F12/26 2Q Results: Semiconductor Process Controls Still Face Margin Challenges

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

August 7, 2026 02:28 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

Rigaku Holdings (268A) | Japan

Mie Yamazaki

Equity Analyst

F12/26 2Q Results:

Semiconductor Process

Controls Still Face Margin

Challenges

AlphaSignals Earnings Reaction

Kazuo Yoshikawa, CFA

Equity Analyst

Hidetaka Suzuki

Research Associate

Rigaku Holdings (268A.T, 268A JP)

Unchanged

Modest shortfall

Modest revision lower

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

Precision Instruments | Japan

Stock Rating

Industry View

Price target

Shr price, close (Aug 7, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Underweight

In-Line

¥2,000

¥2,171

¥490.8

¥4.3

2Q OP was ¥1.9bn (-32% YoY), below our ¥3.5bn forecast and consensus of

¥2.8bn.

Versus our forecast, Semiconductor process controls missed. F12/26 sales seem

Exhibit 1 : Results Highlights

CY26 Q2

e

(yen billions)

FY

cons

Ce

CY26

e

cons

CY27

e

CY28

e

IFRS

skewed more to 4Q than expected, and profit margins fell short of our outlook.

Rigaku F12/26 guidance is unchanged. Semiconductor process control sales

continue to outpace plan thanks to strong orders, but margin pressures remain.

Negative for the stock: Margin pressures in Semiconductor process controls may

persist and could lead to downward revisions to consensus estimates.

Sales

Multipurpose analysis instruments*

Semiconductor process control*

Components & Services*

21.6

8.4

7.4

5.8

25.0

8.7

9.3

7.0

23.2

101.0

41.5

33.3

26.0

106.1

40.7

38.4

27.0

103.1

121.8

42.1

50.5

29.2

130.0

43.3

56.2

30.5

YoY % change

Sales

Multipurpose analysis instruments*

Semiconductor process control*

Components & Services*

7%

-6%

60%

-12%

24%

-3%

100%

7%

-7%

7%

3%

20%

0%

13%

1%

38%

4%

9%

15%

3%

32%

8%

7%

3%

11%

4%

Operating Profit

Operating margin

1.9

9.0%

3.5

14.0%

2.8

12.2%

19.4

19.2%

20.3

19.1%

19.9

19.3%

25.2

20.7%

27.0

20.8%

1.0

2.5

2.3

12.5

14.1

14.0

17.7

19.0

Net profit for parent shareholders

Source: Company data, Morgan Stanley Research, MS e= Morgan Stanley

…