The Point for Asia Pacific

研报英文原文证据摘录

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The Point for Asia Pacific

Tuesday, 18 August 2026

Top Call | Country Top Calls

Top Call

Mitsubishi Heavy Industries (7011.T) - Anticipating another round of guidance

hikes with Q2 results

Through FY3/27 Q1 MHI has achieved c30% of its full-year order and business

profit targets. Led by strength for the energy division (gas turbines, nuclear power,

etc.) we expect MHI to hike order and profit guidance with Q2 results in early

November from ¥7.0trn for orders and ¥540.0bn for business profits to ¥7.7trn and

¥585.0bn respectively. In Q1 MHI won orders for ten large-size gas turbine orders

(4GW), with six units in Japan (delivery 2033-2034) and four units in the US

(delivery 2028-29). The order backlog stands at 80 units (35GW) with a further 65

units in SRAs (slot reservation agreements). With the McCoy Report showing

global gas turbine demand in CY26 H1 of 66.8GW (+56% YoY), the recently revised

FY3/27 order target of ¥2.4trn (-10%) looks cautious, and we model ¥2.7trn (+2%).

For the energy division we model business profits of ¥360.0bn (margin of 15.8%),

versus guidance of...

Graeme McDonald

India Industrials - India Industrials Access Day 2026 – Key Takeaways Across

Defense and Power Value Chains

We hosted companies along with experts across the broader Indian industrial

ecosystem as a part of the Citi India Industrials Access Day’26. While bottom-up

factors remain key, across the defense and power value chains, the key takeaways

include a) Defense: Demand is underpinned by a broad-based program pipeline.

Procurement is widening in areas such as electronic warfare, autonomous systems

& counter systems. Some demand should gradually become recurring in nature, as

an increasing installed base drives demand for services/lifecycle support. b) Power

infra and Utilities: Grid connectivity, land and equipment availability are key

execution constraints. Capex remains broad-based across generation, storage,

transmission and distribution.

Mohit Pandey | Anusha Madireddy

Zijin Gold International (2259.HK) - Initiate at Buy: Strong Vol Growth, M&A

Edge Amid Rising Gold Prices

We initiate at Buy on Zijin Gold Intl (ZGI), in which Zijin Mining (2899.HK) holds an

…