The 720: China Macro, Moutai, Mitsui Kinzoku, China Data Center Electricals, Kpop, Jindal Stainless, Eoptolink, Paytm, Global Views

研报英文原文证据摘录

The 720: China Macro, Moutai, Mitsui Kinzoku, China Data Center Electricals, Kpop, Jindal Stainless, Eoptolink, Paytm, Global Views

H26 Outlook. We outline key 2H26

watchpoints for China data center electricals, focusing on overseas expansion,

next-generation product rollouts, and domestic hyperscaler capex trends amid localized

pricing pressures. We maintain Buy on Kstar (12m TP Rmb67) as we expect solid

overseas UPS demand and 800VDC commercialization to drive growth, though we trim

2026E net income by 2% on FX headwinds. We lower our 12m TP for Neutral-rated

Kehua to Rmb35 and cut 2026-2030E net income by 5% to reflect domestic energy

storage cost pressures and higher SG&A expenses following a 2Q26 recurring earnings

miss, while staying Neutral on Megmeet (12m TP Rmb112) as raw material inflation

offsets strong server power supply momentum. Hao Chen

Samsung Biologics – Acquisition of PolyPeptide accelerates multi-modality expansion –

Buy. We view Samsung Biologics’ announced CHF1.46bn all-cash tender offer to acquire

100% of global peptide CDMO PolyPeptide as a strategically compelling move that

accelerates its diversification into a large, fast-growing modality. The transaction

advances the company’s multi-modality expansion strategy by adding peptide

therapeutics to its existing biologics and ADC platforms, providing immediate exposure

to the rapidly growing peptide market and potential cross-selling synergies.

PolyPeptide’s financials are expected to be fully consolidated in FY2027, with its FY2026

consensus revenue and EBITDA representing roughly 15% and 5% of our respective

FY2026 forecasts for Samsung Biologics. Ahead of 2Q26 results on July 23, where we

expect strong CDMO revenue and net profit growth of 30% and 41% yoy. 12m TP of

W2,000,000. Chris Pan