Three Actionable Ideas
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Key Views
- Keyence (6861.T): Upgraded to Overweight. Near-term growth is fueled by chip-making tools and electronics, while physical AI provides long-term upside. Last close: ¥76,970.
- Lenovo (0992.HK): Overweight. AI-driven demand enables cost pass-through and margin preservation. Combined with accelerating ISG profitability and product mix improvements, FY27-29e EPS is expected to exceed consensus by approximately 20%. Last close: HK$24.48.
- Accton Technology (2345.TW): Overweight. 2Q26 revenue grew 25-30% quarter-on-quarter, exceeding the prior 20% forecast, driven by strong network switch shipments and early production of AI accelerator modules. Last close: NT$2,470.00.
Outlook
Momentum at Accton Technology is expected to persist through the second half of 2026. Lenovo's earnings outperformance trend should continue through FY27-29e, supported by AI demand.
Recommended Securities
The report also highlights the track record of its "Three in Three" strategy, noting 36 currently active ideas across various markets and sectors, including WuXi AppTec, Singapore Telecom, and Ajinomoto. The strategy has generated 9,234 basis points of cumulative excess returns since inception, with an average 12-month total return of 13.3% and an absolute hit rate of 54% across 816 ideas.
Key exhibits
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