Nomura's Asia morning meeting summary focuses on Kedali and Bairun's Buy initiations and the inflection point in China's robotics industry

Overview

This is Nomura's June 29, 2026 Asia morning meeting research summary, covering company research, industry strategy, macro strategy, commodities, foreign exchange, and regional market views. Key companies include Kedali, Bairun, Han’s Laser, BeOne, LG Display, Dr Reddy's, Kotak Mahindra Bank, and Persistent Systems. Key themes include China's robotics industry, AI investment, consumer channel checks, industrial-park energy demand, and recurring revenue.

Core views

The core view is that, on the one hand, selected Asian companies continue to offer clear individual-stock upside, particularly Kedali through battery structural-component demand and its robotics option, Bairun through RTD recovery and whiskey maturation, and Han’s Laser through optical-fiber expansion and its Linfiber investment to strengthen its AI-network positioning. On the other hand, the macro environment remains exposed to uncertainty surrounding oil prices, inflation, liquidity contraction, South Korean housing prices, and the global interest-rate path, which could suppress risk appetite for equities and bonds.

Analysis framework

The report uses a morning meeting summary format, presenting company updates, initiations, industry research, channel checks, weekly macro reports, and market data in parallel. Company research primarily explains investment conclusions through target prices, rating changes, upside potential, revenue and profit forecasts, and valuation multiples. Industry research combines on-site research, industry-chain interviews, and expert calls. Macro research focuses on oil prices, employment, inflation, central-bank statements, real-estate prices, and liquidity expectations.

Methodology notes

• Valuation methodsP/E valuation

  Price-to-earnings valuation

  Bairun's target price of CNY19.63 is derived from 2026F EPS of CNY0.70 and 28x 2026F P/E. The report notes that this multiple is below the 10-year historical median P/E.

• Valuation methodsPB valuation

  Price-to-book valuation

  LG Display's target price is derived by multiplying 2027F BVPS of KRW15,957 by a target P/B of 0.99x. The target price was lowered from the previous level to reflect the impact of rising prices on shipments by major customers.

• Industry researchChannel checks and on-site research

  Expert calls and industry-chain visits

  The consumer, sportswear, and robotics sections use expert calls, on-site visits, and industry-chain company research to assess sales momentum, capacity ramp-up, customer structure, and commercialization progress.

• Macro strategyEvent-driven macro observation

  Oil prices, employment, inflation, and central-bank reaction functions

  The macro section assesses market direction and policy risks around events including the halt in oil-price declines, US nonfarm payrolls, eurozone CPI, Warsh's speech in Sintra, and South Korean housing prices.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Shenzhen Kedali Industry (002850 CH / 002850.SS)

  Core company research subject

  Strengths

  A leading battery structural-components manufacturer with long-term relationships with major domestic and international power and energy-storage battery producers. It benefits from strong downstream demand and capacity expansion in new products such as sodium-ion batteries, while also having an option on the humanoid robotics business.

  Weaknesses

  The robotics business remains in the capacity-expansion and exploration stage, and its actual revenue contribution and commercialization pace require further validation.

  Comparison

  Upgraded from Not rated to Buy, with a target price of CNY282.15 and 54.8% upside, making it one of the key individual stocks with the highest upside potential in this edition.

  Risks

  Battery demand below expectations, slower-than-expected customer product upgrades, weaker-than-expected realization of robotics orders, and insufficient capacity utilization.

• Bairun Investment Holding (002568 CH / 002568.SS)

  Core company research subject

  Strengths

  The RIO brand has long ranked first in China's RTD market. By production capacity and inventory of maturing barrels, Bairun is also China's largest whiskey producer. New RTD products and channel optimization are expected to support recovery.

  Weaknesses

  Whiskey remains in the maturation stage, and realizing the second growth curve will take time. RTD consumption recovery remains affected by the macro consumption environment.

  Comparison

  Upgraded from Not rated to Buy, with a target price of CNY19.63 and 37.3% upside; it currently trades at 20.4x 2026F P/E.

  Risks

  New-product volume growth below expectations, weaker-than-expected channel optimization, weak consumer demand, and a prolonged maturation cycle for the whiskey business.

• Han’s Laser (002008 CH / 002008.SS)

  Company related to AI networks and optical-fiber expansion

  Strengths

  Plans to invest in optical-fiber preform and synthetic-quartz projects and acquire a controlling stake in Linfiber (Nantong), obtaining high-end hollow-core fiber technology that could benefit from AI network expansion.

  Weaknesses

  The investment amount is substantial and construction will be phased, creating execution time for capacity deployment and technology commercialization.

  Comparison

  The report discusses it in the same research update as YOFC and AI-network expansion-related industry themes.

  Risks

  Uncertain return on capital expenditure, slower-than-expected ramp-up in hollow-core fiber demand, challenges in technology commercialization at scale, and intensifying competition.

• China robotics value chain

  Thematic research and industry-chain mapping

  Strengths

  Optimus capacity upgrades, Unitree WVLA2.0, the NeuralAxis framework, trends in original-equipment manufacturing, and changes in non-robotics data-collection paradigms collectively support the mass-production cycle for humanoid robots and the Physical AI commercialization thesis.

  Weaknesses

  The breadth of B2B applications, model capabilities, and industrial vertical scenarios still contain unvalidated aspects, while some projects remain in the exploration or pilot stage.

  Comparison

  Compared with traditional automation, the report focuses more on full-stack cost leadership, hardware-software coordination, data paradigms, and the reshaping of supply-chain outsourcing.

