In case you missed it, Japan Most Read Publications: 21 Jul to 27 Jul 2026

Research evidence excerpt

In case you missed it, Japan Most Read Publications: 21 Jul to 27 Jul 2026

illion (our estimate: ¥133.2 billion), up 12%

QoQ. Versus the company’s guidance, equipment shipments came in about ¥3 billion below due to timing slippage, but this was

offset by strength in consumables and other items. 2Q shipment value guidance, a key focal point, is ¥141.0 billion (+4% QoQ),

broadly in line with the market’s pre-results expectations (we estimate that at around ¥140 billion; our estimate: ¥119.2 billion).

While the quarter delivered limited surprises, Disco mentioned it will maintain the headquarters-to-factory production support

program at around 100 staff for the time being, given continued strong demand.

Japan Quant Strategy (Masanari Takada)

GPIF-inclusive public sector stance and its option-like effect – Reaction to excessive yen

depreciation and rising JGB yields, and payoff for Japanese equities

While the debate about the GPIF reshoring its assets is just speculation, it is important in that it is an indicator that the market is

starting to take note of a change in the public sector’s stance.

Electronic Components Sector (Akinori Kanemoto)

FC-BGA (ABF) substrate technology seminar report

We invited Mr. Toshihiko Nishio of SBR Technology to conduct a seminar on future technological trends for flip chip ball grid

array (FC-BGA) substrate (Ajinomoto build-up film [ABF] substrate) on July 14. Main topics of discussion included

technological trends for cores (organic cores, glass cores, high-density interconnect [HDI] cores, and ceramic cores),

embedded multi-die interconnect bridge with through-silicon vias (EMIB-T) from the standpoint of substrate, and trends for

chip-on-wafer-on-substrate (CoWoS), chip-on-panel-on-substrate (CoPoS), and chip-on-wafer-on-platform (CoWoP).