Acquires Oita Real Estate for Further Probe Card Business Expansion

Research evidence excerpt

Acquires Oita Real Estate for Further Probe Card Business Expansion

Update

July 31, 2026 09:28 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMicronics Japan (6871) | Japan Yoshihito Hasegawa

Equity Analyst

Acquires Oita Real Estate for Yoshihito.Hasegawa@morganstanleymufg.com +81 3 6836-8910

Further Probe Card Business

Expansion

Micronics Japan (6871.T, 6871 JT)

Mid Small Cap/Manufacturer | Japan

Key Takeaways Stock Rating Overweight

Industry View In-Line

Micronics Japan announced the acquisition of land adjacent to the north Price target ¥19,000

Shr price, close (Jul 31, 2026) ¥13,580

(20,289m2) and west (8.385m2) sides of the Oita Technology Laboratory Mkt cap, curr, basic (bn) ¥526.4

(17,047m2). Avg daily trading value (bn) ¥11.8

Both plots are currently used as car parks. The purchases are due to be made

using internal funds, with the amount undisclosed.

As the announcement pertains only to the acquisition of real estate, the earnings

impact should be minimal.

A key focus is future investment plans for building construction and equipment

procurement.

The firm had already announced in Mar a capital investment plan (~¥24.1bn over the

two years from 2027 to 2028) for the full utilization of its current available

production capacity. We take a positive view of this latest announcement as it

clarifies initiatives for business expansion from 2029 onwards, and we therefore

envisage positive implications for the share price. Memory probe care demand

remains brisk, and we think earnings continue to be determined by supply capacity.

Regarding vertical probe cards expected to be adopted in future generations of

HBM, the firm is already carrying out commercial production for non-memory

applications, and we believe its strong customer relationships and technological