SOUTH KOREA FIRST TO MARKET

研报英文原文证据摘录

SOUTH KOREA FIRST TO MARKET

ty lines and incremental capex, and expects most of the ~W7tn backlog to

convert by the end of next year (except for high-voltage transformers), supporting revenue upside and leaving 2027E

consensus looking conservative. Overall, the message is encouraging and LS Electric’s valuation has pulled back to 37x one-

year forward P/E with >30% 2026-28E earnings CAGR; the valuation gap between LS Electric and Hyundai Electric/Hyosung

Heavy has narrowed.

HYBE (Benjamin Kim/Stanley Yang) (352820 KS, OW)

Strong 2Q results on BTS-led top-line momentum; maintain OW

2Q OP of W171B met our Street-high-end estimate (W175B), as strong BTS IP revenue momentum offset a GPM decline to

~32% amid an accelerated mix shift toward concert revenue. Despite the solid print, the stock traded weak today (-16% vs.

KOSPI -11%), which we attribute mainly to limited upside surprise against elevated expectations. Following a ~50% correction

from the YTD peak (vs KOSPI’s +6%), the stock trades at a 24.4x 1yr fwd P/E, near the trough level of ~21x seen around the

BTS activity hiatus and NewJeans split reports, implying that the market is pricing the BTS comeback as largely cyclical/one-off

and assigning limited value to HYBE’s proven ability to scale IP across genres/markets. We see a favorable risk/reward,

supported by a compounding IP portfolio and the potential for an extended BTS monetization cycle. Maintain OW.

Asia Power Equipment (Stephen Tsui, CFA)

Implications of 800V DC Data Center Architecture. Call Series Takeaways

Recent discussions with investors have centered on whether our coverage could be vulnerable if data centers begin moving

from traditional AC systems toward an 800V DC architecture. The concern is that adopting 800V DC could change the product