KR ESS; Lift US ESS demand by 50%, India Industrials Update, INIO US Initiation, Key News - MSIL IN/ Airline Cargo & AI Demand

研报英文原文证据摘录

KR ESS; Lift US ESS demand by 50%, India Industrials Update, INIO US Initiation, Key News - MSIL IN/ Airline Cargo & AI Demand

et segment has revived. Maruti Suzuki and Tata Motors have reduced or withdrawn discounts on

select models. The reduction in discounts follows a steep price correction under GST 2.0, which lifted demand for entry-level

and compact cars, with sales of certain models jumping significantly. Rehashing JPM APAC Conviction Call (Sales Product)

on MSIL IN with media reports suggesting that entry level buyers are back in the market with GST cut showing impact and

companies like MSIL IN cutting discounts by 30-70% across models. Catalyst to watch will be June's monthly sales (out

tomorrow). We continue to expect run-rate to improve by 10-15%, which should drive 25-30% YoY growth.

• TW AIRLINES:EVA Air (2618 TT) President Sun Chia-ming reported that booming demand for AI servers has driven the

airline’s cargo business to record highs, with AI-related shipments now making up to half of cargo revenue. The surge in AI

server exports has transformed the air cargo market, with tech customers competing for capacity and paying premium rates for

urgent shipments, leading to strong demand and elevated freight rates expected through year-end. Taiwan supplies 80% of

global AI industry key components, supporting a highly optimistic long-term outlook for AI and high-tech exports. Cargo

operations are less affected by oil price fluctuations, as fuel surcharges are billed separately and absorbed by

customers during strong demand. In May, EVA Air’s cargo revenue rose 41.54% y/y to NT$6.49 billion (US$203.5

million), and shipping patterns have shifted, with manufacturers now working weekends to meet early-week AI export

demand.