JPM Week Ahead: Key Earnings Previews & Key Debate This Week

研报英文原文证据摘录

JPM Week Ahead: Key Earnings Previews & Key Debate This Week

Specialist Sales

APAC Specialist Sales J P M O R G A N

26 July 2026

JPM Week Ahead: Key Earnings Previews & Key Debate This

Week

Joann Kim

+852 2800 8016

joann.kim@jpmorgan.com

• Earnings season has kicked off - please see below details for upcoming earnings during 7/27-7/31 under JPM coverage.

• Key Debate for this Week:This week, the most discussed topic was the power sector and GEV US share price action after a

solid print on Thursday (-9% despite strong earnings; Mark Strouse review). Key investor feedback was that strong 2Q orders

reflected a mix of self slot reservations and external customer orders, and the announced 6GW capacity addition reinforced

end-of-decade oversupply concerns, especially with the stock having outperformed peers and trading at an expensive

valuation. We hosted a Global Power call last Friday (3pm HKT), where Phil Buller argued such concerns driven by recent

share price actions were overdone: While the market may be closer to a peak vs history, he sees a clear supply shortfall vs

demand guided by Siemens Energy’s 110–120GW annual orders; Phil forecasts ~64GW supply in FY26 and 70/80/90–95GW

in FY27/FY28/FY29, keeping S/D tight before becoming more balanced toward 2030 as BTM capacity grows. Phil also noted

that a more balanced S/D does not necessarily mean peak ASP, and that robust FCF visibility plus higher-margin service

revenue opportunities should support further ENR share price upside. In Asia, Stephen Tsui flagged HV transformer ASPs

still trending up, with continued margin expansion driving beat-and-raise potential and supporting valuations, plus further

share gain opportunity in Europe; Korean transformer margins remain low vs the US even as US market share has reached