Lasertec (6920) Raising earnings estimates: Increase in FY6/27 orders, led by A200

Research evidence excerpt

Lasertec (6920) Raising earnings estimates: Increase in FY6/27 orders, led by A200

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

18 June 2026

Lasertec (6920) Neutral

6920.T, 6920 JP

Raising earnings estimates: Increase in FY6/27 Price (18 Jun 26):¥56,450

orders, led by A200 ▲Price Target (Dec-26):¥54,000 Prior (Dec-26):¥36,000

We revise our earnings estimates based on recent developments. We remain

Neutral rated but raise our December 2026 price target to ¥54,000 (from ¥36,000). Japan Equity Research

We revise our order forecasts from ¥208 billion to ¥205 billion for FY6/26 and from Technology - Semiconductor/

¥277.6 billion to ¥359.6 billion for FY6/27. We only tweak our FY6/26 estimates Technical Materials

but raise our FY6/27 order forecast, led by the A200. During the 3Q (Jan–Mar) AC Mio Shikanai

results briefing, management indicated that FY6/27 orders could exceed ¥300 (81-3) 6736 1313

billion. With demand for ASML's EUV lithography equipment also on a growth mio.shikanai@jpmorgan.com

path as investment in leading-edge semiconductors picks up, we think Lasertec's Junya Ayada

order environment is likewise improving further. We think key factors are (1) (81-3) 6736 8631

trends in the increasing number of critical layers in each generation, (2) the status junya.ayada@jpmorgan.com

of installations for the A200, which features improved throughput, and (3) whether JPMorgan Securities Japan Co., Ltd.

sales of ACTIS for DRAM applications can increase.

Key Changes (FYE Jun)

• Earnings estimates: We revise our operating profit estimates from ¥109.6 Prev Cur Δ

billion to ¥104.9 billion (-15% YoY) for FY6/26, from ¥115.5 billion to ¥123.9 Adj. EPS - 26E (¥) 861.51 823.81 -4.4%

billion (+18% YoY) for FY6/27, and from ¥131.5 billion to ¥164.1 billion Adj.