ULVAC (6728): 3Q results: Positive – FY6/26 order guidance is revised up again by 11%

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ULVAC (6728): 3Q results: Positive – FY6/26 order guidance is revised up again by 11%

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ULVAC (6728)

3Q results: Positive – FY6/26 order

guidance is revised up again by 11%

Reiterate Rating: BUY | PO: 13,600 JPY | Price: 11,320 JPY

12 May 2026

Raise our price objective to ¥13,600 and reiterate Buy Equity

Positive. Although FY6/26 operating profit guidance was revised downward from

¥28.5bn to ¥19bn, the main factors are a ¥5.4bn decline in non-advanced semiconductor

sales and ¥5.8bn in one-off costs, while demand for advanced applications such as Key Changes

memory, logic, and packaging remains firm. We raise our FY6/27–FY6/28 operating (¥) Previous Current

profit forecasts by 12–15% and increase our price objective from ¥12,300 to ¥13,600 Price Obj. 12,300.00 13,600.00

(unchanged SOTP-based FY2027 EV/EBITDA multiple). We reiterate our Buy rating, 2026E Rev (m) 248,509.0 261,366.6

focusing on profit growth driven by an increasing mix of advanced, high-margin projects. 2027E Rev (m) 264,424.4 287,923.5

2028E Rev (m) 270,474.0 291,843.0

FY6/26 orders increased 11% to ¥310bn 2026E EPS 366.09 376.47

The company revised its FY6/26 order plan from ¥280bn to ¥310bn (Visible Alpha 2027E EPS 478.29 549.63

consensus/VA: ¥277.5bn). Of the ¥30bn increase, we estimate memory-related orders 2028E EPS 565.48 630.71

contributed ¥6bn, including DRAM at ¥4bn (¥19bn→¥23bn, driven by expansion and 2026E EBITDA (m) 36,899.8 29,815.5

front-loading of demand from new HBM customers) and NAND at ¥1.5bn (¥6bn → 2027E EBITDA (m) 44,810.6 50,374.1

¥7.5bn, due to increased demand from Japanese customers). Core operating profit 2028E EBITDA (m) 49,997.5 55,153.7

excluding one-off costs was ¥8.6bn in 3Q (+9% vs. VA) and is planned at ¥7.8bn in 4Q (– 2026E DPS 164.00 152.00

32% vs.