J P M O R G A N Asia Pacific Equity Research 20 July 2026 JPM Asia Telco Investing our Recommendations Back-testing analysis: 20 July 2026 Head of APAC Telecoms and India TMT Research Ankur Rudra, CFA AC (65) 6801-3237 ankur.rudra@jpmorgan.com J.P. Morgan Securities Singapore Private Limited Harsh Upadhyay (91 22) 6157 3094 harsh.x.upadhyay@jpmchase.com J.P. Morgan India Private Limited, J.P. Morgan Tower, Santacruz(E), Mumbai - 400098, SEBI Registration: INH000001873, (91-22) 6157-3000. See page 12 for ana ...