Equity Snap: HD Hyundai Electric (267260 KP): 2Q26 OP miss, but orders resilient; Al data centre opportunity building

研报英文原文证据摘录

Equity Snap: HD Hyundai Electric (267260 KP): 2Q26 OP miss, but orders resilient; Al data centre opportunity building

28 July 2026

Equity Snap: HD Hyundai Electric Equities Electrical Equipment

(267260 KP)

2Q26 OP miss, but orders resilient; AI data centre

opportunity building Korea

◆ 2Q26 OP trailed market expectations, but orders were Yonghua Park*, CFA

resilient and AI data centre visibility improved Analyst, Asia Energy Transition The Hongkong and Shanghai Banking Corporation Limited

yonghua.park@hsbc.com.hk

+852 3941 7005

HD Hyundai Electric Co (267260 KP, KRW797000.00, Hold, TP KRW1250000.00)

Evan Li*

(Priced as of 27 Jul 2026) Head, Asia Energy Transition Research

The Hongkong and Shanghai Banking Corporation Limited

HSBC will host a virtual group call with HD Hyundai Electric (HDE) at 8:30am HKT on evan.m.h.li@hsbc.com.hk

11 August. Please contact us if you would like to participate in the call and/or need +852 2996 6619

any post-call feedback.

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

2Q26 OP missed: 2Q26 revenue came in at KRW1.14trn (+10% q-o-q and +26% y- not registered/ qualified pursuant to FINRA regulations

o-y), slightly below Visible Alpha (VA) consensus, but ahead of HSBCe. Operating

profit (OP) was KRW287bn (+11% q-o-q and +37% y-o-y), missing HSBCe and VA

consensus by 4% and 8%, respectively. Quarterly order intake was USD1.44bn (-

20% q-o-q and +45% y-o-y), above both HSBCe (USD1.35bn) and VA consensus

(USD1.20bn). 1H26 order intake totalled USD3.24bn, representing 62% of the

company’s upgraded full-year order intake guidance of USD5.19bn (raised from

USD4.22bn in June).

Potential AI data centre orders: HDE has acquired a KRW1.1trn AI data centre

from a US big tech during the quarter, with delivery scheduled for 2027-28.