GEV 2Q & Asian Implications, KR Defense/Shipbuilding; Feedback & What to Focus into 2Q26 Earnings

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GEV 2Q & Asian Implications, KR Defense/Shipbuilding; Feedback & What to Focus into 2Q26 Earnings

arnings

reporting date (Aug 7) with better clarity around earnings.

• Asia Power Equipment: Read-through from GE Vernova’s 2Q results - Stephen Tsui

• Korea Defense: Investor Feedback Ahead of 2Q26 Earnings - Simon Han

• Korea Shipbuilding: Investor Feedback Ahead of 2Q26 Earnings - Simon Han

• JPM Webinar Today: China Auto 2Q Preview Call - 1) Mandarin Session (10am HKT), 2) English Session (4pm

HKT/9am UK)

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Asia Power Equipment: Read-through from GE Vernova’s 2Q results - Stephen Tsui

• GE Vernova (GEV, -8.6%) reported robust new-order growth and strong operating trends, with 2Q orders of $24.2bn (above

expectations), driven by Power segment orders of $16.7bn and Electrification orders of $6.3bn. Despite a slight EBITDA miss

due to Wind and corporate costs, core Power and Electrification segments beat, and management raised full-year revenue

guidance. Gas power contracts signed were ~20GW, well above guidance, and the company expects to end FY26 with at

least 125GW of gas power backlog, with a clear pathway for further growth into 2027 and beyond. Electrification

momentum remains strong, with 64% revenue growth, nearly 4ppt EBITDA margin expansion, and substantial order

strength, especially in data center equipment, which saw orders double YoY to over $5bn in 1H26. While some market

concerns linger about end-of-decade oversupply, strong slot reservation conversion and healthy demand/supply fundamentals