Point | The Point for Europe Wednesday, 19 August 2026 Top Call | Company | Industry | Strategy & Economics | Fixed Income & FX | Key Rating and Target Price Changes KLAR's 2Q26 TMD ($446M; +42% Y/Y) and adj. op profit were well-above expectations but were partially supported by the German back-book sale (~$28.2M estimated benefit; 1.22% reported TMD margin vs. 1.14% ex. sale). Despite the large 2Q26 beat, 2H26 guidance was taken down across all KPIs leaving more questions than answers. FY26 guidance was we ...

19 August 2026 | 2:30AM HKT Equity Research Xiaomi Corp. (1810.HK) 2Q26 Review: Smartphone GPM Beats, EV Beta Weighs, New Catalyst Window Opens; Buy 1810.HK 12m Price Target: HK$39.00 Price: HK$26.18 Upside: 49.0% Ahead of Xiaomi's SkyNomad model launch in early Sep, Xiaomi delivered 2Q26 results that are largely inline with expectations. Revenue declined -6% yoy (largely inline with GSe/Visible Alpha Consensus Data), while adj. net profit fell -43% yoy to Rmb6.2bn (4% above GSe/2% below consensus) as highe ...

Joann Kim +852 2800 8016 joann.kim@jpmorgan.com Specialist Sales APAC Specialist Sales 19 August 2026 J P M O R G A N Asia Physical AI, JP Auto; Suzuki as Top Pick, Earnings Recap; Xiaomi/ Fuyao Glass US : Equities moved lower as macro tightening and an accelerating semis unwind weighed on the tape, pulling SPX down 0.7% and driving a sharp reversal in Momentum (-2.8%) and Crowded Longs (-2.7% vs Shorts -1.1%). Breadth improved versus the prior session (46% of SPX up) and equal-weight held up better (SPW -0 ...