UBS Key Calls - APAC "What's the latest for UBS APAC Key Calls?" Vanderpump

研报英文原文证据摘录

UBS Key Calls - APAC "What's the latest for UBS APAC Key Calls?" Vanderpump

, Ms. Luo provided a positive outlook for the company's

battery structural parts business and robotics business: 1) Kedali guided 30%-40%

revenue growth YoY for the battery structural parts business in 2026 and guided a

>30% revenue CAGR for this business segment in 2026-30; 2) Kedali expects limited

drag on profitability from higher aluminum prices, citing price pass-throughs plus

internal cost controls; 3) The robotics business is progressing well, with reducer offerings

likely to be the first to see breakthrough at key customer.

Key Call: China CSSC Holdings - Q126 earnings beat; high-value ship deliveries

unlock margin upside (Kunlun Li) 7-May-2026

Q126 net profit jumped 252% YoY to Rmb4.8bn, beating our estimate and consensus,

mainly driven by a significant rise in gross profit. We attribute this to higher overall

shipbuilding output value, supported by high ship prices and improved efficiency. We lift

our 2026-28 earnings estimates by 3-10% to reflect CSSC's stronger-than-expected

margins. We remain optimistic about the potential increase in output, driven by

shipbuilding efficiency gains and integration with other segments, as well as potential

profit upside from the delivery of high-priced ships. CSSC is a UBS APAC Key Call Buy.

Key Call: Tokyo Electron - Demand, market share, and prices are all up (Kenji

Yasui) 30-Apr-2026

The results were good. Q1 (January–March) sales were ¥711.8bn, exceeding the

consensus of ¥689bn. Semiconductor equipment demand was up 44% qoq for logic,

up 41% qoq for NAND, and up 34% qoq in the case of DRAM. The gross profit margin

(GPM) landed at 46.8%, in line with previous guidance, dispelling concern about a

deteriorating GPM among some investors.