Broker Research: Sector, Macro and Strategy Notes

J.P. Morgan·2026-11-05Credit

SKHYNIX0016.HK005490.KS051910.KSTENCENT BABABMRI.JKD05.SIChina National Chemical credit·OverweightAsian credit basis strategies·NeutralAsia ex-Japan single-name CDS daily volume: Observed turnover rose 52% year-on-year.1H26Asia share of global single-name CDS: Observed regional share after rapid turnover growth.1H26

J.P. Morgan·2026-11-04Credit

AEP.USCEGNRG.USSEI.USTLN VSTBehind-the-meter and bridge power·UnderweightApproved data-center projects·OverweightRegulated utility credit·NeutralNewbuild power supply: Meaningful additions are not expected before the stated timeframe.2029

J.P. Morgan·2026-11-03Credit

EL.US

J.P. Morgan·2026-10-30Credit

MSFT ORCL

J.P. Morgan·2026-10-29Credit

J.P. Morgan·2026-10-27Credit

TENCENT9988.HKAsia TMT credit·Underweight

J.P. Morgan·2026-10-20Credit

INTC.US·OverweightMRVL.US·OverweightSWKS.US·OverweightAVGO.US·UnderweightNVDA.US·UnderweightAMD.US·Underweight

J.P. Morgan·2026-09-17Credit

LEN.US

J.P. Morgan·2026-09-09Credit

GENT.KL

J.P. Morgan·2026-09-09Credit

US HG revenue growth: +10.5% YoY2Q26US HG EBITDA growth: +15.8% YoY2Q26US HG interest coverage: 10.3x, unchanged YoY2Q26

J.P. Morgan·2026-09-08Credit

USD IG credit·Overweight

J.P. Morgan·2026-08-31Credit

APAC data centers·NeutralAPAC ex-China data center capacity: JPM forecast2030E

J.P. Morgan·2026-08-20Credit

J.P. Morgan·2026-08-12Credit

COHR

J.P. Morgan·2026-08-11Credit

EM credit·Neutral

J.P. Morgan·2026-08-10Credit

CTEV.US

J.P. Morgan·2026-07-31Credit

AI-related credit·Neutral

J.P. Morgan·2026-07-30Credit

J.P. Morgan·2026-07-29Credit

VRT

J.P. Morgan·2026-07-27Credit

SNAP

Research: Broker notes on sectors, macro, rates and strategy

Asia CDS: Beyond Cash Bonds

AI Capex Data Centers: Early Thoughts On Blue Wave Implications On DC & Power Funding

The Estee Lauder Cos (EL.US) 1Q27 Fresh Top Notes, Lingering Base Notes -Upgrading to Neutral

Credit Market Outlook & Strategy: It’s not just the French - US IG buyers strike until flows improve

AI Capex Funding: Data Center - Hyperscaler Bond Matrix 3.0 Wider Spreads, Wider Relationships, More PC & More Equity

Asia TMT: Beyond Headline News; Stay Cautious

Selective Memory: 2Q26 Semiconductor & Hardware Review

Lennar (LEN.US) Soft 3Q26 as Market Headwinds Intensify; FY26 Delivery Guidance Lowered

APAC Credit Roundup: Hong Kong Property, Genting Berhad

HG Credit Fundamentals: 2Q26 Review: Stronger earnings and lower leverage, but the AI buildout is reducing the fundamental strength of higherrated issuers

HG Credit Foreign Demand Monitor: Pickup for JPY investors at 15m highs with potential for further policy-driven upside

APAC Data Centers A Supply Surprise

CNH Credit Markets: A dim sum menu

Coherent Corp Data Center Demand Accelerates As Capacity Ramp Remains Key Constraint

EM USD 10s30s Spread Curve Report

Claritev Corp (CTEV.US) Results slight beat; ACV bookings strong; NSA was a driver and we believe there are more opportunities; Maintain OW-260810 (1)

AI Capex Funding: Data Center-Hyperscaler Bond Matrix 2.0 Recent Widening More About Price Than Capacity

JPM HY HC: 2Q26 CRO, Pharma Services Earnings Observations: IQV, FTRE, and AVTR Earnings Review

Vertiv (VRT.US) Positive 2Q26 Results; Data Center Spending Supports Another FY26 Guidance Raise

Snap Inc. (SNAP.US) Oh Snap! We Are Initiating at Neutral