The Point for Asia Pacific

Research evidence excerpt

The Point for Asia Pacific

FY27e PE (19x cash earnings) and ~4% dividend yield, we do not see the risk-

reward as compelling at current levels.

Siraj Ahmed

Japan Strategy - BoJ meeting produces ideal outcome for Japan equities

We view today’s BoJ decision as ideal for equity markets, maintaining

accommodative monetary conditions while suppressing sharp fluctuations in

exchange rates and long-term interest rates. We forecast Japanese corporate

earnings will continue to grow at c10% YoY, driven by aggressive price pass-

throughs that boost profit margins and by economic support from government and

BoJ policies. Based on this earnings outlook, our year-end TOPIX high target

remains unchanged at 4,500.

Ryota Sakagami | Keishi Ueda

Country Top Calls

Han's Laser Technology (002008.SZ) - Striving to Seize Opportunities of AI and

Apple Super Cycle; Raise TP to Rmb155

After revising up our earnings and TP for Han’s CNC (3200.HK / 301200.SZ), we

raise 2026/27/28E earnings for Han’s Laser (HL) by 1%/4%/5% to reflect the

upside from not only AI PCB equipment and Apple equipment but also AI liquid

cooling business as it recently acquired Attom (unlisted, 安腾创新) – a

datacenter/ESS air/liquid cooling solution provider with core mgmt. team from

Vertiv (VRT.N) and having AMD (AMD.O), Microsoft (MSFT.O) China, and Oracle

(ORCL.K) as its customers. We believe that HL could combine its laser welding

technology and experience on cold plates with Attom’s air/liquid cooling business

and customers to create synergies. We lift our TP by ~50% to Rmb155 as we roll

over our EPS base to 2027E to reflect strong visibility of AI PCB and Apple

equipment business and AI air/liquid business potential. HL remains our top pick

in the AI PCB equipment space.

Jamie Wang