Renesas Electronics Capital Market Day 2026

Research evidence excerpt

Renesas Electronics Capital Market Day 2026

Global Markets Research

25 June 2026Renesas Electronics

6723.T 6723 JP / EQUITY: JAPAN INDUSTRIAL ELECTRONICS

RatingCapital Market Day 2026 Remains Buy

Target price

Increased from 4,100 JPY 5,300Confidence about market share gains for digital power devices for AI

Closing price JPY 4,703We reiterate Buy rating, see three-stage growth scenario based on uptake of AI 24 June 2026

Renesas Electronics hosted its Capital Market Day 2026 on 25 June, featuring presentations by

Implied upside +12.7%the CEO on the state of the company and the CFO on finance, followed by presentations on

sales strategy, software-defined vehicles (SDVs), embedded processing & digitalization

strategy, intelligence at the edge, and AI infra & compute. While it has retained its basic

business strategy and financial model, it has clarified the timeline for growth drivers in the

Relative performance chartfollowing order, thereby making the direction of travel more explicit: AI infrastructure, Physical

AI (SDV), and edge (humanoid robots). In the AI infrastructure domain, it said it expects growth

to exceed the digital power device market average, on the back of strong GPU demand and

stronger growth in ASICs and CPUs. We raise our earnings forecasts to factor in strong

demand for AI infrastructure applications, and while we widen the discount we apply as we do

not expect prices to rise as much as for commodity parts, we nonetheless raise our target price

by 29% to factor in the rise in P/Es for the comparison base, and reiterate our Buy rating.

Digital power devices for AI infrastructure driving growth

First, AI infrastructure applications mainly include digital power device and memory interfaces.