Focus on Direct-imaging Equipment Market Growth and Competitiveness

Research evidence excerpt

Focus on Direct-imaging Equipment Market Growth and Competitiveness

V Technology Co Ltd (7717 JP)

Equity Research

July 10, 2026

The Long View: V Technology

Investment Thesis Risk/Reward - 12 Month View

• The company has a high market share and stable revenue base in FPD

Upside : Downside

manufacturing and inspection equipment. However, FPD investment 25k 3.07 : 1

itself is expected to be on a downward trend in the future. The

company is developing new businesses related to FPD and developing 20k 20k (+179%)

semiconductors through M&A. In addition, the company is expanding its

products into semiconductor masks, lithography equipment for printed 15k

circuit boards, and packages. 11k (+53%)

10k

3000 (-58%)

2025 2026 +12 mo.

Base Case, Upside Scenario, Downside Scenario,

¥11000, +53% ¥20000, +179% ¥3000, -58%

• The company's main products have been FPD • Expansion of customer base and business • Continued reduction in FPD investment

inspection and manufacturing equipment, but expansion of photomask equipment • Delay of launch of new businesses in

it is expanding to semiconductor photomasks semiconductors and FPD • Accumulation of achievements in lithography

and lithography equipment for printed circuit equipment for printed circuit boards and • Downside case PT ¥3,000 (P/E of 15x applied

boards and packages. packages to EPS ¥200).

• In lithography equipment for printed circuit • Recovery of FPD investment

boards and packages, V Technology has

received orders from major printed circuit • Upside case PT ¥20,000 (P/E of 20x applied to

board manufacturers. EPS ¥1,000).

• In the future, earnings will be expected to

expand, led by semiconductor photomasks

and lithography equipment for printed circuit

boards and packages.

• Price target ¥11,000 (FY3/28E P/E of 20x).