KR Defense; June Export Update, ESS Battery; June Global Shipments, Robotic Webinar Takeaways: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment - Machinery - E&C - A&D

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KR Defense; June Export Update, ESS Battery; June Global Shipments, Robotic Webinar Takeaways: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment - Machinery - E&C - A&D

US demand is increasingly being captured by Korean and Japanese suppliers as sourcing

shifts away from China. July–August production schedules are constructive, with most ESS battery makers targeting 3–4% m/

m growth.

• Despite a recent pullback in ESS value-chain stocks, underlying demand remains strong, supported by robust domestic and

overseas shipments, a broadening of growth drivers (utility-scale, C&I, and residential), and supportive policy targets (China’s

new 2030 ESS target of 300GW).

• JPM Picks: Top picks are CATL (global leader with market share gains in non-US regions), Sungrow (re-rating potential

from direct sales to data centers), Deye (distributed-generation ESS, strong EM exposure), LGES and SDI (well positioned

for US ESS opportunities). ESS is also increasingly important for BYD, contributing over 20% of its total battery shipments

in 2026.

• Investor Feedback: Recent investor discussions on the ESS battery segment have quieted, as many believe the energy

security theme and strong China domestic demand have largely played out, leaving limited room for near-term surprises in

2026. While progress on ESS orders for AI data centers (AIDC) has been slow—though still seen as a longer-term catalyst—

CATL is now viewed as attractively valued after its recent pullback, with solid fundamentals. However, most investors remain

cautious on Korean battery makers due to concerns about potential oversupply in the US ESS market. Flagging that we

recently raised our 2030 US ESS demand forecast to 303 GWh (from 200 GWh previously, buyside consensus is still around