Nichias (5393): Briefing: Bright outlook for semiconductor and plant business

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Nichias (5393): Briefing: Bright outlook for semiconductor and plant business

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Nichias (5393)

Briefing: Bright outlook for semiconductor

and plant business

Maintain Rating: BUY | PO: 3,500 JPY | Price: 3,487 JPY

15 May 2026

Robust demand for SPE and plant (incl. nuclear) business Equity

A key focus point during the 13 May briefing was the outlook for advanced products

(semiconductor production equipment [SPE] components), plant-related business, and Kyoji Chiba >>

Research Analyst

industrial products. We maintain our Buy rating, based on expectations for continued BofAS Japan

growth for SPE components, good outlook for plant-related business and industrial kyoji.chiba@bofa.com

products, and aggressive shareholder returns. Takashi Enomoto >>

BofAS Japan

takashi.enomoto@bofa.comBriefing Q&A summary

Advanced products: Nichias has finished securing land for the next medium-term

business plan. It views automation to respond to changes in demand as a priority issue

in the longer term, and expects ROIC to improve as a result of standardizing productivity. Stock Data

It already has facility capacity for sales of ¥60bn, vs. guidance for ¥53bn, but securing

personnel is an issue. Nichias has already secured building space for sales of ¥70bn. It Price 3,487 JPY

expects growth in FY3/27 to be driven largely by growth in volume for existing Price Objective 3,500 JPY

equipment, but spec-in activity for new equipment is also contributing. Date Established 2-Mar-2026

Investment Opinion B-1-7

Overall plant-related business: Nichias set a conservative FY3/27 sales guidance of 52-Week Range 1,567-3,889 JPY

¥80bn, despite strong demand, on account of labor shortages, front-end process delays, Market Value (mn) 665,967 JPY

and investment restraint.