ブイ・テクノロジー: 直描装置の市場成長、競争力に注目

Research evidence excerpt

ブイ・テクノロジー: 直描装置の市場成長、競争力に注目

Japan | Precision Equipment

V Technology EquityJulyResearch10, 2026

TARGET | ESTIMATE CHANGEFocus on Direct-imaging Equipment Market

RATING BUYGrowth and Competitiveness

PRICE ¥7,180^

We had an opportunity to meet with President Lee from LE Technology

(LET), which handles the direct imaging equipment (DI) business at PRICE TARGET | % TO PT ¥11,000 (¥9,000) | +53%

V Technology. He expects growing advantages for DI accompanying 52W HIGH-LOW ¥10,180 - ¥2,704

advances in finer processing for substrate lithography, and expressed FLOAT (%) | ADV MM (USD) 81.2% | 24.91

strong confidence in LET’s competitiveness. He also sees opportunities for MARKET CAP ¥72.5B | $446.0M

the interposer application. We update our forecasts, raise our price target TICKER 7717 JP ^Prior trading day's closing price unless otherwise

to ¥11,000, and reiterate our Buy rating. noted.

LE Technology (LET): LET is a joint venture established by V Technology and EORIC in 2023 FY (Mar) CHANGE TO JEFe JEF vs CONS

(V Technology owns an 80% stake). EORIC, which was founded in 2018, possesses optical 2026 2027 2026 2027

design, image processing, and system and equipment design technologies, and develops REV NA NA NA NA

direct-imaging equipment. It has a track record of delivering equipment to major Japanese

EPS NA +14% +7% +34%

package substrate manufacturers. It established LET as a joint venture with V Technology in

2023 and aims to accelerate growth of the direct-imaging equipment business with support

2026 (¥) Q1 Q2 Q3 Q4 FY3

from V Technology’s management and technology resources. EORIC President Lee serves as

EPS -- -- -- -- 396.10

LET’s President as well.

PREV

Advances in the direct-imaging equipment business: V Technology/LET have shipped an