*J.P. Morgan Asia FTM 10 Jul 26 TSMC: Raise CoWoS capacity estimates; Taiwan drone exports on the rise; Lenskart: Initiate at OW; CH Shipbuilding: Multi-year visibility; Korea 2Q preview: CH AI chip fabless

研报英文原文证据摘录

*J.P. Morgan Asia FTM 10 Jul 26 TSMC: Raise CoWoS capacity estimates; Taiwan drone exports on the rise; Lenskart: Initiate at OW; CH Shipbuilding: Multi-year visibility; Korea 2Q preview: CH AI chip fabless

Aditya Srinath AC Asia Pacific Equity Research

(65) 6882-7138 10 July 2026 J P M O R G A N

aditya.srinath@jpmorgan.com

We see a powerful compounding story: a long runway for revenue growth (category creation plus share

gains) translating into disproportionately higher profitability. Its relentless customer-centricity, backed by a

technology- and data-intensive approach, builds durable moats that make the investment case compelling

despite premium valuations. Volume growth (store count rising to 5.6k+ by FY30 from 3.3k+, with

densification creating rather than cannibalizing demand, and a broadening portfolio), premiumization

(progressive lenses, premium frames, smart glasses), the rising salience of high-retention Gold members,

and operating leverage can all work in tandem to drive a Revenue/EPS CAGR of 21%/41% over FY26-30E,

alongside improving FCF and return ratios. Key risk is execution missteps at scale.

Init | | China Shipbuilding, China (Beatrice Lam)

Multi-year earnings visibility; initiate on Songfa and CSSC at OW; assume coverage of YZJ at N

We recommend selectively increasing exposure to China’s shipbuilding sector through Guangdong Songfa

Ceramics (“Songfa”; TP: Rmb210) and China CSSC Holdings (“CSSC”; TP: Rmb45). We initiate coverage

on both at Overweight. We also assume coverage of Yangzijiang Shipbuilding (“YZJ”; TP: S$3.4) at Neutral.

We believe the market is underestimating the sector’s long-term earnings power, because: 1) existing

orderbooks provide multi-year earnings visibility, with Chinese shipyards filling 2029-30 delivery slots; 2)