*J.P. Morgan Asia FTM 3 Aug 26: Mediatek: Raising ASIC est, EPS; GUC u/g to OW; Ecopro d/g to UW; China strategy: “Six Networks” in focus; Read-throughs for TTI and Weichai; Asean high-conviction picks. Sun Aug 02 2026

研报英文原文证据摘录

*J.P. Morgan Asia FTM 3 Aug 26: Mediatek: Raising ASIC est, EPS; GUC u/g to OW; Ecopro d/g to UW; China strategy: “Six Networks” in focus; Read-throughs for TTI and Weichai; Asean high-conviction picks. Sun Aug 02 2026

water supply,

urban underground pipeline and logistics (Figure 1). TheNDRC has framed these networks as the backbone

of China's 15th Five-Year Plan (2026–2030) modern infrastructure system. The companies shown in Figure

2-Figure 7 are exposed to the “six networks” theme, based on market cap and 3m ADT.

CW | Techtronic Industries (0669) (0669.HK, OW – HK$130.20), China (Karen Li, CFA)

Global read-throughs from Quanta, SWK, and Makita highlight beats and raises, with TAM/margin

expansion a key theme

Global read-throughs from Techtronic’s AIDC partner Quanta Services (Neutral, covered by Mark Strouse)

and global power tool peer—SWK and Makita (both Not Covered) over the past two days have been notably

positive, with all three companies delivering beats and both Quanta and SWK raising guidance. Quanta’s

results and outlook reinforce the multi-year AIDC demand cycle, with record backlog, accelerating data

center momentum, and a step-up in technology and load center revenue growth to 220–240% Y/Y. The

company’s focus on self-performed MEP work and a $565B data center TAM through 2030 directly supports

the structural demand for professional-grade tools and workflow systems—areas where TTI’s Milwaukee

brand is increasingly specified. SWK’s and Makita’s results highlight improving US tools demand, resilient

Pro exposure, and clear margin upside from tariff refunds. Both companies benefited from tariff relief, which

translated into margin beats in the reporting period, but neither is making a direct push into AIDC, which