JOB DESCRIPTION
Job Summary
As a Senior Analyst in Equity Research, you will serve as a joint lead on a defined Technology, Media & Telecommunications (TMT) coverage universe within the Australian market, working collaboratively alongside existing TMT team members to deliver a cohesive, high-conviction franchise. You will co-own the investment thesis and share responsibility for modeling, forecasts, valuation, and written research, acting as a primary voice to clients and internal stakeholders across Sales & Trading. Partnering closely with your fellow analysts, you will help set and uphold the team's standards for analytical rigor, compliance, and high-quality written product, bringing authoritative fluency in the sub-sector dynamics that drive TMT valuations (software/SaaS, internet & online marketplaces, IT services, hardware/semiconductors, telecom carriers, data centres, media & entertainment).
Job Responsibilities
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Co-develop and defend the investment thesis, ratings, and price targets across the shared TMT coverage; contribute a differentiated view while aligning with fellow team members on the collective franchise position.
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Build and co-own detailed company financial models, forecasts, and valuation work for TMT names (e.g., trading comparables, precedent metrics where applicable, DCF/SOTP, and sector-specific frameworks such as EV/Sales, EV/EBITDA, rule-of-40, LTV/CAC, and per-subscriber/per-tower/per-MW valuations where relevant).
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Monitor and analyze earnings, guidance, filings, corporate actions, spectrum/regulatory developments, and key news flow across the ASX-listed TMT universe and relevant global peers; translate developments into decisive estimate and thesis updates in coordination with the team.
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Author flagship research publications including earnings previews/recaps, company updates, thematic/industry pieces (e.g., generative AI adoption, cloud migration, digital advertising cycles, 5G/fibre monetisation, data-centre capex), and initiations/deep dives, collaborating on jointly authored product where appropriate.
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Drive fundamental analysis of TMT business models, unit economics and KPIs (ARR/NRR, churn, ARPU, subscriber net adds, take rates, gross margin per unit, capex intensity, data-centre utilisation/PUE), competitive positioning, and industry structure to identify catalysts and risks.
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Share client-facing activities including calls, meetings, marketing roadshows, and conferences; respond authoritatively to institutional client inquiries with clear, compliant communication.
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Build and manage relationships with corporate management teams and coordinate with internal partners (Sales, Trading, Corporate Access, and other stakeholders) to ensure research insights are delivered effectively and on schedule.
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Establish and enforce controls around model governance, documentation of assumptions, and versioning; ensure accuracy and auditability of outputs, maintaining consistency across the shared coverage.
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Mentor, develop, and review work from junior team members; work with fellow leads to set execution discipline around key deliverables, especially during earnings and AGM/reporting season.
Required Qualifications, Capabilities, and Skills
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Extensive experience in equity research and/or a related analytical role (e.g., investing, IB, corporate finance) with a demonstrated track record of owning coverage, published ratings, and differentiated written analysis, ideally with TMT sector exposure.
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Advanced financial statement analysis skills (income statement, balance sheet, cash flow; accounting and disclosure interpretation), including facility with TMT-specific accounting nuances (capitalised software/R&D, deferred revenue and RPO, lease treatment for towers/infrastructure, stock-based compensation).
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Proven ability to build and maintain robust, flexible models and to articulate key drivers, sensitivities, and non-consensus views with conviction.
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Excellent writing skills with a track record of producing clear, investment-relevant content that moves the market conversation, under tight deadlines.
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Strong judgment, attention to detail, and ability to prioritize across concurrent deliverables in a shared-coverage setting.
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A genuinely collaborative working style, with the ability to build consensus, share credit, and integrate views with fellow analysts and the broader team.
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High integrity and strong awareness of compliance expectations applicable to research activities, including familiarity with ASIC and relevant Australian market conduct requirements.
Preferred Qualifications, Capabilities, and Skills
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Deep sector expertise within TMT (e.g., software/SaaS, internet & marketplaces, telecom & infrastructure, semiconductors/hardware, media & digital advertising).
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CFA designation and/or advanced degree (MBA or equivalent).
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Established institutional client relationships and a strong market-facing reputation with Australian investors.
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Familiarity with common market data and research platforms (generic).
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Deep understanding of the Australian TMT landscape and key ASX-listed constituents, alongside awareness of global TMT peers that inform relative valuation.
ABOUT US
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.
We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. We do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. We also make reasonable accommodations for applicants' and employees' religious practices and beliefs, as well as mental health or physical disability needs. Visit our FAQs for more information about requesting an accommodation.
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.
