Reiterating its 'outperform' rating on the stock, Haitong said it expects Siemens to post revenue and earnings growth of 20% and 22%, respectively, over FY23-26 on a compounded basis. "Enquiries are strong, and Siemens believes the private capex is at an inflection point," said Haitong's analysts Rahul Gajare and Maulik Shah in a note to clients.