Semiconductor/Tech Materials: Earnings Outlook (Apr-Jun): Watch WFE and pricing for semiconductors, semi-related for glass, and non-domestic for cement

Research evidence excerpt

Semiconductor/Tech Materials: Earnings Outlook (Apr-Jun): Watch WFE and pricing for semiconductors, semi-related for glass, and non-domestic for cement

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

07 July 2026

Semiconductor/Tech Materials:

Earnings Outlook (Apr-Jun)

Watch WFE and pricing for semiconductors, semi-

related for glass, and non-domestic for cement

Our order of interest for Apr-Jun results is semiconductors > glass > cement. Japan Equity Research

Semiconductor-related stocks have recently corrected due to concerns about the AI

Technology - Semiconductor/

market overheating, but we maintain a bullish stance as consensus earnings Technical Materials

outlooks are continuing to get revised. We raised our WFE market outlook on June AC Mio Shikanai

17, and now forecast growth at 28% YoY in 2026, 29% in 2027, and 16% in 2028

(81-3) 6736 1313

(see here for details), but we believe there is still upside potential. Amid mio.shikanai@jpmorgan.com

discussions about price revisions, we are also watching for initiatives to raise profit Junya Ayada

margins without relying solely on demand. Key focus points in the glass subsector (81-3) 6736 8631

are production capacity trends at Nittobo (3110; Overweight) and longer-term junya.ayada@jpmorgan.com

TAM growth in terms of M9 and MLCs (multi-layer cores). In the cement JPMorgan Securities Japan Co., Ltd.

subsector, with domestic demand remaining weak, we think attention could focus

on trends for non-domestic earnings drivers (electrostatic chucks at Sumitomo

Osaka Cement, US business at Taiheiyo Cement).

• Semiconductor: We highlight Kioxia Holdings (285A, Overweight; co-

covered with Jay Kwon), Tokyo Electron (8035, Overweight), and Advantest

(6857, Overweight). Key points for Kioxia include recent price trends, the