HSBC: Asian Automation — Upcycle Lasting Longer Than Expected
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Key Views
In Taiwan, HSBC prefers Hiwin to Airtac (both Buy) on richer monthly sales and margin catalysts. In Japan, it prefers Fanuc—down 8% over three months on overdone margin concerns—to Keyence, already up 46%. It also favors Inovance's industrial-AI leverage and Zhaowei's dexterous-hand exposure.
Outlook
Key risks: raw-material costs, yen appreciation, and Japanese makers' chip and rare-earth bottlenecks limiting shipments. Impact is limited so far; HSBC would turn pessimistic if these worsen.
Recommended Securities
Prices as of August 7, 2026 close:
- Airtac (1590 TT): Buy, TWD1,545 → TWD1,730 (~12%)
- Hiwin (2049 TT): Buy, TWD387 → TWD457 (18%)
- Fanuc (6954 JP): Buy, JPY6,535 → JPY7,600 (~16%)
- Keyence (6861 JP): Buy, JPY85,110 → JPY91,000 (~7%)
- Inovance (300124 CH): Buy, RMB64.60 → RMB96.00 (49%)
- Zhaowei (003021 CH/2692 HK): Hold A-share / Buy H-share; RMB81.15/HKD47.42 → RMB90.00/HKD105 (+11%/+121%)