Ulvac: F6/26 3Q Results: Revised Down F6/26 Earnings Guidance

Research evidence excerpt

Ulvac: F6/26 3Q Results: Revised Down F6/26 Earnings Guidance

Update

May 12, 2026 11:35 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MUlvac (6728) | Japan Suzune Tamura, CFA

Equity Analyst

F6/26 3Q Results: Revised Suzune.Tamura@morganstanleymufg.comKazuo Yoshikawa, CFA +81 3 6836-8891

Kazuo.Yoshikawa@morganstanleymufg.com +81 3 6836-8408

Down F6/26 Earnings Guidance

Ulvac (6728.T, 6728 JP)

Semiconductor Production Equipment | Japan

Reaction to earnings

Stock Rating Equal-weight

Unchanged Meaningful shortfall Modest revision higher Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target ¥8,100

consensus EPS Shr price, close (May 12, 2026) ¥11,320

Mkt cap, curr, basic (bn) ¥557.6

Source: Company data, Morgan Stanley Research Avg daily trading value (bn) ¥2.5

Key Takeaways

OP forecast cut sharply from ¥28.5bn to ¥19.0bn, a larger-than-expected

reduction and a clear negative.

Main downside factors were a decline in high-margin power semiconductor/

OLED projects (¥5.4bn impact) and one-off provisions including bad debt

expenses related to power devices (¥3.7bn).

Additional negative developments in the power device business following Q2 are

disappointing, although management expects cost restructuring to be largely

completed in F6/26, supporting earnings recovery from F6/27 onward.

Order intake guidance was raised from ¥280bn to ¥310bn, implying solid

momentum for organic sales growth next year.

Earnings guidance revised downward: The company announced F6/26 Q3 results

and revised down its F6/26 earnings guidance after the close on May 12. While sales

guidance was raised by ¥10bn to ¥260bn, OP guidance was cut by ¥9.5bn to

¥19.0bn. The downgrade was mainly driven by lower-than-expected demand for