J.P. Morgan International FTM 14 May 26 Siemens; Korea Nuclear EPC; KEPCO; China Thematic Research; China Auto's overseas expansion; Samsung Electronics; SUMCO (3436); CEEMEA Chartbook & Chatbook - May and More

Research evidence excerpt

J.P. Morgan International FTM 14 May 26 Siemens; Korea Nuclear EPC; KEPCO; China Thematic Research; China Auto's overseas expansion; Samsung Electronics; SUMCO (3436); CEEMEA Chartbook & Chatbook - May and More

Global Equity Research

International First to Market 14 May 2026

Top Stories

AFL | Siemens (Phil Buller) (SIE GR, OW, PT €335.00), Germany

Reiterating OW/AFL on accelerating prospects into 2027 and strategic positioning longer term

Broad-based demand recovery is now underway for automation within Digital Industries (DI). This is accompanied by a better-

than-expected DI software performance, which drives both margins higher and undermines the “death of industrial software

argument.” In Smart Infrastructure, Data Center momentum and strong price/cost management is noteworthy. In our view, both

DI and SI should see an acceleration in earnings into year end and FY27. Taken together with investor-friendly actions,

including the €6bn share repurchase announced yesterday, the 30% Healthineers distribution in ~February 2027 and a CMD

shortly thereafter, there is a compelling 12-18month setup and the longer term competitive positioning is strong too. Based on

the takeaways from the Q2 call, an intraday sell-side call and the virtual roadshow we hosted for London-based investors, we

have revisited our model resulting in a 1%/4%/3% upgrades to FY26/27/28 forecasts which drives our June’27 PT to €335,

offering 27% upside potential.

Korea Nuclear EPC (Sonny Lee), South Korea

Reshuffling our nuclear order estimates; reiterate Overweight on nuclear EPC names

Korea is set to announce its first US investment plan by June, and we see nuclear as a potential area of mutual interest. The