韩国国防（保持乐观），摩根大通欧盟工业会议，JP汽车，三菱电机，关键动态及反馈

Specialist SalesAPAC Specialist Sales10 June 2025JPMORGANKR Defense (Stay Bullish), JPM EU Industrial Conf, JP Auto, Mitsubishi Elec, Key inbounds & feedback Joann Kim+852 2800 8016joann.kim@jpmorgan.comHitachi is hosting Investor Day today from 2pm HKT. Its IR material out and initial impression from investors was nothing really stands out, the net debt/ebitda leverage of 1-2x should continue to be favored for a Y1trn buyback but limited to Y300bn and ROIC of 12-15% indicated this time is on part with Fujitsu/NEC. Lumada revenue ratio of 50% in FY27, adj EBTIDA margin of 18% looks somewhat positive. We note Hitachi underperformed its key global peer in the past 1M (Hitachi +5.7%, ENR GY +15.2%, VRT US +19%, HD Hyundai Elec +19.7%) to see some investors’ incoming. Hitachi SI -9% WoW, -21.4% MoM, 1.6X DTC Key Highlights Today:•KR Defense: Hyundai Rotem- Long-awaited Poland EC2 orders likely to be announced in upcoming weeks, Hanwha Aerospace - First read on L-SAM II project order win