Asia Power Equipment: Addressing investors‘ concerns on pricing, policies, over-capacity and delay in transmission build-out

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Asia Power Equipment: Addressing investors‘ concerns on pricing, policies, over-capacity and delay in transmission build-out

J P M O R G A N Asia Pacific Equity Research

06 July 2026

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Asia Power Equipment

Addressing investors’ concerns on pricing,

policies, over-capacity and delay in transmission

build-out

We have observed rising investor skepticism regarding the upcycle for Asian Power Equipment and Utilities

ACpower equipment companies. In this note, we summarize investors’ key questions Stephen Tsui, CFA

and our responses. For Korean power equipment companies, we believe the key (852) 2800-8592

concerns include the recent flattening in T&D equipment prices, as indicated by stephen.tsui@jpmorgan.com

monthly data (Figure 2UStransformerPI-Figure 3AverageunitvalueofSouthKoreantransformerexportstotheUS(over10MVA)), delays in ultra-high-voltage transmission lines J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

in the U.S., and a high base for new orders in 1Q. Our view is that pricing for high-

Rishabh Gupta

voltage T&D equipment is still holding up well, with ~40% OPM or above for (91-22) 6157-3429

UHV products, supported by delays in capacity expansion plans by some players, rishabh.x.gupta@jpmorgan.com

the difficulty for EM players such as China and India to penetrate the U.S. regulated J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI