J.P. Morgan International FTM 15 Jun 26 Are we there yet? Close, closer, even closer, but not yet.; Equity Strategy; BE Semiconductor; Samsung Electro-Mechanics; Asian MLCC Industry; Samsung SDI and More

研报英文原文证据摘录

J.P. Morgan International FTM 15 Jun 26 Are we there yet? Close, closer, even closer, but not yet.; Equity Strategy; BE Semiconductor; Samsung Electro-Mechanics; Asian MLCC Industry; Samsung SDI and More

r range of growth to that of the 2016-18 cycle).

Samsung SDI (Sonny Lee) (006400 KS, OW, PT W770,000), South Korea

Three key catalysts: US ESS opportunity, Europe EV recovery, and IEEPA tariff refund; stay

Overweight

ESS demand remains strong, with global shipments more than doubling y/y in 4M26 and our regional utility team forecasting

78% y/y growth in 2026 (ex-China +66% y/y). For Samsung SDI (SDI) and Korean suppliers, the US presents a key opportunity

as OBBBA regulations drive share shift from Chinese to Korean players; SDI is expanding ESS capacity to 29GWh by end-

2026. An EU EV recovery also looks more imminent/stronger (EU-5 EV/PHEV +38% y/y in 5M26), and SDI’s new Hyundai

Motor/Kia mass-market model wins could add volume upside. IEEPA (International Emergency Economic Powers Act) tariff

refund filings could add ~W120bn of potential cash recovery, providing incremental upside to our bullish earnings forecasts.

Stay Overweight with a Dec-26 PT of W770,000.

Japan Equity Strategy (Rie Nishihara), Japan

AI stocks vs. non-AI stocks: Preparing for investment in non-AI names

AI semiconductor stocks have contributed 60% of the gains in Japanese equities since April. The market is currently highly

volatile, but we expect the AI rally to continue in the global market as we expect growth in demand at all levels of the AI value

chain, including an increase in AI data center investment and security investment. At the same time, our US long-term interest

rate forecast has been raised, and the growth benchmark sought by the market for growth stocks is increasing. In Japan,