The 720 Lasertec, DBS, Nintendo, Furukawa, SUMCO, Resonac, JX Advanced Materials, NYPCB, Winway, Kakao Corp

Equity Research 7 August 2026 | 7:22AM HKT

The 720: Lasertec, DBS, Nintendo, Furukawa, SUMCO, Resonac, JX Advanced Materials, NYPCB, Winway, Kakao Corp

In Focus | Lasertec Michael Snaith | Lasertec – Order guidance above expectations, TAM expanding – Buy (on CL). We Goldman Sachs (Asia) L.L.C.

reiterate our Buy rating (on the Conviction List) and 12m TP of ¥70,000 after the Caleb Chan | company reported 4Q6/26 operating profits broadly in line with expectations and Goldman Sachs (Asia) L.L.C.

FY6/27 order guidance slightly above consensus. We view the expansion of ACTIS A300 orders for DRAM mask shops and advanced logic fabs as a new positive catalyst, with orders for both ACTIS and MATRICS expected to double in FY6/27. We revise up our FY6/27 to FY6/29 operating profit estimates by 2% to 9% to factor in new adoption of MATRICS and ACTIS A300 in advanced logic and DRAM applications. Our base scenario remains that the ACTIS market will expand on growing demand for high-resolution mask inspection. Shuhei Nakamura

HK/Mainland China Conglomerates & Property – Fosun vs. NWD: Comparison of financial profile, potential debt reduction and scope for re-rating; Fosun up to Buy. We upgrade Fosun to Buy and raise our 12m TP to HK$6.6 (from HK$5.1) on improved de-leveraging visibility and earnings recovery, while maintaining a Neutral rating on NWD due to overhangs from its 11 SKIES lease obligations. We revise Fosun’s FY26-27E EPS by -16%/+14% and forecast group earnings to reach Rmb6.6bn by FY28E, driven by a turnaround in the Happiness division and reduced holdco interest expenses. Fosun targets lowering holdco gross debt to Rmb60bn by 2030 through Rmb64bn in identified asset disposals, which should help narrow its current NAV discount. Simon Cheung

Tech | Nintendo, Furukawa, SUMCO, Resonac, JX Advanced Materials, NYPCB, Winway, Kakao Corp

Nintendo – 1Q beat on strong Switch software, raising estimates – Buy. We raise our 12m TP to ¥10,000 from ¥9,700 after 1Q operating profits of ¥142.6bn exceeded our estimates and consensus, driven primarily by stronger-than-expected software shipment volumes. Combined Switch and Switch 2 software sales reached 43.27mn units, well above our 31mn assumption, while Switch 2 hardware shipments of 3.82mn units were in line. We raise our FY3/27 operating profit estimate by 13% and FY3/28-FY3/31 estimates by 1-4% to reflect US tariff refunds and higher Switch software shipment assumptions. Our medium- to long-term view remains unchanged

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that Switch 2 will see increased adoption and earnings growth as its exclusive software lineup expands. Minami Munakata

Furukawa Electric – 1Q profit tops bullish GSe and large guidance hike – Buy. We raise our FY3/27–FY3/29 operating profit estimates by 30%/17%/6% following a significant 1Q beat, where operating profit of ¥25.5 bn topped our bullish ¥18.9 bn estimate. The company sharply revised up its full-year operating profit guidance to ¥123 bn from ¥95 bn, driven by straightforward growth in data center-related businesses, stronger volumes, mix improvement, and progress with price revisions. With liquid cooling modules expected to make a full contribution in 2H, we look for higher investor expectations around earnings. We lower our 12m TP to ¥6,400 from ¥7,200 on updated multiple assumptions, but maintain our Buy rating as upside remains large. Ryo Harada

SUMCO – 2Q beat and strong 3Q outlook on sharp AI server demand – Buy. We reiterate our Buy rating and 12m TP of ¥6,140 following a 2Q consensus beat, where operating losses of ¥1.1 bn signaled the worst is over. The 3Q outlook targets a steady improvement to breakeven, supported by a clear bottoming…