ZACROS: Visit to Main Production Site for Information Electronics: A Manufacturing Site that Achieves Overwhelming Efficiency

Research evidence excerpt

ZACROS: Visit to Main Production Site for Information Electronics: A Manufacturing Site that Achieves Overwhelming Efficiency

Update

May 28, 2026 12:44 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MZACROS (7917) | Japan Yoshihito Hasegawa

Equity Analyst

Visit to Main Production Site for Yoshihito.Hasegawa@morganstanleymufg.com +81 3 6836-8910

Information Electronics: A

Manufacturing Site that

ZACROS (7917.T, 7917 JP)

Mid Small Cap/Manufacturer | Japan

Achieves Overwhelming Stock Rating Overweight

Industry View In-Line

Price target ¥1,800Efficiency Shr price, close (May 28, 2026) ¥1,290

Mkt cap, curr, basic (bn) ¥94.0

Avg daily trading value (bn) ¥0.3

Key Takeaways

The Numata site comprises Plant 1 (completed Jun 1992), Plant 2 (completed Aug

2001), and Plant 3 (scheduled for completion by end of this year). Plant 3 plans

to install a 3m-wide machine for PF.

Zacros opened a lab coater in a Class 10 cleanroom for materials for

semiconductor middle-of-line (MOL) processes, to be a new pillar following PF

and ABF (conducts over 300 prototype trials annually).

The Showa site, where customers and a logistics company are co-located in the

same block, was completed in 2007. For ABF, which spans many product types

and mass-production items, specialist vendors strictly manage storage thermal

histories.

ABF production capacity is set to rise to about 3x 2023 levels with additional

lines at Showa (construction scheduled to start next year); near-term increase in

ABF demand can be addressed by strengthening slitting capacity.

'Information recording materials,' such as ABF in Information Electronics,

positioned as growth drivers alongside Bio and Healthcare in 'SUB', 'Overseas

Packaging and Containers.'

On May 27, we had the opportunity to visit Zacros' Numata Plant (Numata City,