Ibiden (4062) Revising up our earnings forecasts, maintaining our bullish stance; Ibiden benefiting from higher demand for ABF substrates for GPU, EMIB-T, and ASIC

Research evidence excerpt

Ibiden (4062) Revising up our earnings forecasts, maintaining our bullish stance; Ibiden benefiting from higher demand for ABF substrates for GPU, EMIB-T, and ASIC

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

15 July 2026

Ibiden (4062)

Revising up our earnings forecasts, maintaining our Overweight

bullish stance; Ibiden benefiting from higher demand for 4062.T, 4062 JP

ABF substrates for GPU, EMIB-T, and ASIC Price (15 Jul 26):¥19,340

▲Price Target (Dec-27):¥28,500

Prior (Dec-26):¥18,400

We change the time horizon of our price target from December 2026 to December

2027. We raise our December 2027 price target from ¥18,400 to ¥28,500 and Japan Equity Research

reiterate our Overweight rating. Although the company raised its medium-term Technology - Electronic

management plan (MTP; FY2023-27) targets at FY2025 results, its top-line Components

assumptions for substrates for GPUs and EMIB-Ts seem cautious. At present, our AC Akinori Kanemoto

assumption is that capacity will be tight from 2H FY2029, and if the company (81-3) 6736 8628

announces the construction of new facilities at the Gama and Ono Plants or the akinori.kanemoto@jpmorgan.com

acquisition of external fabs, we think earnings will rise even higher above the MTP Ikki Shibata

targets in FY2029-30. We believe the company will fully benefit from growing (81-3) 6736 8641

demand for AI servers, not only with substrates for GPUs and EMIB-T but also ikki.shibata@jpmorgan.com

with the expansion of its standard ABF substrates for ASIC applications (we expect JPMorgan Securities Japan Co., Ltd.

this from FY2028 onward). Furthermore, we still anticipate growth in the number

of substrates for servers for Agentic AI. While Ibiden’s share price has fallen Key Changes (FYE Mar)