADvnzfDrnHU-zKe4j3N5uqJemdk}]} • Chinese Vehicles & ...

J P M O R G A N Technology William Yang AC (886-2) 2725-9899 william.yang@jpmorgan.com Asia Pacific Equity Research 11 August 2026 Kinik Margin tailwind to further strengthen into 2H26; more aggressive diamond disk capacity expansion; OW Kinik reported its 2Q26 earnings and held an investor meeting. The stronger-than- expected 2Q GM growth (reaching 40% from 35% in 1Q) was in line with our preview (link), and we believe the margin expansion trend will strengthen into 2H26 and 2027driven by 1) ABU (grinding ...

J P M O R G A N Latin America Equity Research 11 August 2026 YPF Straight From the Call YPF just hosted its 2Q26 conference call. Overall, management reinforced confidence in its shale growth trajectory, highlighted continued progress across key strategic projects, and raised 2026 guidance on the back of a stronger oil price environment. For more details on the reported figures, refer to YPF 2Q26: Strong Quarter Drives Solid FCF and Deleveraging. See our notes below. Overweight YPF, YPF US Price (10 Aug 26) ...

J P M O R G A N Asia Pacific Equity Research 11 August 2026 Samsung SDI Assuming full ownership at GM battery JV: from a stranded asset to a scalable US ESS site; stay OW Samsung SDI (SDI) has agreed to buy GM's 49.9% stake in their Indiana EV battery JV, terminating the originally planned JV amid slower EV demand; SDI will fully own/operate the site. Construction was halted at the building phase, and SDI has invested W275bn so far, previously raising stranded asset risk given the slow EV recovery and GM's ...

J P M O R G A N North America Equity Research 11 August 2026 Lowering 2026 EBITDA on Softer 3Q Guidance, Despite Political Tailwind and Ramping Cost Savings We update our iHeart estimates following better-than-expected 2Q26 results, highlighted by adj. EBITDA that was 1% above our estimate and FCF that was well ahead of expectations. Management guided to slightly lower-than-expected 3Q revenue growth of "mid-single digits" and EBITDA of $180-220m, reflecting macro uncertainty in the advertising market, whic ...

J P M O R G A N Latin America Credit Research 11 August 2026 LATAM Corporates Daily Your daily dose of all things LatAm Highlights Prices in this note are as of August 10, 2026. CSN: Exchange offer reaches 70% threshold CSN disclosed that it successfully completed an exchange offer for its outstanding 6.750% notes due 2028, with participation of 77.49% (~US$1.007 billion), surpassing the 70% minimum threshold (US$910 million) required for the offer to proceed. Under the terms of the exchange, for every US$1 ...

J P M O R G A N 2Q OP miss; continued parcel delivery volume growth without operating leverage; Neutral CJL's 2Q results were a mirror of 1Q: Robust core parcel delivery volume growth of 11% y/y, driving a sequential market share gain (0.2%pt q/q), but weak parcel OP (-11% y/y) driven by ASP erosion (-4%) and incremental investment. CL/ global businesses were hit by macro volatility, which together led to -12% y/y OP (4% below the Street). Management reiterated confidence on parcel delivery volume share gai ...