CH Robotics: Leader Harmonious Drive/Estun PT Lift, TTI; PT Lift to HK $179, Toyota; Cross-share unwind; LIG D&A; Policy-backed Preferred Shares issue; AI Power Infra; First Principles: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV · Equipment · Machinery · E&C · A&D

Research evidence excerpt

CH Robotics: Leader Harmonious Drive/Estun PT Lift, TTI; PT Lift to HK $179, Toyota; Cross-share unwind; LIG D&A; Policy-backed Preferred Shares issue; AI Power Infra; First Principles: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV · Equipment · Machinery · E&C · A&D

backs ahead of 2H26 catalysts (key

China robotic IPOs including Unitree, Tesla Optimus 3 launch around August, Boston Dynamics potential IPO, and US auto

OEMs’ adoption of humanoid robots starting 2027, including HMC). While headline catalysts may be delayed compared to

investor expectations, investors are most focused on names with core earnings resiliency—such as China FA names (Leader

Harmonious with ~25% of sales from humanoid robots by end 2026 vs. Harmonic Drive System’s single-digit revenue

contribution), Estun Automation (targeting ~5% GPM vs. barely breakeven in the past 3 years), and Hyundai Motor/Hyundai

Mobis, which have stable auto businesses and potential upside from a BD IPO, with Hyundai Mobis supplying actuators

(~40% of BOM). For key Tesla supply chain names in China, we are hearing investors are starting to be concerned about

potential Teslabot launch delays vs prior expectations, with expected weak 2Q earnings due to soft China auto demand

(Sanhua/Tuopu).

Techtronic (669HK): The re-rating cycle for TTI’s data center story is just beginning, raising PT; 1H26 preview - Karen Li

• Karen Li raises our PT to HK$179 and reiterate Overweight on TTI, remaining the highest on the Street as the company’s data

center narrative gains traction and the re-rating cycle is just beginning. Recent fireside chats and investor meetings have

catalyzed a step-change in engagement, with TTI now one of the most discussed names in our coverage.