Daifuku "Buy maintained: The stock looks attractive for semiconductor exposure"

研报英文原文证据摘录

Daifuku "Buy maintained: The stock looks attractive for semiconductor exposure"

e, led by CR

12/28E 324.2 334.8 3 283.1

In the semiconductor sector, growing AI-related demand is driving capex expansion

across foundries in Taiwan and semiconductor memory in South Korea, as well as in Tsubasa Sasaki

memory and logic in developed markets. The Q1 FY12/26 results suggest that the longer Analyst

tsubasa.sasaki@ubs.comterm demand environment is improving more than we had previously expected. The

+813-5208 6207

company plans to address strong demand by increasing domestic production capacity,

with a new plant facility for semiconductor material handling systems at the Shiga

facility scheduled for completion in April 2026, backing a 1.3-fold increase in domestic

production capacity. With a global market share of around 50% in semiconductor

material handling systems, the company has strong competitive advantages. We thus

expect it to expand sales while maintaining high profitability, with the OP margin at 20%

or higher. Given the company’s strong supply chain management capabilities, we view

the risk of supply constraints limiting sales as low.

Valuation:

We base our new price target on FY12/27E PER of 30X (reflecting 4.6% dilution from

convertible bonds). Given the strong demand environment in the core businesses, we

now apply a PER of 30X, which is more than one SD above the FY03/18-21 average. Our

previous PT was based on FY12/27E PER of 27X (also reflecting 4.6% CB dilution).

Highlights (¥b) 03/24 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 611.5 563.2 660.7 730.7 827.9 893.6 950.9 1,012.9

Operating profit 62.1 71.5 100.8 117.3 142.7 158.8 173.6 189.8

Recurring profit 64.2 74.5 104.6 121.7 149.8 166.4 181.9 199.0