Tour of Chigasaki plant Quick Note

Research evidence excerpt

Tour of Chigasaki plant Quick Note

Global Markets Research

22 June 2026Ulvac

6728.T 6728 JP / EQUITY: JAPAN SEMICONDUCTOR PRODUCTION EQUIPMENT

RatingTour of Chigasaki plant Buy

Target price JPY 11,500Quick Note

Closing price

22 June 2026 JPY 10,290Tour of Chigasaki plant, including equipment R&D

On 22 June we had the opportunity to visit Ulvac's Chigasaki plant, where it carries out (Note: Quick Note reports are not a

R&D for equipment and manufactures some components. During the tour, we saw a range vehicle for changes to ratings, target

of equipment, including ion injection systems and sputtering systems for semiconductors, prices, or earnings forecasts)

electronics, and displays (G6), and also saw evidence of progress with measures laid out

in its longer-term business plan.

Improving margins via shift to modular design over longer term looks feasible

provided company can tap demand Research Analysts

The longer-term plan calls for a shift to modular design in a bid to improve productivity, Japan semiconductor production

and management is aiming to increase the sales weighting of modular design equipment equipment

from roughly 25% in 25/6 to 50% in 28/5 and 70% in 31/6, and to improve the operating Atsushi Yoshioka - NSC

margin on these systems by 12ppt from 25/6 to 31/6. What we saw during the tour atsushi.yoshioka@nomura.com

suggested that it has made more progress with modularization of sputtering systems for +81 3 6703 1176

semiconductors than for other applications. The company has been working to modularize Japan small cap - semiconductor

semiconductor systems, including the ability to link up to eight chambers even on its production equipment

existing platform, and we also expect a contribution from the ENTRON-EXX, which it Atsushi Yoshioka - NSC