J.P. Morgan Asia Technology Tracker 9 Jul 26 Qingdao TGOOD Electric; Emerging Companies; Wiwynn Corp and More

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J.P. Morgan Asia Technology Tracker 9 Jul 26 Qingdao TGOOD Electric; Emerging Companies; Wiwynn Corp and More

Asia Pacific Equity Research

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Asia Technology Tracker 09 July 2026

Asia Pacific Reports/Notes

Qingdao TGOOD Electric (Overweight), China

Key takeaways from the management call; lifting PT on strong outlook for DC and overseas power

orders (Stephen Tsui, CFA / Rebecca Wen)

Qingdao TGOOD Electric has outperformed the index by >20% YTD (TGOOD +28% vs. SZCOMP +5%) as

investors increasingly recognize its rising overseas exposure in prefabricated substations and the growth

potential of its data-center offering. The recent management call reinforces our positive view: China data-

center orders YTD have already exceeded the FY25 level and management has guided to a doubling of

China DC orders this year; Middle East prefabricated substation orders could more than double this year

with management guiding to ~50% market share, alongside rising orders from Europe and Australia; and

the collaboration with Eaton (ETN US, NR) could help TGOOD expand further overseas, while its newly

developed high-voltage AC-to-low-voltage DC solutions have attracted inquiries from data-center customers

across regions, including the US. At <20x 1-year forward P/E, we think the valuation remains attractive, and

we reiterate our OW rating.

Emerging Companies

Holiday homework - what’s in focus? (Don Carducci)

What caught our eye?

Lotteries (TLC/JIN) | FY26 Lotteries update…