Week Ahead; Key Earnings, CH Battery; Consumption Tax, KR Battery, LG ES wins Google ESS project, SG Marketing Feedback

研报英文原文证据摘录

Week Ahead; Key Earnings, CH Battery; Consumption Tax, KR Battery, LG ES wins Google ESS project, SG Marketing Feedback

SL, LS Electric, HMC, Mobis, KIA, Hyundai Rotem, CATL

• TVSL (7/21, 19: 45 HKT Earnings Call): Amyn Prani forecasts TVSL to report 1QFY27 Rev of 136.4bn RS (1.4% above

cons), and EBITDA of 15.6bn RS (-3.2% below cons). Amyn expects 2W OEMs & Auto parts to witness better earnings

growth than PV/CV OEms into this earnings & expects TVSL/BJAUT be able to offset commodity inflation due to strong

exports and INR depreciation. Key watch should be commentary around new model launch & market share trend, demand &

cost inflation outlook.

• LS Electric (7/23, Market Hour/ No Open Earnings Call): Stephen Tsui forecasts LS 2Q26 Rev of W1607bn (6.6% above

Cons) and OP of W167.3bn (4.7% above Cons). New orders likely come strong at >W2tr, much higher than ~W1tr in 1Q26.

This is a function of strong order intake momentum from the data center during the Q, and we see potential for the company

to further revise up its annual order intake guidance target to W5-6tr from current W5tr (which was revised from W4tr during

1Q26 earnings). Key focus should be: more details on recently announced US capacity expansion, details of AI DC project

wins & progress, potential revision of full year OP guidance (W600bn), and domestic AI expansion project.

• Hyundai Motor (7/23, 13:10 HKT Earnings Call): Sonny Lee forecasts HMC 2Q26 Rev of W48.9tr (in-line w/Cons) & OP

of W2.87tr (8.5% below Cons). Our below Cons 2Q OP estimate is due to weaker-than-guided global sales volume amid an

aging model cycle and supply chain disruptions weighing on profitability and cost inflation. Sonny Lee expects HMC’s

earnings trend to improve from 2H onward as new models launch across KR, US, and EU.