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Specialist SalesAPAC Specialist Sales10 June 2025JPMORGANTATA Motor, Koito (7276), Toyota Industries AGM, Key inbounds Joann Kim+852 2800 8016joann.kim@jpmorgan.comWe note a recent correction in global defense names (RHM -2.5%, Hanwha Aerospace -2.7%) despite the absence of negative headlines. While investors see no fundamental issues in the defense sector, they expect defense names to take a breather after a strong year-to-date rally. It is worth noting the outperformance of building materials, driven by 1.5% of GDP spending being allocated to defense infrastructure, as investors remain positive on the overall defense sector. Flow-wise, we observed LO buying Korean defense names on the dip yesterday.Key Highlights Today:•TATA Motors (TTMT IN):Aggressive targets on PV market-share and CV margins - Amyn Pirani (Link)•Koito Manufacturing (7276): Lidar business briefing: Pushes back expected date for LIDAR business to turn profitable by 2 years; technology trends a medium-to long-term ri