ASIA PACIFIC EQUITY RESEARCH: ASIA FIRST TO MARKET

Research evidence excerpt

ASIA PACIFIC EQUITY RESEARCH: ASIA FIRST TO MARKET

Aditya Srinath AC Asia Pacific Equity Research

(65) 6882-7138 29 July 2026 J P M O R G A N

aditya.srinath@jpmorgan.com

convert by the end of next year (except for high-voltage transformers), supporting revenue upside and

leaving 2027E consensus looking conservative. Overall, the message is encouraging and LS Electric’s

valuation has pulled back to 37x one-year forward P/E with >30% 2026-28E earnings CAGR; the valuation

gap between LS Electric and Hyundai Electric/Hyosung Heavy has narrowed.

Asia Power Equipment (Stephen Tsui, CFA)

Implications of 800V DC Data Center Architecture. Call Series Takeaways

Recent discussions with investors have centered on whether our coverage could be vulnerable if data

centers begin moving from traditional AC systems toward an 800V DC architecture. The concern is that

adopting 800V DC could change the product mix and, as a result, influence demand for low-voltage

electrical equipment. We respond to these questions in this note following a series of conversations with

companies that offer products tied to 800V applications. Our view is that 800V DC represents an “edge”

configuration for data centers rather than a wholesale substitute for the existing AC backbone. It may also

open up incremental growth avenues for firms developing next-generation solutions such as solid-state

transformers, and our discussions indicate several Chinese vendors have already provided prototypes to

U.S. cloud service providers, with commercialization likely in late 2027 or 2028. Korean power companies

are also in R&D for certain types of electrical equipment products suited for the new power architectures.

Our OW names globally on the 800V DC include Delta Electronics, Mitsubishi Electric and TGOOD Electric.