亚太区重点：中国互联网估值处于底部，盈利下行敏感性、日本东纺扩产提价及耐克中国线上策略对国内运动品牌的影响等。

Monday, 29 June 2026 Top Call | Country Top Calls | Key Rating and Target Price Changes Click here to type optional introductory text TopCall China Internet - Assessing Valuation Floor Vs Earnings Downside Sensitivity The significant underperformance of the China Internet sector has intensified,with the sector continuing as a source of funds for the global AI hardware rally.This sell-off, however, has created a compelling valuation opportunity that webelieve, and hope is approaching a floor. Key players like PDD, YMM and Meituanare now trading near their five-year trough multiples. Even after stress-testing forpotential 10-30% downward earnings revisions, valuations remain exceptionally Alicia Yap, CFA | Brian Gong Nitto Boseki (3110.T) - If capacity expansion along with price hikes isannounced, how undervalued will the shares look? We expect Nittobo to announce additional T-glass capacity expansion soon andperhaps pursue additional price hikes. Our forecasts assume one round of T-glassprice hikes (we assume c30% price hikes began penetrating from April 2026, withthe price up 25% YoY for FY3/27 and up 5% for FY3/28). Under these assumptionswe forecast FY3/28 OP of ¥41bn/EPS of ¥828 and FY3/29 OP of ¥53.7bn/EPS of¥1,090. If T-glass capacity expansion along with price hikes were announced Yuta Nishiyama China Sportswear - Stock implications on three scenarios of Nike China’s onlinestrategy In our view,Topsports' continuous share price decline last Fri (after itsclarification announcement on Thur night, seeCiti's Jun 25 note) indicates themarket's pessimistic expectation thatNikewill terminate its online distributorship_ which represents ~22% of group sales). We anticipateNiketo give some color onits future China online distribution strategy upon 4QFY26 results on morning ofJuly 1, HKT, with three likely scenarios (detailed below). IfNikeconfirms itsintention to terminate China retailers' online distributorship, we expect positivestock implication on Chinese & other int'l sports brands (includingAnta/PumaChina,Li Ning, Adidas China) and negative stock implication onNike Chinaeco- Xiaopo Wei, CFA | Vincent Young Overcoming Gridlock 2.0 - Solving Power Bottlenecks to Drive AI & EnergySecurity Slowly, then suddenly. Demand for power, infrastructure, and generationequipment continues to rise, driven primarily by the U.S.-focused AI data centerbuildout. The Middle East conflict has sharpened focus on energy security. Ascountries seek to reduce import dependence and limit exposure to price spikes,the reaccelerated adoption of renewables, batteries, and electric vehicles (EVs) willalso raise power equipment demand. However, grid expansion appears unable to Anthony Yuen | Xiaodan Zhu | Maggie Xueting Lin | Maximilian J Layton | Pierre Lau, CFA CountryTopCalls China Communications Infrastructure - Our thoughts on Corning GlassBridge™implication Corning's GlassBridge™, formally presented on 24 June 2026, introduces an IOXwaveguide-based fiber-to-PIC connector targeting NPO and CPO architectures asan evolutionary substitute for iFAU. We believe the current CPO solutions(Quantum and Spectrum) are finalized for mass production and unlikely to beaffected. 2H27 solution is not likely to be replaced as the design is going to beconfirmed in 2H26. We see lots of uncertainty for GlassBridge before proven Kotak Mahindra Bank (KTKM.BO) - CEO Exit By Dec'26 Triggers Transition;Enters ‘Wait-for-Clarity’ Phase Kotak's announcement that MD & CEO Ashok Vaswani will not seekreappointment upon term expiry in December 2026 signals a fresh leadershiptransition. Communicated well in advance and attributed to personal reasons, thisdevelopment is a sentiment-driven uncertainty rather than a fundamentalearnings or operational risk. Critically, the bank's internal management bench —notably Paritosh Kashyap (WTD, former Group President & Head-Wholesale moderate probability to internal appointment. Valuation trajectory is now Kunal Shah | Dipanjan Ghosh South Korea Semiconductors - Samsung Group to Announce W1,000tr-rangeInvestment Across Advanced Industries in Korea Domestic Media (Maekyung, Donga, 26 June) reported that Samsung group willannounce a massive and long-term investment worth ~W1,000tr centered onsemiconductors and AI on 29 June. As a part of the Blue House's initiative to fosterthe semiconductor industry in the Honam region, we project the massiveinvestment led by the government should boost the sustained growth of the Peter Lee Hongkong Land (HKLD.SI) - Pre-Blackout Call Takeaways: 7-10% ProfitRecovery in ‘26E; Office Reversion Inflection from ‘27E; Interim DPS Rebalancing Hongkong Land hosted a pre-blackout call on 26-Jun-2026. Key takeaways: [1]HK Central office spot rent had rebounded 10% from bottom of Oct last year,driving -5%/flat reversion in ’26/27E; [2] HK retail rental underpinned by tenantsales surge and +ve reversion from new flagship stores; [3] exploring Singaporeinvestment opportunities to