JPMorgan Asia Markets Roundup
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JPMorgan's Asia Markets roundup gathers the bank's latest views across AI infrastructure, China biotech, container shipping and Korean banks. Sentiment toward the AI trade remains mixed, with concerns about open-source models pressuring proprietary ARR and the funding sustainability of hyperscalers. In China, JPMorgan initiates coverage of Zhejiang Dingli (603338.SS) at Overweight with a RMB 65 target price, seeing the aerial work platform leader as a beneficiary of US AI and data-center construction. China biotech was weak ahead of ESMO, falling 4.4% last week, though the bank sees catalyst potential in Kelun-Biotech and Innovent Biologics.
Container shipping demand is running ahead of expectations: the September Logistics Managers Index accelerated to 70.2, up 3.6 points month-on-month. Global port congestion has risen to about 13%, and persistent Asian bottlenecks are limiting effective capacity. Korean banks are expected to deliver in-line 3Q26 results, with further share buybacks anticipated; JPMorgan favors KB, Shinhan and Hana Financial Groups. Upcoming markers include ESMO abstracts on October 18 and posters on October 23, plus a more visible NIM recovery from 4Q26. Calls: Zhejiang Dingli Overweight, target price RMB 65; Meralco (MER.PS) upgraded to Overweight, target price PHP 650; KB Financial Group (105560.KS) Overweight.