Reviews; MELCO, Hyosung Heavy, Hanwha Aero, Denso, Aisin, MSIL, AIDC Capex Abundance & TTI, Previews; Isuzu, MMC, Nissan: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV • Equipment • Machinery • E&C • A&D

研报英文原文证据摘录

Reviews; MELCO, Hyosung Heavy, Hanwha Aero, Denso, Aisin, MSIL, AIDC Capex Abundance & TTI, Previews; Isuzu, MMC, Nissan: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV • Equipment • Machinery • E&C • A&D

ce a multi-year AIDC build cycle and sustained demand for self-

performed MEP workflows—supportive for professional-grade tools where Milwaukee is increasingly specified, alongside a

$565B data center TAM through 2030. SWK and Makita also point to improving US tools demand and resilient Pro

exposure, with margin upside aided by tariff refunds, but neither is explicitly pushing into AIDC, which further

differentiates TTI as the AIDC cycle accelerates. TTI remains on Positive Catalyst Watch ahead of its 1H results on Aug

4, where more granular AIDC disclosure and potential margin outperformance could further support re-rating as investors

increasingly price in its AIDC/grid/non-residential workflow exposure.

• Bullish hyperscalers… price action tells you monetization acceleration isn’t (yet) discounted (Matt See): Often, it’s more

important to look at the price than the narrative. The price action tells you want the market does - or doesn’t know. Or more

precisely what is, or isn’t discounted. And the price reaction to the recent results from AMZN +14% and MSFT+15%

tells you that an acceleration in hyperscaler growth is not discounted. Yet this increasingly seems what is likely - with 2Q

showing a sharp acceleration in revenues (both beat buyside bars by 200bps) and an even faster acceleration in backlogs

(which is now runnign ahead of both revenue growth and capex growth). One key number is that 2Q net ARRs for both AWS

and Azure were >60% higher than their previous record quarter. As the bottleneck in AI increasingly becomes those with the