LS Elec; Margin Beat & Raised Guidance, GEV Readacross, HMC First Take & Previews for Today; Mobis, KIA, Rotem, CATL

研报英文原文证据摘录

LS Elec; Margin Beat & Raised Guidance, GEV Readacross, HMC First Take & Previews for Today; Mobis, KIA, Rotem, CATL

Specialist Sales

APAC Specialist Sales J P M O R G A N

24 July 2026

and FY26 new orders (W6tr -> W6-6.5tr). Key positives included robust switchgear orders from SOFC solution providers

and data centers (KRW 1 trillion in 2Q), strong high-voltage transformer demand, and plans to invest KRW 200bn to expand

power equipment capacity, targeting over KRW 2 trillion in incremental revenue from 2029. However, with the stock now

trading at over 40x 2027E P/E (vs. peers at <25x), much of the positive news appears priced in, and we maintain a Neutral

rating.

• Investor Feedback & Sales View: Investor feedback was positive on the meaningful margin beat (actual OPM 12.5% vs

Cons of 10.4%), with investors seeing room for continued beat & raise (my simple sensitivity calculation suggeest1ppt annual

OPM expansion could result in >20% OP revision up). However, investors were reluctant to chase the stock after a +14%

move yesterday given expensive valuation and volatility, while the new revenue and OP guidance is 5%/2% above BBG cons,

making it look fair for us to remain neutral on the stock, but had more interest in Hyosung Heavy with more reasonable

valuation post solid GEV’s results.

• JPM CORP ACCESS : 1/ LS Electric (010120 KS) Post Results Group Call on July 28 (Tue) 3pm HKT (Register here), 2/

Hyosung Heavy (298040 KS) Post Results Group Call on Aug 7 (Fri) 9am HKT (Register here)

Global X-Across: GE Vernova - Solid 2Q orders, capacity expansion supported by increasing visibility; Establishing YE27

PT of $1,330 - Mark Strouse

• GEV reported strong 2Q revenue ($11.1bn, +3% vs. expectations) and record orders ($24.2bn, book-to-bill ~2.2x),