Semiconductor Production Equipment | Japan Apr-Jun Results Preview

Research evidence excerpt

Semiconductor Production Equipment | Japan Apr-Jun Results Preview

IdeaAlphaSignalsMEarnings Preview

Focus KPI Focus KPI Surprise Likely impact to consensus EPS*

KOKUSAI ELECTRIC 6525.T

Upward revision to 2H guidance In-line Largely unchanged

• Focus is on the magnitude of any upward revision to 2H company guidance.

• We feel the market has already priced in an upward revision toward our F3/27 forecast (sales ¥320bn, OP

¥73bn).

SCREEN Holdings 7735.T

1Q results In-line Modest revision higher

• We expect 1Q results to compare unfavorably with peers benefiting from investment by the largest DRAM

maker.

• Our expectations for 1Q progress are modest given the 2H weighted plan. Note that carryover projects from

F3/26 could materially affect 1Q optics.

• Watch whether management comments on portfolio reform in connection with the new medium term plan

starting in F3/28.

Advantest 6857.T

Degree of upward revision to guidance In-line Modest revision higher

• We expect an upward revision to full-year guidance.

• However, as only 1Q, we expect the magnitude of any upward revision to be modest.

• We believe market expectations for the size of any guidance hike are not particularly high.

Ulvac 6728.T

F6/27 guidance Likely downside surprise Largely unchanged

• Expectations for F6/27 guidance are low, and even weak guidance would likely be largely within market

expectations.

• Watch closely for any changes to the medium term plan outlook.

Ushio 6925.T

Industrial Process business sales In-line Largely unchanged

• We expect positive commentary on PKG substrates and EMIB-T related demand.

Tekscend Photomask 429A.T

1Q results Likely downside surprise Largely unchanged

• We expect weak 1Q progress versus company guidance.

DISCO 6146.T