The Global Point

研报英文原文证据摘录

The Global Point

glass fabric and stronger-than-expected demand of AI-fabric. We prefer KBL

(1888.HK) over KBH (0148.HK) as KBL should see higher degree of earnings

upgrade and laminate remains the best performing segment...

Eric Lau

HD Hyundai Electric (267260.KS) - Positive Tone from Investor Call Today;

Value Started Emerging after >30% Share Price Drop

HD Hyundai Electric ('HDHE') had share price drop >30% in the last two months.

We hosted an investor conference call with the company today. The tone looks

positive, including (i) robust new orders in 2Q26 driven primarily by demand in the

U.S. market for 765kV equipment and AI data center (AIDC) infrastructure; it has

signed long-term contracts with hyper-scalers worth US$1.1bn to be delivered in

2029E (hence three year lead time); (ii) utilization of existing production capacity

reaching 100%; new capacity in Korea and the U.S. will be added by late 2026 and

April 2027 respectively to add growths; and (iii) new product development

comprising solid-state transformers (SST) and DC distribution being advanced.

HDHE is at 27x 2027E PER, which seems undemanding versus 28% 2026-28E EPS

CAGR. Positive catalyst would come from upward revision of its 2026E new order

targets when its 2Q26 results are released on 28 July 2026.

Pierre Lau, CFA

HDHE's earning summary HDHE's revenue mix by countries

ASEAN Banks - The Great Flows Migration with Fundamental Contexts

[SG] Since May-26 we have seen rising interest from global investors in SG banks

as portfolios hedge against the tech sector (ASEAN banks Jun-26 report). A

potential Jul-26 MAS steepening should support stronger SGD. May-26 statistics

highlighted loans growth +8.7%yoy, supporting SORA. We expect 2Q26e benign