  Risks

  Mass-production schedules falling short of expectations, slower-than-expected cost reductions, uncertain customer demand, and insufficient safety and reliability validation.

• LG Display (034220 KS)

  South Korean display company research subject

  Strengths

  The Buy rating is maintained. 2027F ROE is forecast to exceed the average ROE of historical upcycles, and valuation still offers upside.

  Weaknesses

  The company lacks AI exposure, while IT original-equipment manufacturers and component companies are affected by recent memory-price increases, potentially reducing shipments by major customers.

  Comparison

  The target price was lowered from KRW17,000 to KRW16,000, but still implies 40.7% upside.

  Risks

  Reduced customer shipments, rising memory prices suppressing end demand, and a panel-cycle recovery below expectations.

• BeOne (6160 HK)

  Hong Kong-listed pharmaceutical/healthcare research-update subject

  Strengths

  The additional tax payment is viewed as having a limited fundamental impact, and the report maintains its Buy view.

  Weaknesses

  The CNY446mn tax payment could affect FY26E GAAP operating-profit guidance, equivalent to approximately 8-9% of the USD750-850mn operating-profit guidance.

  Comparison

  The report states that similar events are not uncommon and notes that Aier (300015 CH, Buy) previously made a similar announcement.

  Risks

  Expansion of tax matters, lowered profit guidance, and rising investor concerns about governance or financial quality.

Key data

• Kedali target price and upsideCNY282.15, +54.8%Upgraded from Not rated to Buy; 2026-28F lithium-battery/automotive structural-component revenue CAGR forecasts are 20%/15%, respectively.
• Bairun target price and upsideCNY19.63, +37.3%2026-28F revenue forecasts are CNY3,255mn/CNY3,575mn/CNY3,922mn, and net profit forecasts are CNY730mn/CNY826mn/CNY935mn.
• Han’s Laser optical-fiber project investmentNo more than CNY2.52bnThe project is planned to produce 2,000 tonnes per year of optical fiber preforms and synthetic quartz, equivalent to approximately 60mn fkm of optical fiber, and will be built in two phases.
• Han’s Laser proposed acquisition of Linfiber (Nantong)CNY306mn for a 51% stakeThe target company owns high-end hollow-core fiber technology applicable to AI network expansion.
• Tesla Optimus capacity target1,000 units/weekThe China robotics summary states that Optimus Gen 3 is moving from SOP into mass production and mentions a September ramp-up target.
• Bank of Korea rate expectations25bp hikes in July, October, and January, with a terminal rate of 3.25%Rising housing prices have become the primary policy driver for financial stability.
• China's ratings-system observationAAA/AA+ issuers accounted for 59% in Q1 2026, while AAA/AA+ accounted for 74.6% of non-financial corporate debt financing instrumentsThe report believes that China's domestic ratings system does not fully reflect deteriorating corporate financial health.
• CPO price outlookApproximately MYR4,500/MT by July 2, 2026If exports weaken, prices could decline to approximately MYR4,400/MT.
• BeOne tax paymentCNY446mnThis could affect FY26E GAAP operating-profit guidance, but the report views the fundamental impact as limited.
• LG Display target-price adjustmentLowered from KRW17,000 to KRW16,000, implying +40.7% upsideBuy is maintained, while the target P/B is lowered from 1.17x to 0.99x.

Impact & implications

From an investment perspective, the report favors structural growth and industry inflection points. Kedali and the robotics value chain represent the intersection of new energy and humanoid robotics opportunities; Han’s Laser and hollow-core fiber reflect AI infrastructure upgrades; and Bairun represents consumer-goods recovery and new-product/new-business growth curves. Regarding risk appetite, the macro section warns that expectations for oil prices, inflation, and liquidity could alter the short-term performance of equities, bonds, foreign exchange, and commodities. Individual-stock opportunities therefore need to be assessed alongside macro interest rates and cost pressures.

Risks

• A pause in the oil-price decline could reinforce liquidity-contraction and inflation concerns, weighing on equity and bond performance.
• US employment and inflation data, as well as Warsh's comments in Sintra, could alter expectations for Federal Reserve rate hikes.
• Rapid increases in South Korean housing prices are increasing financial-stability pressure and supporting a hawkish stance by the Bank of Korea.
• China's domestic ratings system has been criticized for an excessively high proportion of highly rated issuers, raising questions about its ability to identify credit risks.
• The robotics value chain still needs to validate model capabilities, the breadth of B2B applications, mass-production costs, and commercial orders.
• Consumer-related sectors remain affected by weak macro demand, low seasonality, and uneven channel recovery.
• Some companies face risks from one-off tax matters, regulatory inspections, management changes, or M&A integration.

What to watch

• Kedali's battery structural-component orders, sodium-ion battery structural-component capacity, and progress in robotics-related revenue.
• Bairun's RTD new-product volume growth, channel-optimization results, and the maturation and commercialization pace of whiskey.
• Construction progress for Han’s Laser's optical-fiber preform/synthetic-quartz projects and completion of its acquisition of Linfiber (Nantong).
• The ramp-up of Tesla Optimus Gen 3 from SOP to mass production and the September target of 1,000 units per week.
• Commercialization progress for Unitree WVLA2.0 and NeuralAxis-related Physical AI.
• US NFP, eurozone core CPI, and Warsh's comments in Sintra regarding energy prices and the Middle East situation.
• The Bank of Korea's July MPC policy response to housing inflation and financial stability.
• Foot traffic and sales at China's consumer malls, adidas China's sales momentum, and post-618 trends.