*J.P. Morgan Asia FTM 6 Aug 26 Orbbec: Vision unlocked, init at OW; ASPEED: Sustained outperformance; KR Energy/Battery: Tax reform plan; SKT: AI DC build-out key swing factor; APR: Strong 2Q, raise PT

Research evidence excerpt

Asia Pacific Equity Research

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Asia First to Market

06 August 2026

Top Stories

Init | Orbbec - A (688322.SS, OW – Rmb109.02), China (Karen Li, CFA / Sunny Su)

Vision Unlocked: Initiate with OW, the eyes of Embodied AI

We are initiating coverage on Orbbec, a leading 3D vision solution provider, with an Overweight rating and

December 2027 price target of Rmb150, implying 38% potential upside (23x FY27E P/S). Orbbec is the

platform leader in 3D machine vision, uniquely positioned to capture the next wave of embodied AI and

humanoid robotics growth. The company’s current c.95% market share in China’s humanoid robot vision

hardware (per management), full-stack technology platform, and deep integration with major robotics

ecosystems create a highly scalable and defensible business model. Orbbec’s early-mover advantage in

R&D, partnerships with leaders like NVIDIA and Microsoft, and proven ability to deliver plug-and-play vision

solutions across all mainstream modalities have established high switching costs and a strong moat. With

triple-digit revenue growth in robotics applications, management raising 2026E sales guidance to Rmb1.6–

2B, and a rich customer base including Agibot and Unitree, we see Orbbec as a high-conviction play on the

scalable, high-growth humanoid robotics supply chain.

ASPEED Technology Inc. (5274.TWO, OW – NT$16,020.00), Taiwan (Albert Hung)

Supply unlock in 2H26 underpins sustained outperformance; OW

Key takeaways from ASPEED’s 2Q26 earnings included: (1) record-high 2Q26 GM, partly offset by higher

opex; (2) management reiterated 3Q26 revenue guidance of NT$4.1–4.3bn and a GM range of 67%–68%,

but strong July revenue implies upside risk to the revenue outlook; (3) management expects meaningful

supply improvement starting in 4Q26 and pointed to extended order visibility into 1H27; and (4) initial

…