First Read: Rohm "Results briefing key takeaways" (Neutral) Hirata

研报英文原文证据摘录

First Read: Rohm "Results briefing key takeaways" (Neutral) Hirata

Global Research

13 May 2026ab

First Read

EquitiesRohm

Results briefing key takeaways Japan

Semiconductors

12-month rating Neutral

Our impression is neutral to somewhat positive

A results briefing was held at 10:30am (JST) on 13 May. Key points are as follows: 1) 12m price target ¥2,200.0

Management presented a relatively bullish outlook for demand, including an upward

revision to forecasts for AI servers and unexpectedly firm SiC demand for xEVs. 2)

Price (13 May 2026) ¥4,000

Structural reform effects will likely begin to materialize around FY3/28. 3) There were no

significant updates regarding the integration of the power semiconductor businesses of RIC: 6963.T BBG: 6963 JT

Toshiba Semiconductor and Mitsubishi Electric. The structural issue of intensifying Trading data and key metrics

competition with Chinese companies in the power semiconductor sector remains.

52-wk range ¥4,000-1,396

Market cap. ¥1,544b/US$9.79b

AI-related medium-term sales outlook revised upward

Shares o/s 386m (ORD)

AI server-related sales are planned to grow from ¥17bn in FY3/26 to ¥25bn in FY3/27,

Free float 60%

and further to over ¥100bn in FY3/31. This represents a significant upward revision from

Avg. daily volume ('000) 5,340

the ¥30bn forecast as of November last year for FY3/31. The revision appears to reflect

increased demand for the MrMOS integrated device, which combines drivers and Avg. daily value (m) ¥17,765.1

MOSFETs, alongside higher GPU power consumption, as well as anticipated growth in Common s/h equity (03/26E) ¥888b

SiC demand due to the shift to 800V systems. The number of xEV inverters adopting the P/BV (03/26E) 1.7x

company’s SiC is expected to expand from 1mn units in FY3/26 to 3mn units.