APAC Industrial and Auto Sector Specialist Sales Commentary

J.P. Morgan recaps a heavy earnings week for APAC Industrials, highlighting conservative guidance from Toyota and bullish sales targets from BYD. The report also identifies Techtronic as an overlooked AI infrastructure play.

Key Takeaways

• 1.Toyota's FY26 operating profit guidance of ¥3tr is significantly below consensus, though management hints at a ¥4tr underlying potential depending on FX and macro factors.
• 2.BYD has raised its 2026 domestic sales guidance to 3.5–4.0mn units and sees upside risk to its 1.5mn-unit overseas target.
• 3.Techtronic (TTI) is emerging as a significant, under-appreciated play on the AI Data Center (AIDC) buildout, with AIDC-related revenue already contributing 15% to its mix.

Table of Contents

• Detailed Highlights
• Key Earnings Recap: Toyota, Mitsubishi Motor, Hyundai India, ABB India, Thermax
• BYD (1211 HK/002594 CH): Key Debate & Discussions
• Sany Heavy (6031HK/600031 CH): Fireside Chat Takeaways
• Key Inbounds - TTI (669 HK), AI DC Play?, IHI Earnings & Feedback on JP Heavies
• Key Event This Week - China AI DC Energy Storage & Power Systems Conference
• Sector Key Newsflow
• Full Research Links
• Save the Dates: J.P. Morgan Industrials Events
• Catalyst Calendar (Full Version)

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