Fujimi Incorporated (5384): Briefing: Semiconductor CMP slurry—adoption potential in advanced packaging

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Fujimi Incorporated (5384): Briefing: Semiconductor CMP slurry—adoption potential in advanced packaging

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Fujimi Incorporated (5384)

Briefing: Semiconductor CMP slurry—

adoption potential in advanced packaging

Maintain Rating: NEUTRAL | PO: 4,000 JPY | Price: 3,250 JPY

21 May 2026

Key takeaways Equity

• Briefing: Semiconductor materials-CMP slurry adoption potential in advanced

Niima Komura >>

packaging Research Analyst

BofAS Japan

• Despite limited disclosure, demand for the company's planarization technology is niima.komura@bofa.com

increasing in advanced packaging Takashi Enomoto >>

Research Analyst

• If adopted, the company could be seen as a supplier to leading-edge front-end/back- BofAS Japan

end processes, supporting a re-rating takashi.enomoto@bofa.com

Potential re-rating if adopted across leading-edge front-

Stock Data

end/back-end processes

At the briefing, Fujimi indicated that in its CMP (Chemical Mechanical Planarization) Price 3,250 JPY

business, adoption in the advanced packaging (back-end process) is expected for this Price Objective 4,000 JPY

fiscal year. The company is currently providing samples, with customer evaluations Date Established 8-May-2026

underway. Results are expected to be finalized within 1H, and Fujimi is also preparing its Investment Opinion B-2-7

production capacity in anticipation of potential adoption. 52-Week Range 1,765-3,920 JPY

Market Value (mn) 260,320 JPY

Details on specific applications and polishing steps have not been disclosed due to Market Value ($mn) 1,639 USD

customer confidentiality. However, as packaging architectures become more complex— Shares Outstanding (mn) 80.1

combining multiple semiconductor chips across customized package designs—demand Average Daily Value ($mn) 8.3 USD