The 720 Global PCB CCL, Xiaomi, Anker, Coupang, Aspeed, Nittobo, Rohm, Taiyo Yuden, HSBC STAN

Equity Research 6 August 2026 | 7:20AM HKT

The 720: Global PCB/CCL, Xiaomi, Anker, Coupang, Aspeed, Nittobo, Rohm, Taiyo Yuden, HSBC/STAN

In Focus | Global PCB / CCL Michael Snaith | Global PCB / CCL – TAM raised by 38% / 18% in 2027E on strong AI. We raise our Goldman Sachs (Asia) L.L.C.

global AI PCB and CCL TAM estimates by 38% and 18% in 2027E to US$38bn and Caleb Chan | US$22bn, respectively, driven by the ramp-up of AI server racks and specification Goldman Sachs (Asia) L.L.C.

upgrades. We expect significant value growth fueled by both volume expansion and higher ASPs from the adoption of M9 materials and 30+ layer PCBs. We remain constructive on the AI PCB/CCL supply chain given high utilization rates, highlighting Buy-rated names including Shengyi Tech, Victory Giant, Panasonic HD, Mitsui Kinzoku, and Nittobo. Allen Chang

Listen Up - GS Webcasts on the Agenda

Korea Strategy & Tech: Staying Constructive Despite Sharp Drawdown | 830am HK | Access Webinar | with Timothy Moe, Giuni Lee, Michael Snaith

Japan Matters: FX, Earnings & Flows | 4pm HK | Access Webinar | with Tomohiro Ota, Bruce Kirk, Takeshi Saito, Maho Kamiya

Anker – Innovation to drive share gain and category expansion – initiate/reinstate on H/A-share at Buy. We initiate on the H-shares and reinstate the A-shares at Buy with 12m TPs of HK$149 and Rmb146, respectively, forecasting a 23% revenue and 26% net profit CAGR over 2025-28E that sits above consensus. We expect growth to be led by a 37% CAGR in the energy storage business alongside steady market share gains in mature categories like mobile charging and audio, supported by continuous product innovation and channel diversification outside the US. While we model a mild gross margin contraction in 2026E due to input cost inflation, we project net profit margins to expand to 9.0% by 2028E as product mix improvements and economies of scale take effect. Nicolas Yi

Themes in Play | Xiaomi, HSBC/STAN, HK Insurance

Xiaomi – 2Q26 Preview: New opportunity emerging post-trough – Buy. We expect 2Q26 to mark the trough quarter for group profitability with adjusted net profit declining 45% YoY to Rmb6.0bn, but see a turnaround opportunity into 3Q26 ahead of key catalysts like the SkyNomad launch. We raise our SkyNomad delivery estimates to 117k/350k in 2026E/27E on robust consumer demand, though we lower total EV deliveries to 500k/770k and cut 2026-28E group adjusted net profit by 7% on

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average. We maintain our 12m TP of HK$40, viewing concerns over EV gross margins as overdone. Timothy Zhao

HSBC/STAN – Offshore Insurance Tax Impact Likely Overstated – Buy. We believe the recent market sell-off in HSBC and Standard Chartered shares following media reports of potential mainland China taxes on Hong Kong offshore insurance products overstates the direct earnings impact. While no formal policy has been announced, insurance and bancassurance activities account for only about 4% of group revenue and an estimated 5% of earnings for both banks. Although the tax could narrow the return advantage of Hong Kong insurance products, they would likely continue to offer superior returns versus mainland alternatives. We maintain our Buy ratings on both names, viewing the issue as a near-term sentiment overhang rather than a material fundamental threat. Melissa Kuang

Hong Kong Insurance – Tax Reports Create Near-Term Overhang. We see a near-term share price overhang for Hong Kong insurers following media reports that mainland China authorities have started collecting taxes on offshore insurance products. While there is no formal policy announcement and significant uncertainty remains, our analysis suggests that even with…