Japan Technology: Semiconductors: Investor visit feedback: Expectations for front-end firms seem high, including for price hikes

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Japan Technology: Semiconductors: Investor visit feedback: Expectations for front-end firms seem high, including for price hikes

Equity Research

13 July 2026 | 6:32AM JST

Japan Technology: Semiconductors: Investor visit feedback:

Expectations for front-end firms seem high, including for price hikes

NakamuraMany investors were bullish on front-end equipment companies in Shuhei | +81(3)4587-9932

particular within SPE shuhei.nakamura@gs.comGoldman Sachs Japan Co., Ltd.

We held around 40 investor meetings in Hong Kong from July 6 to 10. Although the Kaho Otake

upward share price trend seen until June has changed somewhat, many investors +81(3)4587-7498 | kaho.otake@gs.com Goldman Sachs Japan Co., Ltd.

generally maintained a bullish stance on the sustainability of AI demand and the

semiconductor/SPE cycle. In terms of sub-sector preferences, we had the impression

that many investors favored (1) front-end over back-end, (2) memory capex over

non-memory capex, and (3) CPU-related over GPU/ASIC-related, with a large

number of investors bullish on front-end equipment companies in particular (Tokyo

Electron (TEL), SCREEN Holdings, Kokusai Electric) due to expectations for WFE

market expansion. On the other hand, we came away with the impression that there

were not many bullish investors on back-end companies (Disco, Advantest) or on

companies with relatively low memory exposure (Lasertec, Ebara). For Kioxia

Holdings, while many investors saw the recent share price correction as a good

opportunity to add to positions, our impression is that there were also quite a few

concerns that earnings surprises are becoming less likely compared to before due to

the lower rate of change in NAND prices.

Many questions regarding equipment price hikes