Ibiden (4062) Results briefing: Stands to benefit most from AI servers; remain bullish

Research evidence excerpt

Ibiden (4062) Results briefing: Stands to benefit most from AI servers; remain bullish

J P M O R G A N Asia Pacific Equity Research

12 May 2026

Ibiden (4062) Overweight

4062.T, 4062 JP

Results briefing: Stands to benefit most from AI Price (12 May 26):¥16,550

servers; remain bullish Price Target (Dec-26):¥18,400

Ibiden held a results briefing from 9:45 a.m. on May 12 (JST). Management Japan Equity Research

significantly raised its targets for FY2027 and FY2030 compared to the previous

Technology - Electronic

medium-term business plan. The company seemingly sees further upside potential Components

for FY2030. The results confirmed Ibiden’s strong competitiveness in high-end AC Akinori Kanemoto

FC-BGA substrates for AI applications, and we expect it to benefit from expanding

(81-3) 6736 8628

demand over the long term. akinori.kanemoto@jpmorgan.com

• FY2026 guidance: The previous medium-term plan (as of October 2024) Ikki(81-3)Shibata6736 8641

targeted sales of ¥480 billion and operating profit of ¥72 billion in FY2026 ikki.shibata@jpmorgan.com

(with sales of ¥310 billion and operating profit of ¥57 billion in the electronics JPMorgan Securities Japan Co., Ltd.

segment). Management raised FY2026 guidance to sales of ¥500 billion and

operating profit of ¥90 billion (with sales of ¥330 billion and operating profit

of ¥75 billion in the electronics segment). For the electronics segment, the

company raised its sales forecast for general-purpose servers and switch ICs.

Management also raised its operating profit forecast by ¥18 billion, reflecting

boosts of ¥20.5 billion from prices and product mix, ¥1.5 billion from higher

sales volume, ¥5.0 billion from yen depreciation, but also a ¥9.0 billion

increase in costs.