Europe Credit Research 14 August 2026 J P M O R G A N European Credit Weekly Volatility eclipsed For now, euro credit markets appear to have settled into an uncomfortable calm. Over the past three months, the realised trading range of euro investment grade has been just 5.3bp, between 86.5bp and 91.8bp (Figure 1EUR IG3mTrading Re,bp). This measure is testing all-time lows, with the post-pandemic recovery the only period in the past decade to see lower volatility, when the ECB was essentially acting as a pri ...

J P M O R G A N Asia Pacific Equity Research 14 August 2026 SUNDRUG (9989) 1Q FY2026: Slight shortfall due to inclement June weather; plans full merchandise supply operation from 2H Neutral: 1Q operating profit fell 1.5% YoY to ¥12.1 billion. This was slightly below our estimate as of July 27 of ¥12.6 billion (similar to the Bloomberg consensus estimate). The gross margin undershot expectations, mainly due to soft seasonal goods sales from June. On the other hand, the phased supply of merchandise to Kirindo ...

J P M O R G A N Global Equity Research 14 August 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Global Banks Research Highlights Week Ending Aug 14, 2026 This report provides a summary of research produced by J.P. Morgan Global Bank Equity Research. Ke ...

J P M O R G A N Global Global Markets Strategy 14 August 2026 EM Sovereign Credit: Living in the world of hyperscalers Hyperscalers could reshape credit markets, but for now risks seem low Emerging Markets Strategy Nishant M Poojary, CFA AC (44 20) 3493-3859 nishant.m.poojary@jpmorgan.com J.P. Morgan Securities plc Fariha R Ahmmed AC (44-20) 7134-8537 fariha.ahmmed@jpmorgan.com J.P. Morgan Securities plc Ben Ramsey (1-212) 834-4308 See page 10 for analyst certification and important disclosures. benjamin.h. ...

J P M O R G A N North America Equity Research 14 August 2026 U.S. Physical Therapy Nchacha Etta Named CFO, Effective September 1 This morning, USPH announced that Nchacha Etta will become EVP & CFO, effective September 1, taking over from current Interim CFO Jason Curtis. Recall that Curtis was initially appointed Interim CFO in February (formally taking the role on April 24) as the USPH searched for a permanent successor. Etta most recently served as CFO at OMCL from 2023 to 2025, overseeing the company's ...

CITI'S TAKE Orizon delivered flat 2Q26 results, with EBITDA (ex-equity income) reaching R$111.6mn. Adjusting for the R$16.4mn non-recurring expense related to transaction advisors, adj. EBITDA would have reached R$128.0mn, in line with our estimate. On the operating side, Legacy waste volumes increased 10.7% y/y to 2.45mn tons, while avg. gate-fee reached R$90.4/ton, up 8.5% y/y. Despite the stronger Final Disposal performance, EBITDA remained broadly flat y/y, mainly reflecting higher personnel expenses re ...

Asia Pacific Equity Research 14 August 2026 China Internet Singapore Marketing Takeaways: Selective Rotation, Proof Still Needed Singapore investors became more constructive on Alibaba and Tencent later into our recent marketing trip, but we do not see a broad strategic rotation into China internet. The shift was mainly relative: Asian semiconductors remained the preferred earnings momentum exposure, while large-cap China internet was often the funding source. As semiconductor momentum weakened, Alibaba and ...

Ac t i o n | 14 Aug 2026 08:39:12 ET │ 16 pages Bullish (BLSH.N) Strong Beat on SS&O Tokenization Narrative Taking Shape; Reiterate Buy/HR CITI'S TAKE Bullish remains our #2 pick in digital assets. 2Q'26 results delivered a meaningful beat, driven by record SS&O revenue of $62.7M (+97% YoY), which offset continued exchange volume softness. Total net revenue of $92.6M beat our estimate by 7.8% and consensus by 6.0%, while Adj EBITDA of $28.8M exceeded our estimate by 12.5%. The quarter brought meaningful str ...

表 1：各公司核心观点摘要 中国 证券研究 2026 年 8 月 14 日 中国互联网行业 新加坡路演要点：选择性轮动，仍需验证 在我们近期路演的后半段，新加坡投资者对阿里和腾讯的态度趋于积极，但 我们并未看到资金大范围战略性轮动至中国互联网板块。此次资金切换主要 是相对意义上的：亚洲半导体仍是市场首选的、具备盈利动能的资产，而中 国互联网大盘股此前多作为资金来源。随着半导体板块动能减弱，阿里和腾 讯作为战术性替代选择的吸引力有所提升。只有当盈利预测调整和资金流向 扩展至上述两只标的之外时，我们对板块整体的态度才会转为更加积极。 中国证券研究主管及亚洲 TMT 研究联 席主管 证券分析师: 姚橙 AC (86 21) 6106 6505 alex.yao@jpmorgan.com 登记编号: S1730523020001 证券分析师: 陈祺 (86-21) 6106 6205 daniel.q.chen@jpmorgan.com 登记编号: S1730521040001 证券分析师: 徐文韬 (86-21) 6106 6138 olivia.w.xu@jpmorgan.com 登记编号: S173052506 ...

J P M O R G A N Europe Equity Research 14 August 2026 EMEA Metals & Mining Weekly Wrap: Stepping into Stainless, AngloGold Nevada site visit, TKA Steel & VOE CMDs in September, EMEA Back to School series We provide updated valuation and commodity price scenario analysis across our EMEA Mining & Steel coverage (link). We will be hosting our EMEA Mining & Steel Back to School Series over 2-10 September with C-suite executives from Aperam, Acerinox, voestalpine, ArcelorMittal, First Quantum, Norsk Hydro, and L ...