Analyst/Associate - Equity Research (TMT), Australia

Job Summary
Support coverage of a defined Technology, Media & Telecommunications (TMT) universe in the Australian market. Partner with senior analysts and team members to produce accurate, timely, compliant research through strong accounting-driven financial analysis, forecasting support, valuation maintenance, and high-quality written output

Key Responsibilities

• Maintain and update three-statement financial models; ensure outputs tie-out and assumptions are clear, consistent, and documented.
• Perform earnings and filings analysis with an accounting lens (P&L, balance sheet, cash flow, working capital, capex, leases, SBC, adjustments) and translate results into forecast/estimate updates for senior review.
• Maintain valuation and comps (e.g., EV/Sales, EV/EBITDA, P/E; DCF/SOTP support where applicable) and run sensitivities/scenarios on key drivers.
• Track and analyze TMT KPIs and unit economics (e.g., ARR/NRR, churn, ARPU, subscriber net adds, take rates, utilization/PUE, capex intensity) and highlight inflections, risks, and data quality issues.
• Contribute to research publications (earnings previews/recaps, company updates, thematic work, initiation support) including drafting sections, exhibits, and tables under tight deadlines.
• Monitor newsflow, corporate actions, and regulatory/spectrum developments; summarize implications and recommended actions for thesis/estimates.
• Support internal and external stakeholders (Sales & Trading, Corporate Access, institutional clients) by preparing materials and responding to analytical requests with appropriate supervision.
• Uphold model governance and QA controls (versioning, change logs, checks) to ensure accuracy, auditability, and consistency across the coverage set.

Required Qualifications, Capabilities, and Skills

• Experience in equity research or a comparable analytical role (audit/accounting, transaction services, valuation, corporate finance, FP&A).
• Strong accounting and disclosure interpretation skills across financial statements and cash flow, including topics common in TMT (revenue recognition/subscriptions, deferred revenue/RPO, capitalization of software/R&D, leases, SBC).#
• Strong financial modeling skills (three-statement, forecasting, sensitivities/scenarios) and high attention to detail.
• Clear written and verbal communication; ability to translate analysis into investment-relevant outputs.
• Strong execution and prioritization in deadline-driven cycles (earnings/AGM/reporting season).
• High integrity and strong understanding of research compliance and market conduct expectations.

Preferred Qualifications, Capabilities, and Skills

• CA/CPA (or progress toward) and/or CFA (or progress toward).
• Prior exposure to TMT sub-sectors and related KPI frameworks (SaaS, telecom, data centres).
• Familiarity with market data and research platforms (generic).
• Knowledge of ASX disclosure cadence and key Australian TMT constituents; awareness of global peers for relative valuation context.

J.P. Morgan is a global leader in financial services, providing strategic advice and products to the world's most prominent corporations, governments, wealthy individuals and institutional investors. Our first-class business in a first-class way approach to serving clients drives everything we do. We strive to build trusted, long-term partnerships to help our clients achieve their business objectives.
J.P. Morgan's Commercial & Investment Bank is a global leader across banking, markets, securities services and payments. Corporations, governments and institutions throughout the world entrust us with their business in more than 100 countries. The Commercial & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world.