GEMS FIRST TO MARKET

研报英文原文证据摘录

GEMS FIRST TO MARKET

Global Equity Research AC Global Equity Research

30 July 2026 J P M O R G A N

gr_publications@jpmorgan.com

this week (high risk of a rate hike) and hyperscaler earnings (high expectations), the positioning setup in Korea now appears

attractive on balance – and complements the cheap valuations and earnings momentum.

| Korea Aerospace Industries (Simon Han) (047810 KS, N, PT W130,000), South Korea

Downgrade to Neutral; earnings cut inevitable after 2Q miss; order pathway remains cloudy

We downgrade KAI to Neutral with a Dec-27 PT of W130K following a disappointing 2Q26 print and still-limited near-term order

visibility. While revenue was broadly in line with expectations, 2Q OP materially missed on a combination of W19B one-off

provisions, export margin pressure from FX-driven cost headwinds, and a weaker domestic margin profile amid the absence/

delay of LAH-related sales. Importantly, we are turning more cautious on the export trajectory as Poland FA-50 sales slowed

sharply in 2Q and export OPM contracted even with Malaysia FA-50 deliveries scheduled from 4Q, raising questions on

execution and profitability. Reflecting these dynamics and incremental company color pointing to LAH delivery risk, Iraq

pipeline delays, and slower-than-expected Poland progress, we lower our 2026/2027 OP estimates by 22%/19%; we also lower

our target P/E to 21x (from 30x) to pencil-in deteriorating investor sentiment. Without clear order catalysts, we expect the

shares to remain range-bound.

Bradsaúde (Joseph Giordano) (SAUD3 BZ, OW, PT R$19.00), Brazil

Banking on Premium Care — Moving to an OW Rating and a R$19 Price Target from Not Rated

Following a period of restriction, we are moving to an Overweight rating and a December 2026 price target of R$19/sh (OW