Results Review: Raising Our Forecasts, reiterating Buy

Research evidence excerpt

Results Review: Raising Our Forecasts, reiterating Buy

Japan | Diversified Industrials

Rorze EquityJulyResearch19, 2026

ESTIMATE CHANGEResults Review: Raising Our Forecasts,

RATING BUYreiterating Buy

PRICE ¥4,403^

We had a meeting with President Fujishiro following the results

announcement. He commented that, “Both sales and earnings were healthy PRICE TARGET | % TO PT ¥6,000 | +36%

in 1Q. Orders were surprisingly strong.” From 2Q, despite some lack of 52W HIGH-LOW ¥5,199 - ¥1,628

clarity in Chinese business, he expects continuation of robust conditions in FLOAT (%) | ADV MM (USD) 52.6% | ¥10.89B

the US, Taiwan, and Korea. We update our forecasts, reiterate PT ¥6,000 MARKET CAP ¥767.1B | ¥767.1B

and Buy TICKER 6323 JP ^Prior trading day's closing price unless otherwise

noted.

Below we review comments from President Fujishiro at the meeting.

1Q results: Rorze reported ¥37.2bn in sales (+12% YoY) and ¥10.2bn in OP (+21%). Compared FY (Dec) CHANGE TO JEFe JEF vs CONS

to 1H guidance, these results reached 47.9% of the sales target and 53.6% of the OP target. 2026 2027 2026 2027

Sales were higher than in the previous year in semiconductor-related equipment and other REV NA NA NA NA

segments. In operating profit, margin improved on volume production effect and healthier mix. EPS +7% +11% +16% +18%

OP guidance had been somewhat conservative.

2026 (¥) Q1 Q2 Q3 Q4 FY12

1Q orders: Semiconductor orders expanded 1.9x YoY to ¥42.0bn, significantly exceeding the EPS -- -- -- -- 187.30

all-time high of ¥34.0bn from 4Q FY2/26. Despite an outlook for QoQ decline in 1Q orders PREV 175.80

because of the concentration of orders from the major Taiwanese customer in 4Q, the result

was surprisingly strong. While Taiwanese orders fell QoQ, Chinese and US orders substantially

increased.