Asia: Three Actionable Ideas

研报英文原文证据摘录

Asia: Three Actionable Ideas

Idea

July 12, 2026 10:00 PM GMTM

Asia | Asia Pacific Morgan Stanley Asia Limited+ Samuel Lee, CFA

Equity Strategist

Three Actionable Ideas Samuel.Sw.Lee@morganstanley.comHozefa Topiwalla +852 2239-1862

Hozefa.Topiwalla@morganstanley.com +852 2848-6595

Keyence – OW | Lenovo – OW | Accton Technology – OW

OW – Keyence (6861.T): Chipmaking tools and the electronics industry remain the near-term growth engine for Factory Automation

while physical AI overlaps as a powerful long-term theme; upgrading Keyence to OW.

OW – Lenovo (0992.HK): AI-driven demand will allow Lenovo to pass through higher costs while preserving profitability. Combined

with accelerating ISG earnings and an improving mix, our FY27-29e EPS are ~20% above consensus. These trends support re-rating.

OW – Accton Technology (2345.TW): Given strong network switch shipments and the earlier ramp up of the new AI accelerator

module, we think its 2Q26 revenue is tracking at up 25-30% QoQ vs. our original expectation of up 20% QoQ. Momentum is likely to

sustain in 2H26; stay OW.

Latest closing prices as of July 10, 2026: Keyence

Links to reports:

(6861.T): ¥76,970; Lenovo (0992.HK): HK$24.48;

Factory Automation: Compelling Long-term Growth, Raising Keyence to OW (5 Jul 2026)

Accton Technology (2345.TW): NT$2,470.00.

Lenovo: From Memory Headwind to Structural Tailwind (9 Jul 2026)

Accton Technology Corporation: Solid Momentum for Network Switches and AI Accelerator Modules in 2H26 (5 Jul 2026)

Exhibit 1: Performance summary

As of July 7 Absolute Relative*

No. of ideas 1518

Cumulative Outperformance (bps) 9,234

Avg holding period total return 4.1% 1.9%

Avg 12M total return** 13.3% 8.6% Morgan Stanley does and seeks to do business with

1518 companies covered in Morgan Stanley Research.