LS Electric (010120 KP) Buy: Order strength accelerates earnings growth

研报英文原文证据摘录

LS Electric (010120 KP) Buy: Order strength accelerates earnings growth

9 June 2026

LS Electric (010120 KP) EquitiesElectrical Equipment

Buy: Order strength accelerates earnings growth Korea

◆ Order momentum and sector tailwinds drive earnings upside; MAINTAIN BUY

HSBC 2026-28e OP 7-11% above Bloomberg consensus

TARGET PRICE (KRW) PREVIOUS TARGET (KRW)

◆ Well positioned to benefit from the 800V DC transition with an

270,000 220,000 established track record in next-generation DC solutions

◆ Raise TP to KRW270k (from KRW220k); maintain Buy SHARE PRICE (KRW) UPSIDE/DOWNSIDE

208,000 +29.8%

2Q26 order intake set to hit a record high… Order intake momentum in the (as of 08 Jun 2026)

profitable US market continues to strengthen. Publicly disclosed q-t-d orders have MARKET DATA

already surpassed KRW0.8trn, supported by the company’s competitive value Market cap (KRWb) 31,200 Free float 51%

Market cap (USDm) 20,433 BBG 010120 KP

proposition (see Tailwinds from structural distribution upcycles, 21 April 2026). 3m ADTV (USDm) 178 RIC 010120.KS

Reflecting this strength, we raise 2Q26e order intake to KRW1.8trn (from KRW1.2trn)

FINANCIALS AND RATIOS (KRW)

and lift our 2026e order intake to KRW6.1trn (from KRW5.2trn), which is 22% above Year to 12/2025a 12/2026e 12/2027e 12/2028e

the company’s upgraded guidance of KRW5trn. HSBC EPS 1929.32 3291.87 4696.78 6124.00

HSBC EPS (prev) 1929.32 3044.58 4144.82 5062.73

…pointing to stronger earnings growth: We expect this order strength to further Change (%) 0.0 8.1 13.3 21.0

Consensus EPS 1884.31 3217.76 4295.35 5593.68

accelerate the company’s near-term earnings growth, given the company’s short PE (x) 107.8 63.2 44.3 34.0

order-to-sales conversion – typically under six months for key data centre equipment.