The Global Point

研报英文原文证据摘录

The Global Point

Point |

Wednesday, 22 July 2026

Asia | CEEMEA | Latin America | Western Europe | Key Rating and Target Price Changes

Asia

Japan Machinery - How do FA valuations stack up?

Given the recent sell-off in many FA-related names and ahead of April-June results

kicking off July 28, we thought it a good time to update our valuation screen

(Figure 1). Based on Bloomberg consensus for FY12/27/FY3/28 the average PER for

global FA stocks now stands at 26x, down from the recent high of c30x in late May.

The HDS PER is high, while among large-cap names SMC now trades at a 15%

discount to the global average. In our coverage we think there is upside to

guidance at many names, but especially THK and Fanuc. Last week we

downgraded Nabtesco, and while we think it will hike full-year guidance on July 31

and the shares screen relatively cheaply, we also think MTP targets will be missed

and do not see much upside to our target price.

Graeme McDonald

Han's Laser Technology (002008.SZ) - What's New from 2nd 1H26 Preliminary

Results - New Order Grew by +100% YoY in 1H26

The second set of 1H26 preliminary results that Han's Laser (HL) announced

yesterday (20 July) indicated that HL's net profit came in at Rmb1.29bn in 1H26, up

163% YoY and similar to the mid-point of earnings shown in the first version -

Rmb1.30bn. However, we believe that the incremental information - new order

amount grew by >100% YoY to Rmb16.0bn in 1H26 - could bolster investor

confidence in HL after its share price declined by ~45% form the recent high

amid global AI selloff. We estimate that the order backlog by the end of 1H26

should be no less than Rmb11.5bn, which should help HL meet its 2026 revenue

target of >Rmb26.0bn even if no further new orders are won in 2H26. HL remains