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JPM | Industrial Strength Morning Messages: Earnings and Pre-announcements: Valeo, Alstom, Thales, Daimler Trucks, Fuchs + ENR Read X

发布日期: 2026-07-23研究机构: JPMorgan报告页数: 9原文语言: English证据页码: 1

研报英文原文证据摘录

Specialist Sales J P M O R G A N

23 July 2026

JPM | Industrial Strength Morning Messages: Earnings and Pre-

announcements: Valeo, Alstom, Thales, Daimler Trucks, Fuchs + ENR

Read X

Sam Edmunds

+44 207 742 8733

sam.edmunds@jpmorgan.com

Earnings: 8TRA GR, GET FP, HWDN LN, HO FP

US All Stars Conference is taking place on the 22nd and 23rd of September. In Industrials we've got 3M, Carrier Global,

Deere & co, Eaton Corp, Equifax, Honeywell International, Howmet Aerospace, Quanta Services, Rollins, TransUnion

and Trimble attending. Registration link is here: https://jpm.buythesell.com/Registration/EventAccess?id=176

In Focus Today

• Good Morning. Google price action post results was negative - but the impact on the Asia compute/semis has been positive -

with Google increasing its capex guide to $195-205bn from ‘as much as $190bn’. This ‘should’ be helpful to our DC stocks in

Europe. It will be interesting to see if it’s enough to see ENR shares continue to recover. They fell sharply on the back of

GEV's results yesterday - with GEV’s comments on capacity expansion (aiming for 30GW by 2030 - witht he additional 6GW

vs prio guidance coming from the existing factory footprint). Mark Strouse’s post-results GEV wrap is HERE - and he notes

that the capacity expansion is on the back of greater visibility and an acceleration in power gen orders. We had scheduled

results from Valeo (+ve on FCF and guidance reiteration) and Alstom (very weak Q1 orders but FY guide retained) alongside

a preliminary announcement from Daimler Trucks (odd P&L miss, FY guidance increase) and Fuchs (highlighting the

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