Asia stocks: Japan, S. Korea hit record highs amid Fed easing bets; China dips
Investing.com - JPMorgan has downgraded Sinbon Electronics Co Ltd. (TPE:3023) from Overweight to Neutral and reduced its price target to NT$200.00 from NT$255.00, citing multiple headwinds facing the company’s growth prospects.
The downgrade comes as JPMorgan trimmed its 2025/26 earnings per share estimates by 2%/6% and projects Sinbon’s earnings will enter a year-over-year declining trajectory during the second half of 2025 through the first half of 2026.
A massive order reduction from Enphase has significantly impacted Sinbon’s green energy business, which saw revenue decline 27% year-over-year in the first half of 2025, with JPMorgan expecting this downward trend to continue amid softened residential solar installations.
The company faces additional challenges from muted electric vehicle charging station expansion leading to weak demand for EV charging guns, along with an anticipated slowdown in the semiconductor production equipment business in the second half of 2025 due to softened demand from ASML.
JPMorgan noted that while Sinbon previously benefited from wind power installations in Europe, China, and U.S. policy driving EV charging infrastructure and residential solar expansion, these growth drivers have peaked, with wind power installations reaching their zenith and U.S. policy and high interest rates no longer favoring EV charging stations and residential solar growth.
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