Morning News & Views - Asia

This report is a morning summary of select global markets research for Asia, aggregating rating and target price changes across multiple stocks. LIG D&A reported a 3Q26 operating profit miss; we maintain Buy and lower our TP to KRW600,000 from KRW1,100,000, implying 84.0% upside, based on a target P/E of 26.8x applied to our 2027F EPS of KRW22,854. An outcome of the first-instance trial on the bribery case, possibly the last remaining uncertainty, is expected in end-November. In China semiconductor equipment and materials, 3Q26 earnings conveyed a largely similar signal: order intake at most equipment companies accelerated while reported revenue growth decelerated sharply, with NAURA up 1.3% y-y, Piotech up 1.8% and AMEC up 17.2%, against 1Q-3Q26 order growth of over 60%, over 100% and over 50% respectively. Electrostatic chucks, mass flow controllers, valves and pumps were in the tightest supply, and the sector has entered a delivery cycle in which revenue timing is more set by compon